Starting and operating a business can be hard at the best of times, without having to sort through government red tape. We endeavour to make the process of opening and operating a business in Latrobe City as easy as possible.
Planning your Business
We encourage all new and existing businesses to take the time to plan and develop your business ideas. One of the easiest methods of putting your ideas to paper is through a business plan. Many businesses who undertaken a business plan not only save a lot of money, they learn about how to build a successful business.
Resources for Business Planning
Resources on how to complete a business plan and relevant templates:.
ABN
You need an ABN (Australian Business Number) to identify your business when working with the Australian Taxation Office (ATO), government agencies and other organisations.
Resources for ABN
Insurance
There are three broad types of business insurance:
- Assets and revenue insurance,
- People insurance, and
- Liability insurance.
It is best to research and obtain at least three quotes, from providers related to your specific insurance requirements.
Resources for Insurance
A list of providers are below:
Business name
All businesses trading in Victoria are required to have a registered business name under the Business Names Act 1962. Those operating as a company and businesses under a personal name are exempt from requiring a business name.
New businesses must register with the Australian Securities and Investment Commission (ASIC). Once this has been completed, your business name will be listed in the public registry held by Consumer Affairs Victoria (CAV).
Resources for Business Names
GST
You must register for GST (Goods and Services Tax) if you anticipate your business has an annual turnover of $50,000 or more ($100,000 or more if it is a non-profit organisation).
If your business provides taxi travel, regardless of your annual turnover you must register for GST.
To register for GST you will need to complete an application form. You can register for GST online at Australian Taxation Office
Resources for GST
Taxation
Taxation legislation is administered by the federal, state and territory governments. Before you can begin operating your new business you will need to know what you must do to comply with government taxation regulations.
As well as applying for an Australian Business Number (ABN), Goods and Services Tax (GST), Tax File Number (TFN) and Fringe Benefits Tax (FBT), you may be required to pay state and territory land tax, payroll tax and other duties.
Resources for GST
Licences and Permits
It is important to have the correct business licences and permits to operate your business from both state government and local government levels.
Resources for Licences and Permits
Home Based Businesses
If you are running a home-based business there are a range of government requirements that might apply to you. Things to consider when running a small business from home include taxation, employment, council approval and licensing.
Resources for Home Based Businesses