Starting a Business in 2026? Keep It Simple. Straightforward Tips to Get You Started

"Where do I start?" It's the question almost every new business owner asks themselves. Starting a business is exciting, but it doesn't take long before the questions start stacking up - GST, tax, company structures, expenses. It can feel overwhelming before you even begin.

But here's the thing - it really doesn't need to be that complicated. These tips are designed to give you a simple, honest starting point so you can make the right calls early on and head into 2026 feeling confident and prepared.

Talk to Us Early

One of the best steps you can take is to talk to an accountant before you do anything else. Early advice helps you set up your business correctly from day one. This can save you time, money, and stress later on. This is where we come in!

Accountants can help you:

• Choose the right business structure

• Understand your tax obligations

• Set up your bookkeeping system

• Plan for GST registration if needed

  
  

Getting this right early means you avoid costly mistakes like missing tax deadlines or registering incorrectly.

Understanding GST Registration

If your business turnover is expected to exceed $60,000 in any 12-month period, you must register for Goods and Services Tax (GST). Here are some key points to keep in mind:

• Salary and wages do not count towards the $60,000 threshold. If you have a job alongside your business, that income is separate.

• You need to choose a GST accounting basis:

- Payments basis: You account for GST when you receive or make payments. This is simpler for most small businesses.

- Invoices basis: You account for GST based on invoice dates, regardless of payment.

• Decide how often to file your GST returns:

- Monthly

- Every two months (most common)

- Every six months

Choosing the right GST basis and filing frequency depends on your cash flow and personal preference. Many small businesses prefer the payments basis with two-monthly or six-monthly filing to keep things manageable.

Should I be a company or not?

There is no right or wrong answer about whether to trade as a company. In fact, to be perfectly honest it almost comes down to a personal choice for most. What I find helpful in making the choice is to ask yourself what you’ll be doing in 2 - 5 years’ time. You can usually fit yourself into one of the categories below:

• Trying it out and unsure where it leads?

Start as a sole trader. It’s simple, low cost, and easy to manage while you test your business idea.

• Planning to contract long-term?

This is a personal choice. Some prefer the simplicity of a sole trader. Others like the structure of a company with a PAYE salary. An accountant can help you weigh the pros and cons based on your situation.

• Want to grow, hire staff, and build a bigger business?

A company is usually the better option. It offers limited liability protection, which means your personal assets are separate from business debts.

Not sure which category you fall into? That's exactly what we're here to help with - get in touch and we'll point you in the right direction.

Setting Up Your Bookkeeping System

Good bookkeeping is the backbone of a successful business. It helps you track income, expenses, and tax obligations clearly.

Here are some tips to get started:

• Use simple accounting software designed for small businesses.

• Keep all receipts and invoices organized.

• Record transactions regularly to avoid backlog.

• Separate your business and personal bank accounts.

• Review your financial reports monthly to stay on top of cash flow.

  
  

Accurate records make tax time easier and help you make informed decisions.

Understanding Your Tax Obligations

Knowing your tax responsibilities helps you avoid penalties and surprises.

Key taxes to consider:

• Income Tax: You pay tax on your business profits. Keep track of income and deductible expenses.

• GST: If registered, you collect GST on sales and claim credits on purchases.

• PAYE: If you hire employees, you must withhold and pay PAYE tax.

• Superannuation: You need to pay super contributions for employees.

  
  

Set aside money regularly to cover tax payments. Don’t wait until the end of the year to find out you owe a large sum.

Protecting Yourself and Your Business

Insurance and legal protections are important as your business grows.

Consider:

• Public liability insurance if you deal with customers or clients face-to-face.

• Professional indemnity insurance if you provide advice or services.

• Business insurance to cover equipment and stock.

• Registering your business name and trademarks to protect your brand.

  
  

These steps reduce risk and give you peace of mind.

Planning for Growth

Even if you start small, think about where you want your business to go. Planning helps you make smart choices now.

• Set clear goals for revenue, customers, and staff.

• Keep track of your cash flow and budget carefully.

• Reinvest profits to improve products or services.

• Stay informed about changes in tax laws and regulations.

  
  

A solid plan helps you stay focused and adapt as your business evolves.

The best part about starting a business in 2026? You don't have to figure it all out on your own. We love helping new business owners get started - and we're pretty good at making the accounting and tax side of things feel a whole lot less daunting. We'll get everything sorted, keep it simple, and make sure you're set up for success from the very beginning.

Our office is based in Miramar, as well as virtual sessions through Zoom, Teams or a phone call. Just click here if you wish to book a meeting with us.