Frequently Asked Questions
Online services typically handle basic registrations; advisers provide strategic guidance on structure, tax optimisation, compliance, and growth. They can identify issues early, explain obligations beyond registration, and support you as the business evolves. This is especially valuable for complex ownership, multiple revenue streams, or plans to scale quickly.
Yes, experienced advisers often assist with pitch decks, financial models, and connections to investors (venture capital, angels, government programs). They can help identify options such as the Research and Development Tax Incentive (generally providing a tax offset equal to the company tax rate plus a premium on eligible R&D expenditure, subject to turnover tests and a $150 million expenditure threshold), Export Market Development Grants, and accelerator programs. Eligibility and rates depend on your circumstances; check current ATO and business.gov.au guidance or speak with a specialist adviser.
Engaging an adviser early—ideally during the conceptual phase—helps you avoid costly mistakes in business structure, tax structuring, and initial compliance. Advisers remain useful at any stage: when raising capital, scaling operations, or navigating regulatory changes. Early input on structure, funding, and compliance is often most valuable.
Look for relevant qualifications (e.g. CPA, CA) for financial matters, legal qualifications for compliance, and proven experience with Australian start-ups. Advisers who have guided businesses through similar growth stages and understand Australian regulatory requirements are valuable. Checking references and track record in your industry can provide additional assurance.
Start-up advisory costs vary with service scope and adviser expertise, often ranging from about $100–$300 per hour for general business consultants to $500+ per hour for specialists, or $1,000–$10,000+ for comprehensive packages. Many advisers offer hourly, retainer, or project-based fee structures. Confirm rates with local advisers, as pricing varies by location, expertise, and services required.
Keep invoices, receipts, bank and credit card statements, payroll records, tax documents, and contracts related to your business finances. The ATO generally requires you to retain records for at least five years from the date you lodge your tax return or the transaction date. Digital storage using cloud-based bookkeeping software can make record-keeping easier. Check ATO record-keeping requirements for current guidance.
Common mistakes include mixing personal and business expenses, failing to reconcile accounts regularly, incorrect categorisation of transactions, and not backing up financial data. Others include missing receipts, wrong tax classification, and letting records pile up. Regular reconciliation, proper categorisation, and consistent data-entry habits help avoid these issues.
Keeping personal and business finances separate is strongly recommended for all businesses and is legally required for companies and trusts. Sole traders have no legal mandate, but the ATO strongly recommends separate accounts. Mixing finances complicates bookkeeping, can create tax compliance issues, and may affect legal protections such as limited liability. Separate accounts make it easier to track expenses, prepare reports, and demonstrate business legitimacy. See ATO guidance on record-keeping.
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