In short, yes, you can set up your own company…BUT doing a Google search and asking around in a few Facebook groups is not going to equip you with everything you need to know to set your company up right. Having started a business from scratch myself I appreciate that every dollar spent is precious and that you do what you can yourself to save money. DIY’ing your company set up is not something that I would recommend. Not knowing what you don’t know can be very costly and here is why.

As part of the Government’s Covid-19 economy stimulus package, the Government increased the instant asset write-off thresholds for depreciating assets to $150,000 for some businesses, and from 6 October 2020 until 30 June 2022, certain businesses are also entitled to the temporary full expensing of depreciating assets. This has encouraged more businesses to make an investment in cars and other motor vehicles.

I don’t think I have ever met anyone who loves getting things ready for tax time. Even I don’t like getting my own things in order! I find getting a system in place and staying organised is the best way to tackle tax time. It also has the added bonus of being able to use the data you have to gather for tax to more effectively make decisions in your business, so it is a win win. Here are my tips for getting up to date and staying up to date: