Starting New Business

Starting New
Business

Oyster Hub helps your business grow with the right company structure. Tailored to ensure your success.

Business Structure Advisory

Need help with setting up the right structure for your business? Whether it’s under a trust or a sole proprietor, our accountants can structure your company for long term growth.

The business structure you choose can have a significant impact on your tax and legal liability. Let us help you step up and select the right business structure to help optimize your tax situation and set you up for overall financial success.

Let us help optimise your tax situation, protect your personal assets and feel the difference compared to your business’ last 2 years.

Discover how Oyster hub’s vision is shaping the future of small business success.

Tailored Services for your business

Business owner faces a range of challenges, from staffing shortages to ATO demands. Our services are crafted to address these challenges head-on.

Market research support
Feasibility analysis
Competitive landscape review

Entity type recommendation
Registration processes
Asset protection strategies

Accounting software setup
Banking arrangements
Payment system integration

Tax structure optimization
ATO registration processes
Ongoing compliance calendar

Business plan development
Financial projections
Cash flow modeling

Bookkeeping automation
Payroll system implementation
Process documentation

Capital requirements assessment
Funding source identification
Loan application support

Scaling roadmap development
Performance monitoring setup
Ongoing strategic support

Rescue Tax Accounting Services: Emergency Help for Business Owners

At every stage of your business & personal journey, we focus on finding your pearl so you can enjoy doing things you love the most

Directors Penalty Notice

Protect yourself from personal liability when your company faces ATO debt challenges.

Tax Debt Negotiation

Secure significant debt reductions through expert ATO negotiations

Second Opinion on Tax

Get independent expert analysis to ensure you’re making the right tax decisions

Business Growth Advisory

Transform your financial challenges into strategic opportunities

Rescue Due Diligence

Comprehensive 48-hour assessment to identify viable rescue pathways for distressed businesses.

Explore your Rescue Tax Solutions with a free discovery call

Supporting Australia’s Thriving Business Community

“We don’t just understand accounting – we understand YOUR industry’s unique challenges, regulations, and opportunities.”

Why Choose Oyster Hub

Frequently Asked Questions

1. What business structure should I choose - sole trader, partnership, company, or trust?

The right business structure depends on your liability concerns, tax situation, growth plans, and asset protection needs. Sole traders are simple but offer no liability protection. Companies provide asset protection and tax flexibility but have more compliance requirements. Partnerships suit multiple owners, while trusts offer asset protection and tax distribution benefits.

We provide comprehensive business structure advisory, analyzing your specific situation including income projections, asset exposure, family circumstances, and growth plans. Our recommendations ensure you start with the optimal structure, avoiding costly restructuring later as your business grows.

2. How much does it cost to register a new business in Australia?

Business registration costs vary by structure. Sole trader ABN registration is free, while company registration through ASIC costs $542. Additional costs include business name registration ($39 for 1 year, $91 for 3 years), trademark registration ($330+), and professional setup fees.

Our business setup packages include all registration fees, plus business structure advice, accounting system setup, and 3 months of ongoing support. We handle all ASIC paperwork, ABN applications, and ensure your business starts with proper compliance foundations from day one.

3. What permits and licenses do I need to start my business?

Required permits and licenses depend on your industry, location, and business activities. Common requirements include business licenses, trade licenses, food handling permits, liquor licenses, building permits, and professional registrations. Some industries like construction, finance, and healthcare have specific regulatory requirements.

We conduct comprehensive license audits for your specific business type and location, ensuring you have all required permits before launch. Our service includes application assistance, renewal reminders, and ongoing compliance monitoring to prevent costly penalties or business interruptions.

4. How do I set up accounting systems and bookkeeping for a new business?

New businesses need accounting software, chart of accounts setup, bank account separation, invoice templates, expense tracking systems, and payroll setup if hiring employees. Popular software options include Xero, MYOB, and QuickBooks, each with different features and pricing.

We provide complete financial systems implementation including software selection, chart of accounts customization, bank feed setup, invoice and quote templates, expense categorization, and staff training. You’ll receive a fully operational accounting system with monthly reporting and ongoing support.

5. What tax obligations do new businesses have and when do they start?

New business tax obligations include income tax, GST (if turnover exceeds $75,000), PAYG withholding for employees, superannuation guarantee, and potentially payroll tax and WorkCover. Obligations start immediately upon business commencement, with quarterly BAS lodgments and annual tax returns.

We establish your complete tax compliance calendar from day one, including GST registration if required, PAYG withholding setup, superannuation fund selection, and automated reminders for all lodgment deadlines. Our proactive approach prevents penalties and ensures optimal tax outcomes from your first year.

6. Should I register for GST immediately or wait until I reach the $75,000 threshold?

Early GST registration can be beneficial if you have significant startup expenses, purchase business assets, or operate in industries where customers expect GST-registered suppliers. You can claim GST credits on business purchases and appear more established to potential clients.

We analyse your specific situation including startup costs, expected revenue, customer requirements, and cash flow implications. Our recommendation ensures you optimize GST timing for maximum benefit, whether registering early for input tax credits or waiting to minimize compliance burden.

7. How do I create a business plan and financial forecasts for my startup?

A comprehensive business plan includes market analysis, competitive positioning, marketing strategy, operational plans, management structure, and detailed financial projections. Financial forecasts should cover 3-5 years with monthly cash flow projections for the first year.

Our business planning service includes market research, competitor analysis, financial modeling, cash flow forecasting, and scenario planning. We create investor-ready business plans that also serve as operational roadmaps, complete with KPI tracking and regular review schedules to ensure you stay on track.

8. What banking setup do I need for my new business?

New businesses need separate business bank accounts, business credit cards, merchant facilities for customer payments, and potentially business loans or overdraft facilities. Bank selection should consider fees, online banking features, integration with accounting software, and relationship manager support.

We provide complete banking setup including account comparisons, application assistance, merchant facility setup, and accounting software integration. Our banking relationships often secure better terms and faster approvals for our clients, plus ongoing support for additional facilities as you grow.

9. Do I need business insurance and what types should I consider?

Most businesses need public liability insurance, professional indemnity insurance, and business contents insurance. Additional coverage may include workers compensation (mandatory for employees), cyber liability, key person insurance, and business interruption insurance. Requirements vary by industry and business activities.

We conduct comprehensive insurance needs analysis and connect you with specialist business insurance brokers. Our service includes risk assessment, coverage recommendations, premium comparisons, and annual reviews to ensure adequate protection as your business evolves and grows.

10. How do I hire my first employee and what are my obligations?

Hiring employees requires understanding modern awards, minimum wages, superannuation obligations, workers compensation, payroll tax thresholds, and Fair Work compliance. You’ll need employment contracts, payroll systems, leave management, and workplace safety procedures.

Our employment setup service covers award interpretation, employment contract templates, payroll system implementation, superannuation fund selection, workers compensation registration, and Fair Work compliance training. We ensure you’re fully prepared before making your first hire, avoiding costly compliance mistakes.

11. What ongoing compliance requirements will my new business have?

Ongoing compliance includes BAS lodgments (monthly or quarterly), annual tax returns, ASIC annual statements (for companies), superannuation payments, payroll tax returns (if applicable), and industry-specific reporting. Deadlines vary throughout the year and penalties apply for late lodgments.

We create a personalized compliance calendar with automated reminders for all your obligations. Our ongoing support includes preparation and lodgment of all required returns, penalty protection, and proactive advice about changing regulations affecting your business. You’ll never miss a deadline or face unexpected penalties.

12. Can you help with business growth planning and funding applications?

Yes, we provide comprehensive growth advisory including expansion planning, funding strategy, grant applications, investor preparation, and strategic partnerships. Our services cover business credit applications, government grant identification, investor pitch preparation, and growth financing options.

Our growth planning process includes market opportunity analysis, financial modeling for expansion scenarios, funding requirement calculations, and application preparation for various funding sources. We’ve helped clients secure millions in funding through grants, loans, and investment, with ongoing support throughout the growth journey.

Awards In Recognition & Media

At Oyster Hub, our team and co-founders are driven by a shared mission: to be partners in the life journey of small business owners , helping them find their pearl. Our team have won awards and been featured in various industry publications and news media for being an impact-based accounting firm.

Book a Free Rescue Tax Assessment Form Oysterhub.com.au 2025

Book a Free Rescue Tax Assessment Form Oysterhub.com.au 2025

Book a Free Rescue Tax Assessment Form Oysterhub.com.au 2025

Book a Free Rescue Tax Assessment Form Oysterhub.com.au 2025

Book a Free Rescue Tax Assessment Form Oysterhub.com.au 2025