Before choosing a structure or applying for registrations, describe how the business will operate, who will own and manage it, and where its money will come from. A concise set of facts gives an accountant or other adviser something concrete to assess.
Different structures affect control, responsibility, tax and administration. Business.gov.au recommends obtaining professional advice before committing to a structure. There is no universal choice that this guide can make for you. [1]
1. Describe the proposed business
Prepare a short operating brief:
- What will you sell, and to whom?
- Where will the work be carried out and customers served?
- Who will own the business, make decisions and do the work?
- When do you expect to start, and which commitments have already been made?
- Do you expect to employ people, use contractors, buy significant assets or enter a lease?
- Are you starting a new activity, buying a business or changing an existing operation?
Separate confirmed facts from assumptions. For example, an indicative customer discussion is not a signed sales contract, and a possible lender is not approved finance.
2. Map the money before assigning labels
Use a simple table for each planned contribution or payment.
| Question | What to record |
|---|---|
| Who provides the money? | The individual, business or proposed lender. |
| How much and when? | A confirmed amount or an explicitly labelled estimate and expected timing. |
| What is the intended arrangement? | For example, a contribution, proposed loan or purchase payment; note what is not yet agreed. |
| What evidence exists? | Draft agreement, bank information, quotation or other supporting document. |
| What needs advice? | Ownership, repayment terms, recordkeeping or other matters to resolve before committing. |
Do not assume money paid by an owner has already been treated correctly as a loan, capital or income. Ask the adviser to identify the facts and documentation needed for the intended arrangement.
3. Prepare a working budget
Separate one-off start-up costs, recurring costs and expected receipts. Add the dates on which money may leave or arrive, rather than looking only at a yearly total. Business.gov.au’s finance checklist includes start-up costs, budgets and recordkeeping as part of establishing the business. [2]
For uncertain figures, use an estimate and name its source. Prepare one question about what changes if sales begin later or a major cost is higher. This is a discussion aid, not a prediction or a finance approval.
4. Distinguish the registrations
A company registration and a business-name registration are different; ASIC explains that the relevant registers depend on the structure and the names used. Company officeholders also have ongoing obligations after registration. [3]
An ABN is a separate matter. The ABR states that not everyone is entitled to one and that entitlement depends on the relevant circumstances. [4] Ask which registrations apply to the proposed activity and who will handle each application. Do not assume obtaining a name or number resolves every operating requirement.
Use a decision list for the meeting: the proposed structure and why it fits; registrations to consider; who needs to approve or provide information; fees to confirm; and the order in which actions should occur.
5. Plan the first month of accounting
Before the first transactions accumulate, decide who collects supporting documents, maintains records and answers queries. Discuss bank-account arrangements, software access and how the adviser will receive information. Confirm which recurring tasks are included in the engagement and which remain with the business.
Ask what the first agreed piece of work will produce. Depending on the engagement, that may be a comparison of options, a registration plan or a records setup. These are questions to settle with the practice, not promised deliverables under this guide.
Prepare your first enquiry
Send Newage Accounting a brief description of the proposed activity, the people involved, the expected start date and the main decision you need help with. Ask whether the team can assist and what information it needs to define the work.
Business registration and set-up support · Contact Newage Accounting
Official sources
- Business.gov.au — Choose your business structure
- Business.gov.au — Setting up your finances checklist
- ASIC — Register a company
- ABR — ABN entitlement
Sources checked: 6 November 2026. This guide organises a professional discussion. It does not select a legal structure, approve finance or determine tax treatment.