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I’ve started my own business. What should I know tax wise? – BBQ Talk 26

I’ve started my own business under an ABN, is there anything I need to really worry about tax wise?

Ans (Debbie from Affinitas)

Starting a business is always exciting and stressful and often the simple things like tax consequences are not thought about until later down the track.

Things to think about would be how much money should I set aside to cover my tax bill at the end of the year, do I need to be GST registered, am I going to have employees, what is the right business structure for my business, etc. These questions need to be answered early on to avoid any surprises later.

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