So you have been working at ‘[insert name here] Probe’ as the tech lead for the last three years and another day there and you will strangle someone. You have a plan. You and your mate have developed a killer idea to address a problem that has never been tackled by technology. It is pure genius – scalable, disruptive, investor worthy and there is a readymade market. So you develop a prototype and the two of you are exhilarated by the prospects to take it to the next level and turn this into a real business.
You quickly realise that to turn this into a real business will require working with strategic and experienced advisors. You will immediately need a tax accountant and commercial lawyer who understands tech, startups, deal flow and transactions. So you sit down with your trusted tax accountant and put together the ‘Ten Commandments’ for your startup:
I have started consulting and clients are in both Australia and Singapore. I’m unsure whether GST should be applied to clients outside of Australia.
Currently I’m not registered for GST in Australia, but will need to in 2013 once income exceeds the $75,000 threshold. What should I do?
I’m weighing up whether to launch my own business next year but there seems to be a lot of coverage at the moment about the tax and red tape burden that Australian businesses face.
Is the tax regime, in reality, that onerous for new businesses? If so, how can I best cope with compliance?