Question 1

How do I register a business name in Brisbane?

Accepted Answer

To register a business name in Brisbane, you must first have an Australian Business Number (ABN) or have applied for one. You can then register your business name through the Australian Government's Business Registration Service or ASIC's online system. Before registering, check if your chosen name is available on the business names register using their traffic light system. Registration fees are $47 for one year or $108 for three years, and you must pay within ten business days of approval. You may register the name yourself or authorise someone else, such as an accountant or lawyer, to do it on your behalf. If you need professional assistance with company secretarial services in Brisbane, LawConnect can connect you with suitable firms in your area.

Question 2

What is the difference between a business name and a company?

Accepted Answer

A business name is the trading name your business operates under, while a company is a specific legal business structure that must be registered as a separate legal entity. A company has its own Australian Company Number and exists independently from its owners. A business name is simply the name you trade under and can be used by sole traders, partnerships, or companies. If you operate a registered company and want to trade under a different name than your company's registered name, you would need to register that as a separate business name. Most business structures in Australia require business name registration unless you're a sole trader operating under your own name or a partnership using all partners' names.

Question 3

How do I apply for an ABN in Brisbane?

Accepted Answer

To apply for an ABN in Brisbane, you need to register online through the Australian Government Business Registration Service. The application is free and can be completed entirely online. You'll be asked a series of questions to determine your eligibility for an ABN, as not everyone is entitled to one. If you're a sole trader, providing your tax file number will speed up the process, while companies should provide their Australian company number. You can apply for a business name and register for taxes like GST and PAYG withholding at the same time as your ABN application. For professional guidance on your specific circumstances, you may wish to consult with a company secretarial services provider listed on LawConnect.

Question 4

Do I need an ABN to run a business?

Accepted Answer

Whether you need an ABN depends on your business structure and activities. If you're operating as a sole trader or in a partnership, you're generally entitled to an ABN and should apply for one. Companies must also obtain an ABN. However, not everyone is entitled to an ABN, so you'll be asked qualifying questions when you apply.

You must have an ABN before registering for other taxes like GST or PAYG withholding. If your business turnover reaches $75,000 or more, you're required to register for GST, which means you'll need an ABN. Similarly, if you employ staff or contractors, you'll need to register for PAYG withholding, again requiring an ABN first.

Applying for an ABN is free and can be done online. You can apply for a business name and tax registrations at the same time. If you're a sole trader, having your tax file number ready will speed up the process.

For help determining your specific registration requirements or to apply, LawConnect can connect you with company secretarial services providers in Brisbane who can guide you through the process.

Question 5

What are a director's legal obligations in Brisbane?

Accepted Answer

A director in Brisbane must act in the best interests of the company and its shareholders while ensuring it operates legally and ethically. Key obligations include acting honestly and carefully, understanding all applicable laws, ensuring the company can pay its debts, maintaining proper financial records, and disclosing any material personal interests in decisions. Directors must make decisions in good faith for proper purposes, put the company's interests first even when conflicting with personal interests, and avoid harming the company. They're also responsible for knowing the company's operations and financial position, and must act promptly if the company faces financial difficulty. Breaching these duties can result in serious penalties. It's advisable to seek professional guidance when needed. If you require specialist assistance with director obligations or company secretarial matters in Brisbane, LawConnect can connect you with relevant firms in your area.

Question 6

When do I need to register for GST?

Accepted Answer

You must register for GST when your business has a GST turnover of $75,000 or more, or if you provide taxi or limousine travel for passengers regardless of your turnover. If you're a non-resident, different rules may apply depending on your business activities. Once you're required to register, you need to have an ABN first, then register for GST within 21 days. Penalties may apply if you fail to register when required. If you need assistance with GST registration or company secretarial matters in Brisbane, LawConnect can connect you with local firms that specialise in these services.

Question 7

What does a company secretary do in Brisbane?

Accepted Answer

A company secretary in Brisbane is responsible for ensuring the company complies with all relevant laws and regulations, including the Corporations Act 2001. They act as the chief administrative officer, managing corporate governance by organising board meetings, preparing documentation, and maintaining proper company records. The secretary also serves as a liaison between the board, management and shareholders, ensuring information flows accurately and efficiently. They must understand the company's operations and financial position, and ensure decisions are properly recorded and implemented. The role carries legal obligations to act in the company's best interests and can incur serious penalties for non-compliance. If you need professional assistance with company secretarial services in Brisbane, there are 4 firms listed on LawConnect that can help.

Question 8

What is a discretionary trust and how does it work?

Accepted Answer

A discretionary trust is a legal arrangement where a trustee holds assets on behalf of beneficiaries, with the key feature being flexibility in how income and capital are distributed each year. Unlike fixed trusts with predetermined distribution percentages, discretionary trusts allow the trustee to decide annually how to allocate profits among beneficiaries based on their circumstances.

For example, if your business has a particularly profitable year, the trustee can distribute more income to beneficiaries in lower tax brackets to minimise overall tax liability. In leaner years, distributions can be adjusted accordingly. This flexibility makes discretionary trusts popular for small to medium business owners seeking tax efficiency and adaptability in managing business income and wealth across family members.

The trustee can be an individual or a corporate entity, and the trust itself is not a separate legal entity but rather a relationship governed by a trust deed that sets out the rules for operation and distribution.

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