Registrations are the unglamorous part of starting a business, and the order matters: some can't be done until others are in place. This list runs through them in sequence. Not every step applies to every business — a sole trader with no staff can skip several — so tick what's relevant and ask us about the rest.
01 Choose your structure
- Decide between sole trader, partnership, company or trust. The choice affects tax, liability, cost and how easily you can bring in partners later. Our business structures guide compares them.
- If you're forming a company, every intended director completes step 07 before the company is registered.
02 Australian Business Number (ABN)
- Apply through the Australian Business Register (or through us). You're entitled to an ABN if you're carrying on an enterprise in Australia; employees aren't.
- Check the result on our free ABN lookup once it's issued.
03 Tax file number for the entity
- Sole traders use their personal TFN — nothing extra to do.
- Partnerships, companies and trusts need their own TFN. It can be requested in the same ABR application as the ABN.
04 GST registration
- Register when your GST turnover reaches $75,000 a year (current or projected), or $150,000 for a not-for-profit. You have 21 days from reaching the threshold.
- Taxi, limousine and ride-sourcing drivers must register from the first dollar, before the first trip.
- Below the threshold, registration is optional — it lets you claim GST credits but adds BAS obligations.
05 Business name (ASIC)
- Register with ASIC if you trade under anything other than your own first name and surname (or, for a company, its exact company name).
- A business name is not a trademark and doesn't give you exclusive rights to it — consider a trademark search separately.
06 PAYG withholding — when you hire
- Register before your first payment from which you must withhold — wages, or payments to a contractor who doesn't quote an ABN.
- Collect a TFN declaration and super choice form from each employee.
07 Director ID (companies)
- Each director applies personally through ABRS using myID — before being appointed. It can be applied for up to 12 months ahead.
- Nobody can apply on your behalf — not an accountant, agent or lawyer. We can help you check eligibility and prepare.
08 Company registration (ASIC)
- Register the company with ASIC; it receives a nine-digit ACN. The company then applies for its ABN and TFN (steps 02–03).
- Keep the certificate of registration, constitution and member/officeholder registers with your records.
09 Bank account and software
- Open a separate business bank account in the entity's name — essential for companies and trusts, and strongly recommended for everyone else.
- Set up accounting software (Xero, MYOB or QuickBooks) with bank feeds from day one. We can set it up for you.
10 Insurance
- Consider what cover your business needs — public liability, professional indemnity, business assets. We're not insurance advisers, so speak to a licensed broker; keep the policy documents for your records.
- Victorian employers: register for WorkCover insurance with WorkSafe Victoria if you expect to pay more than $7,500 in remuneration in a financial year, or employ an apprentice or trainee. Other states have their own schemes.
11 Record-keeping and payroll reporting
- Keep business records for five years — invoices, receipts, bank statements, contracts, payroll.
- Report wages, withholding and super through Single Touch Payroll each payday, on or before the day you pay.
- Under Payday Super (from 1 July 2026) super must reach each employee's fund within 7 business days of payday.
12 Your BAS cycle
- Once GST-registered you'll lodge a BAS — usually quarterly. Note the due dates in our BAS checklist and diarise the quarter ends.
13 Engage a registered tax agent and nominate them
- Choose a registered tax agent — check the TPB register. Ours is Registered Agent No. 26266813.
- If your business is a company, trust or partnership, nominate your agent in ATO Online services for business before they can act for you. Our guide: how to nominate your tax agent.
Frequently asked
Do I have to register for GST straight away?
Only once your GST turnover reaches $75,000 a year ($150,000 for a not-for-profit), or if you provide taxi, limousine or ride-sourcing services — those must register from the first dollar. Once you reach the threshold you have 21 days to register. Below the threshold registration is optional; we can talk through whether it suits you.
Can SMT Accounting get my director ID for me?
No. A director ID must be applied for personally through ABRS using myID, and it must be in place before you're appointed as a director. We can check your eligibility and walk you through the screens, but nobody — including your accountant — can apply on your behalf.
Do I need a business name if I trade under my own name?
Not if you operate as a sole trader under your first name and surname with nothing added, as a partnership under all partners' names, or as a company trading under its exact company name. Add any other words and the name must be registered with ASIC.
What's the difference between an ABN and an ACN?
ASIC issues a nine-digit ACN when a company is registered. The 11-digit ABN is issued by the Australian Business Register and is used for tax and business dealings. Sole traders, partnerships and trusts have an ABN only.
When do I need to nominate you as my tax agent?
If your business is a company, trust or partnership, the ATO requires you to nominate us in Online services for business before we can act for you. Sole traders don't need to. Our step-by-step guide is at /nominate-your-tax-agent.html.