Structuring your business can be one of the most important decisions you make when entering into business. Choosing the wrong type of entity can cost you thousands of dollars and even your home.
There are various business structures available with the most common being sole trader, partnership, trust or a company. This is a complex and individual scenario and you would need to consider all of the advantages and disadvantages of each type of structure.
Some points to consider:
Some people think that by having an ABN you must be registered for GST. Every person’s situation is different. You can be registered for GST and may be able to complete your business activity statement monthly, quarterly or annually. These options have their own implications in terms of cashflow, record keeping, and compliance. Making the right choice for your situation is very important.