Most banks and credit unions offer business products, such as business accounts, cheque accounts, business loans and overdrafts. Products, fees and charges, and interest rates differ from bank to bank, so do some research on which banks offer the best products for your banking requirements.
To make the process of setting up your business banking much faster, register your business name (if required) and obtain an Australian Business Number (ABN) before you apply for a business account. Find out more about opening a business bank account on the Business Victoria website.
The Australian tax year runs from 1 July to 30 June. Once you have your ABN, you may need to register with the Australian Tax Office for certain tax payments. These include:
The ATO provides some introductory information about tax for small business, but we strongly recommend you seek the advice of an accountant or other professional business consultant.
Employing staff comes with certain legal and ethical obligations. You must:
For a step-by-step guide on your obligations to your employees go to the recruitment process checklist on the Business Victoria website. See the Worksafe Victoria site for information on workplace safety.
As well as your legal obligations to your employees, most businesses will have at least some legal obligations to their customers, suppliers, Government and the broader Victorian community.
It is vital to know what the legal requirements of running your particular business are. Information about legal requirements can be found on the Australian Business Licence and Information Service website. It is highly recommend you also consult a solicitor or lawyer.