Accounting for New Businesses Starting Up in Australia

Australia being part of the Asia Pacific region can provide a myriad of business opportunities. Our competitive tax system and a highly technical workforce coupled with relatively low set-up costs in a stable political setting makes an environment conducive for entrepreneurs.

In order to establish a business, it invariably involves most of the following:

  1. Choose your business structures and types
  2. Apply for an Australian Business Number (ABN)
  3. Registrations - business name/trade mark/website/taxes/licences
  4. Buy/lease a business premises
  5. Insurance

One of the most important functions to consider once a business is established is accounting or financial reporting. The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. These standards specify how transactions and business events are to be recognised, measured, presented and disclosed in the financial statements. The selection of an accounting system or software that complies to the Australian standard of financial reporting is crucial since the information for many purposes such as the preparation and lodgement of income tax returns.

The accounting function also includes payroll, how you invoice your customers and pay your suppliers. By ensuring that these processes are as seamless as possible frees up valuable time for you to deal with other issues of the business rather than dealing with administration.

Peter Vickers Business Group has the expertise in helping businesses and entrepreneurs establish their presence in Australia and maintaining their accounting function.

Need Help Setting Up a Business In Australia?



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Lindfield, NSW 2070

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F: 61 2 9416 9149

Peter Vickers Insurance Brokers

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Lindfield NSW 2070
T: 1300 784 011
F: 61 2 9416 9149


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