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Tax for Australians for Dummies, 2014 - 15 Edition by Jimmy B. Prince

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Chapter 13

Starting a Business: On Your Mark! Get Set! Go!

In This Chapter

arrow Understanding business administration requirements

arrow Keeping records of your financial transactions

arrow Employing staff

arrow Taking advantage of tax concessions for small business

arrow Choosing between a cash or accruals basis

arrow Doing a stocktake and getting a grip on trading stock

arrow Planning for the future

A fter you set up your business structure, you need to familiarise yourself with all the legal obligations and responsibilities that come with running a business. Keep in mind that pulling out at a later date can prove very costly, especially if you plan to borrow a substantial amount of money and employ people to help run the business. In this chapter, I emphasise the legal requirements associated with running a business and ...

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