How do I set up a business and register for taxes?

Setting up a business in Australia and registering for taxes involves several steps:

1. Choose a business structure: The most common structures in Australia are sole trader, partnership, company, and trust. Each structure has its own set of legal requirements, liabilities, and tax implications, so it’s important to choose the one that best suits your business.
2. Register your business name: Once you have chosen your business structure, you will need to register your business name with the Australian Securities and Investments Commission (ASIC).
3. Obtain an Australian Business Number (ABN): An ABN is a unique 11-digit number that identifies your business to the government and other businesses. You can apply for an ABN through the Australian Business Register.
4. Register for goods and services tax (GST): If your business has an annual turnover of $75,000 or more, you will need to register for GST and charge GST on all goods and services you sell. You can register for GST through the Australian Taxation Office (ATO).
5. Register for other taxes: Depending on your business structure and industry, you may also need to register for other taxes such as payroll tax, PAYG tax, and fuel tax credits.
6. Keep records: It is important to keep accurate records of all your business income and expenses, as you will need these to complete your tax returns.

It is recommended that you seek professional advice from accountant or lawyer to ensure that your business is set up correctly and to understand the tax implications of your chosen business structure.