Banking

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 speak to your accountant about 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 business registration on our Going into Business in Victoria page.

Taxes

The Australian tax year runs from 1July to 30 June. Once you have your ABN, you may need to register with the Australian Tax Office for certain tax payments. These include:

• Goods and Services Tax
• Fringe Benefits Tax
• Pay As You Go withholding
• Payroll tax

Speak to your accountant about your tax obligations or visit the Australian Government's business.gov.au website or see the Australian Taxation Office (ATO) website.

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.

Your obligations to your employees

Employing staff comes with certain legal and ethical obligations. You must:

• ensure you pay your employees at least the minimum rate of pay, and provide the minimum conditions such as leave
• ensure that you are withholding PAYG tax for them
• ensure that you pay a minimum of 9 percent of their gross wages into superannuation
• maintain a working environment which is safe, and free of harassment, discrimination and bullying
• take out a workplace injury insurance policy
• not employ a child under the age of 15 unless you have a permit to do so.

For a step-by-step guide to recruiting staff, and information on minimum wages, leave, superannuation and health and safety, visit the Business Victoria website. See the Worksafe Victoria site for information on workplace safety.

Legal requirements

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. A good introduction to legal issues is featured on the Business Victoria website. However, we highly recommend you consult a solicitor or lawyer.