Our previous post on Starting a Personal Training Business looked at the importance of choosing the best business type and structure for your new venture. Once you have opted for the best business structure for your personal training business, you need to look at the required business registrations that you will have to complete.
Here are a few things that you will need to consider:
- You might need to register a business name or company. (As we’ve mentioned before, there are advantages and disadvantages for each option so you need to have a thorough understanding before you make your choice.
- Before you can apply for a business name, you have to apply for an Australian Business Number (ABN). For more information, visit www.ato.gov.au. To apply for your ABN, visit www.abr.gov.au.
- If your business is going to take the form of a partnership, trust, or company, you will need to apply for your own Tax File Number (TFN). You can do this on the ABN application form.
- You might need to register for Goods & Services Tax (GST). This applies if you have or expect to have a GST turnover of $75 000 or more. You can register for GST on the ABN application form.
- You might also have to consider PAYG (Pay As You Go) withholding. This is particularly important if you have employees, pay employees from another business, pay company directors, and/or pay other workers such as contractors. Again, you can register for PAYG on the ABN application form.
- Various business permits, licenses, registrations and certificates are required by Australian, state, territory and local governments. The Australian Business License & Information Services (ABLIS) will tell you which permits etc apply to your business. You can access this information at www.business.gov.au/licences.
- You will need to apply for an Australian Business Account (ABA)
- It is a good idea to consider using Standard Business Reporting (SBR). SBR-enabled business and accounting software makes is much easier to prepare and lodge reports with a range of government agencies. For more information, visit www.sbr.gov.au.