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For this activity you will need to refer to Business structures and registration requirements – Explainer. Go to business structures at business.gov.au. What are the main forms of business structures? Provide a brief description of each. Type of business structure Brief description Imagine a…

Use a note-taking framework, such as the Cornell note taking system, to record your ideas. You may find you end up with more questions than you have answers. The Australian Government raises revenue to spend on various goods and services to support our communities. Social security and welfare is one area of government spending. Refer to budget.gov.au and review the most recent federal government Budget statistics in ‘Budget Paper No. 1,…

When you start a business, you need to register it. The first step is choosing a business structure. Choosing a business structure There are a number of factors that might affect your decision on which business structure you choose, including: the number of people involved in the business control over the business the tax you are liable to pay asset protection costs and volume of paperwork. If you don’t plan to hold property or assets for…

Businesses in Australia can be categorised by legal structure and by their size. Business structures There are a number of types of businesses that exist in Australia, including: sole traders partnerships private companies public companies. Public companies are publicly owned, while all other business structures are privately owned. Figure 1 shows the broad characteristic of these business types along a continuum.  Figure 1: Features of…

For this activity, refer to Types of businesses – Explainer. Selecting a business type What types of businesses exist in Australia? Provide a brief description of each. Go to the Australian Government business registration service help me decide tool. Use the ‘help me decide tool’ to help you choose the most suitable business structure for the following scenarios. Scenario 1 Small service business You are going to be the sole owner of a…

Read the 3 case studies below and answer the questions that follow each. Case study 1 Forbes & Jones is a partnership that makes koala bears. It is currently owned and run by Maya Jones and Eva Forbes. The business has approximately 15 employees. It makes many different styles of koala bears, ranging from small koala bears for keyrings to large soft cuddly collectables. Due to an increase in tourism, the demand for their product has…

The structure you choose for your business can make a difference to the tax you are required to pay. Explore the difference that a business structure can make to your tax liabilities. Refer to the business tax calculator. Use the interactive to explore the following scenarios. Sole trader or company? You plan to start a business as a sole business owner and have no assets for the benefit of others. You have the choice of 2 business…

Print one copy for each group of 3 students. Obligations to the ATO BAS (What is it? What is included? When is it submitted?) FBT (What is it? How is it calculated? How is it reported?) SG (What is it? How is it reported?) The benefits of PAYG instalments in relation to cash flow What is STP? What is it used for? What happens if these obligations are not met? (What is the GIC?, What is the SGC?)…