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What is a registered office address?
A registered office does not need to be the same as the company’s principal place of business. If your company does not occupy the premises, the occupier of the address must give written consent to use the address as its registered office. ASIC stipulates that your business address may not be a P.O. Box.

If you are running a home-based business and use your home address this can lead to issues if you have an angry customer who knows where you live. It is much smarter to separate your business dealings from your home life. Using a registered office will present more professional image for your business.

Why do I need to give you my credit card number?

Legally if we pay to set up your business on our credit card, then we are the ones who own your business name. Not a great situation to be in. So we will use your card to pay for the Government fees and charges. An itemised invoice will be sent to you prior to any transactions with your credit card.

What is a trust?

A trust is a structure where a trustee carries out the business on behalf of the trust’s members (or beneficiaries). A trust is not a separate legal entity. A trustee may be an individual or a company. The trustee is legally liable for the debts of the trust and may use its assets to meet those debts. However, if there is a shortfall the trustee is responsible for the difference. A trust is set up through a trust deed and there are two main types: discretionary or unit trusts. In a discretionary trust, the trustee has discretion in the distribution of funds to each beneficiary. In a unit trust, the interest in the trust is divided into units with their distribution determined by the number of units held by each member.

What is the difference between a 1300 and a 1800 number?

The main difference is the way call costs are divided between your business and the caller. Costs for calls made to a 1300 number are shared between the caller and your business. Calls made from a landline to a 1800 number are free for the caller, with the business paying the full cost of the call.

What is a 100 point ID?

Please click here for link to a government webpage itemising points for each form of ID and how to get your ID verified.

What is a virtual office?

A virtual office assistant offered in the Gold Package is a telephone answering service. But you can increase the level of service and your virtual office assistant will not only answer your calls but also answer your emails, prepare your power point presentations, even type your letters. The level of service chosen will affect the quoted price.

What is a desk for a day?

A desk for a day is a service offered for our customers who wish to have small meetings to see their clients or to sign paperwork. Clients find it more professional to visit an office than go someone’s home.

What is involved in SMSF paperwork setup?

When you leave a PAYG job, some superannuation funds do not allow you to add to your existing superannuation fund. Most self employed personnel usually after a few years will set up an SMSF ( Self Managed Super Fund) in order to save for their retirement.  As many people do no have an accountant to set this up for them, we can take all the hassle out of this by organizing to get all your SMSF paperwork set up at the same time as we set up your Business. NB WE DO NOT GIVE ADVICE – we setup the paperwork structure only. Please seek Financial Advice if as there are costs involved in maintaining an SMSF fund.

Do I need to register for GST?

Directly from the ASIC website

https://www.business.gov.au/info/run/tax/register-for-goods-and-services-tax-gst

According to the VIC Gov website:

You must register for GST if:

  • your business or enterprise has a GST turnover (gross income minus GST) of $75 000 or more
  • your non-profit organisation has a GST turnover of $150 000 per year or more
  • you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
  • you want to claim fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is optional. However, if you choose to register, you generally must stay registered for at least 12 months.

When do you need to register for GST?

Directly from the ASIC website

https://www.business.gov.au/info/run/tax/register-for-goods-and-services-tax-gst

You can register for GST when you first register your business or at any later time.

  • If you’ve just started a new business and expect it to reach the GST turnover threshold or more in its first year of operation, you should register for GST.
  • If you’re not registered for GST, check each month to see whether you’ve reached the threshold, or are likely to exceed it. If your turnover exceeds the relevant threshold, you must register within 21 days of reaching it.
  • You only register once for GST, even if you operate more than one business.
  • If you don’t register for GST and are required to do so, you may have to pay GST on the sales you have made since the date you became required to register. This could happen even if you did not include GST in the price of those sales. You may also have to pay penalties and interest.

Can I update my business name once it’s registered? 

Directly from the ASIC website

You can’t update a registered business name, even if you only want to make a slight change to it. If you want to trade under a different business name, you must register a new one. You can either: cancel your existing business name (if you don’t want to use it anymore), or keep your existing business name (in case you want to use it later or for a different part of your business).

Do I have to register my business name in each state and territory?

Directly from the ASIC website

No. You only have to register your business name once. After that, your name is registered nationally.

What is the difference between a company name and a business name?

Directly from the ASIC website

http://asic.gov.au/for-business/your-business/your-business-structure/

The table below outlines the key differences between registering a business name and a proprietary company. (The majority of companies registered are proprietary companies). The information is an overview only and should not be considered advice. See a professional business adviser if you need more information.

  Business Name Proprietary Company, eg.  Example Company Pty Ltd
OverviewA business name is a name or title under which a,   ·         Sole trader (individual) ·         Incorporated entity
(ie. Company, Association) ·         Partnership ·         Joint Venture ·         Trust can conduct business. To register a business name you must hold an Australian Business Number (ABN).   Registering a business name does not provide exclusive ownership of that name. It also doesn’t prevent other people from being able to register and use similar names.
A company is an entity that has a separate legal existence from its officeholders and members.     Its legal status gives a company the same rights as a natural person which means a company can own, buy and sell property in its own name.   It can also incur debts, employ staff, sue and be sued.   Companies are managed by company officers who are called directors and company secretaries.  
Key attributes·         Is not a separate legal entity   ·         Is simple to set up and operate. ·         Requires fewer reporting requirements and is generally a low-cost registration. ·         Business name holders must comply with notification obligations under the Business Name Registration Act  ·         Is a separate legal entity.   ·         Has limited liability compared to other structures. ·         Is a more complex business structure to set up and operate. ·         Involves higher set up and running costs than other structures. ·         Requires you to understand and comply with all obligations under the Corporations Act 2001.  
Cost to registerChoice of registration period   $35 for one year $82 for three years  Proprietary Company  $479
Ongoing costsChoice of renewal period   $35 for one year $82 for three years  Annual Review Fee – $254   Late fees can be imposed if you fail to pay the annual review fee or lodge documents on time. (See ASIC fees)
ResponsibilitiesRenew every one or three years     Update your details if they change  If you’re a director or secretary of a proprietary company, you must follow the requirements set out in the Corporations Act 2001 (Corporations Act).
ClosingIf you no longer need the business name, you can cancel it (or we will cancel it for you if you don’t pay the renewal fee).    If you no longer need your company you will need to apply to have it deregistered (or we may cancel your registration if you don’t pay your annual review fee).     Cancelling the company’s ABN will not deregister the company.
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