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Here are some key foundations to get right before you begin trading:
* Choose the right business structure – sole trader, partnership, company or trust structures all have different tax, asset-protection and compliance implications.
* Register properly – apply for an ABN, register your business name and set up GST if required.
* Open separate business accounts – keeping business and personal finances separate will save time, reduce errors and simplify tax reporting.
* Understand your tax obligations – income tax, GST, PAYG withholding and superannuation should be planned for from day one.
* Set up reliable record-keeping systems – good accounting software and processes help you stay compliant and make informed decisions.
Getting the fundamentals right early can help your business start 2026 on solid footing and avoid costly mistakes later on.
#accountant #tax #business
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