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Business Compliance Essay

1580 words - 6 pages

Design Practice - Assessment Task 2!! Business Start Up Compliance!!!! 'Den' is a digital library that takes the form of a software application whose purpose is to provide a new forum for magazines and publications that have either ceased business or have been forced to downsize due to the steady decline of print media. !!! Business Structure! 'Den' will be practicing under a partnership business structure. A partnership is "relationship which exists between persons carrying on a business in common with a view to profit. It involves an agreement between two or more parties to enter into a legally binding relationship and is essentially contractual in nature" (Partnership Act 1892, NSW). This type of structure is suitable for the type of business practice we wish to establish in terms of initial costs, legal issues and also financial demands. !! The partnership structure is regulated by state law, through the Partnership Act 1892. The business will be practicing in the state of New South Wales and would adhere to such laws accordingly. Formal partnership contracts will be produced in order to ensure the safety of the business as well as the safety of each individual partner. These contracts will state the responsibilities of each partner and cater to each individual in order to reduce the potential for disputes in the later stages of the business. It will also cover what will happen to the business if the partnership structure is compromised; for example, the retirement or death of one of the partners (NSW Fair Trading, 2014).!!! Registering for an ABN and Tax File Number! The ABN (Australian Business Number) is a individual 11 digit identification number that allows one business to deal with another. For example, "you generally need to put your ABN on your invoices, or other documents relating to sales that you make. If you don't, other businesses may withhold 46.5% from any payment to you" (Australian Taxation Office, 2014). By registering for the ABN, we are also able to purchase an Australian domain name. This will help a great deal for the business as it predominately functions with an online base. An ABN also allows the business to avoid PAYG (pay as you go) tax on the payments which are received. !! A Tax File Number can also be obtained when registering for an ABN. Applying for an ABN can be done online by visiting the Australian Business Register at http://abr.gove.au/. After the application is sent, we expect to receive a copy of our ABN within 28 days. !!! Tax Registration and GST! When registering for an ABN, the business will also be able to apply for Goods and Services Tax (GST). If a businesses GST turnover is $75,000 or more, a enterprise must register for GST (The Australian Taxation Office, 2014). Once registered for GST, we can include GST in all the goods and services our business sells, which is 10% of the cost. In registering for GST, we are also agreeing to complete an 'annual GST return' each year, which allows us to...

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