Part of Business accountants

Start-up accountant: set up the business properly from day one

For founders with a clear plan to grow: the right structure, registrations, Xero and a compliance calendar set up before the first invoice goes out.

Book a free call Setup quoted as a project, then a monthly package sized for a new business

Set the business up properly once, so it never has to be undone

Most of the structuring, tax and record-keeping problems we fix for established businesses were created in the first month: the wrong entity because it was quick, no shareholder agreement because everyone was friends, a Xero file set up from the defaults, GST registered late or too early. Fixing any of those later costs more than doing it properly at the start, and some cannot be fixed without tax.

Our start-up service is for founders who already know the business is going to be real: a clear plan, early revenue or funding, and the intention to employ people and grow. We set up the structure, the registrations, the accounting system and the compliance calendar, and give you a designated team from day one. If you are testing an idea on weekends, this is more than you need yet, and we will tell you that on the call.

What gets set up

Structure

Sole trader, company, trust or a combination, chosen for the risk, the tax position and what the business will need when a partner, an investor or a buyer shows up. We model the options rather than defaulting to a company. Detail on the business structuring page.

Registrations

Company or trust establishment, ABN, TFN, GST, PAYG withholding, business name, and the ASIC and ATO links to New Wave as your agent.

Xero and the first invoice

A Xero file set up with a chart of accounts that will still make sense at $5M, bank feeds, invoice templates and the apps your industry uses. See Xero setup.

The compliance calendar

Every BAS, instalment, super due date, ASIC review and tax return, with who does what. Your designated team handles the lodgements; you know what is coming.

Agreements

If there is more than one owner, a shareholder or partnership agreement before the first disagreement, drafted by New Wave Law in the same building.

The first twelve months

A new business pays its first income tax bill a long time after it starts making money, and the shock is avoidable. We plan tax in the first year, set up the instalment pattern so cash is put aside, and run the bookkeeping on a package sized for a business that is still small. Founders raising money or planning fast growth add a cash flow forecast and a funding plan.

Who it suits

Practitioners leaving employment to open their own clinic or practice.
Tradespeople moving from subcontracting to running a business with staff.
Founders launching an ecommerce brand, an agency or a software product with a plan to scale.
Experienced operators starting a second business who want it done right this time.

How it starts

A free 30-minute discovery call with a New Wave team member about the business, the owners and the plan.
A proposal within the week: the setup quoted as a project and the monthly package after it, both agreed up front and sized for a business at the start.
Structure, registrations, Xero and the calendar set up before the first invoice goes out, and a designated team you can call.

Before you ask

Start-up accountant: set up the business properly from day one: the questions we get.

Should a new business register for GST straight away?

You must register once turnover reaches $75,000, and you can register earlier. Registering from the start makes sense if you will have large setup costs with GST in them to claim back, or if your customers are businesses that expect a tax invoice. It is a cost if your customers are consumers and you are well under the threshold, because you are adding 10 percent to your price. We work it out with you before the ABN application goes in.

Do I need a company to start a business?

Not always, and defaulting to one is a common mistake. A company suits a business with staff, risk, retained profits or more than one owner. A sole trader structure is cheaper and simpler for testing an idea with low risk, and a trust belongs in the picture for some family situations. The cost of choosing wrongly is a restructure later, so we model the options against the plan rather than pick a default.

What registrations does a new business need?

An ABN, a TFN for a new entity, GST if required, PAYG withholding before the first employee is paid, a business name if you trade under something other than the entity’s legal name, and the company or trust establishment itself. Then the ASIC and ATO links to New Wave as your agent so lodgements flow. We handle all of them in the setup project and put the resulting obligations in a compliance calendar.

When will a new business pay its first tax bill?

Later than most founders expect, and that is the danger. A company that starts trading in July may not pay income tax until the following May, by which time the cash has often been spent. We plan tax in the first year, estimate the bill as the year unfolds, and set up the PAYG instalment pattern so money is put aside as you go. Our start-up package is sized for a business that is still small.

Ready when you are

Stop paying for the dinosaur.

Book a free discovery call. Thirty minutes with a New Wave team member on where the business is and where you want it. If we are not the right firm for you, we will tell you who is.

Book a free discovery call Call (07) 5504 1999