Business Info
Australia has a diverse economy that produces a wide variety of business opportunities, from large engineering concerns to small corner stores.
Franchising in Australia represents a dynamic small business sector contributing some 10% of the national GDP of Australia. It comprises franchisors and franchisees employing many hundred's of thousands Australians within their workplaces totaling over 45,000. Often the choice of migrants, franchising in Australia is regulated and potential franchisees need to be aware of their rights and obligations. See the Franchise Council of Australia on www.franchise.org.au
Information about any particular business can be accessed, in most instances, from the industry web sites. The following links are recommended to gain an overview of the complexity of business in Australia;
Australia is divided up into local shires for administration purposes. The majority of shires have web sites which will describe their expectations and their assistance to local businesses.
Banks
As in other countries there are many financial institutions to choose from. Here is a list of the commonly used major banks:
• Commonwealth Bank of Australia (CBA)
• National Australian Bank (NAB)
• Australia New Zealand Bank (ANZ)
• Westpac Banking Corporation (WBC)
Some other banks are the 'Suncorp', the 'Bank of Western Australia', the 'Bank of South Australia', the 'Bendigo Bank', the 'RABO Bank', the 'ABN/AMRO' Bank, etc.
Further financial institutions are Credit Unions, Building Societies, Financial Management Companies, Funds Management Companies, Investment Companies and other commercial or private financial enterprises.
Very small towns now have 'service centers' established, which cater for financial transactions and services for many different banks and government agencies.
Regular financial transactions can be made by “electronic funds transfer”, otherwise known as direct debit from your savings account through the use of “Bank cards”, "Credit Cards" and "Internet Banking". Most business transactions are made by the use of a "Cheque Account" or electronic transfers via "Internet Banking".
Finance Info
Tax Returns
By October 31 each year, all Australian taxpayers must complete a tax return – “The TaxPack”. This is a self-assessment system, whereby each taxpayer declares their income and allowances to arrive at their own tax liability.
Tax File Numbers (TFN)
Every Australian resident with earnings from employment or investment needs a Tax File Number.
Australian Business Register (ABN)
If you run a business, you will normally be required to register for an Australian Business Number. You will also have to register for the Goods and Services Tax (GST) if you turnover is greater than $50,000 per annum.
Employment
Employers are required to deduct income tax directly from their employee’s salaries each pay period (each month or fortnight). See tax rates.
Self-employment
Those in business for themselves are required to complete a quarterly Business Activity Statement (BAS) to account for their business tax, GST, Superannuation fund payments etc. The system is known as Pay as You Go (PAYG). |