Business Registrations – Legal Compliance

When you are starting a new business it's important to find out what registrations and licenses apply to your business. Having the correct licenses and registrations is fundamental to your business. They allow you to operate without fear of closure from non-compliance and are the foundation to successful business.
ACN (Australian Company Number):  The Australian Company Number (ACN) is a nine digit number with the last digit being a check digit calculated using a modified modulus 10 calculations.
ABN (Australian Business Number):  An Australian Business Number (ABN) is a unique 11 digit number that identifies your business to the government and community. An ABN doesn't replace your tax file number, but it is used for various tax and other business purposes.
GST (Goods and Service Tax): Goods and services tax, often known as GST, is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. GST applies to most Australian businesses and it's highly likely that your business will be affected by the tax.
PAYG withholding registration: When you make payments to employees and some contractors, you need to withhold an amount and send it to the Australian Taxation Office (ATO) at regular intervals. The ATO calls this Pay As You Go (PAYG) withholding.
Fuel Tax Credit: Fuel tax credits provide businesses with a credit for the fuel tax (excise or customs duty) that's included in the price of fuel used in:
  • Machinery
  • Plant
  • Equipment
  • Heavy vehicles
  • Light vehicles travelling off public roads or on private roads.
Fringe Benefit Tax: Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee's associate e.g. a family member) in place of salary or wages.  
For more information please click- http://www.cygnusaccountants.com.au/br/






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