Setting up a business
• Types of structure and their tax differences outline, to be discussed further later (Trading Trust, Company, Sole Trader, Partnership). • Legal status of a company and other matters. • Basics of director responsibilities, shareholding, company secretarial obligations. • Unit trust vs discretionary trust, very simple difference. • Are you running a business or just maintaining a hobby? • How to apply for an ABN and possible TFN in any structure and the importance of correct information for data matching. • Should you register for GST? Threshold for compulsory registration and when voluntary registration can save you money.
• Staff contracts and the importance of. • Touch again on the NES, employment awards and when a contract can override. • Types of staff leave. • Terminations, redundancies and resignations. • Paying superannuation guidelines and cutoffs, how is super calculated (Ordinary time earnings definition). • Single Touch Payroll and what this means for small business.
Tax for small business
• Sole Trader Taxation • Trust and Partnership Taxation • Company Taxation • Calculating tax payable in a business and the implications of GST • Importance of bookkeeping and tax substantiation for audit
Insurance and other matters
• Workcover insurance for employees • Public Liability and Professional Indemnity, outline • Obtaining finance for your business? Vehicles etc. • Closing down a business and de-registering from GST, ABN etc.