Entity Registration

Cube Accounting will form an entity per your instructions upon receipt of the entity order forms and set-up fees.

The company must have at least one director who must be ordinary residents of Australia.

Once the company is incorporated, and the trust established, the trust will need to apply for a Tax File Number (TFN), an Australian Business Number (ABN), and register as an employer (if applicable) with the Australian Taxation Office (ATO).

Once the company and trust are established, a bank account can be opened. The bank will require a copy of the company’s constitution and certificate of incorporation. Bank account forms need to be signed by all signatories of the proposed account.

 

Ongoing Administration

If the company/trust employs staff, it will need to register with the ATO as an employer and deduct and remit appropriate PAYG withholding from salary payments. We can manage this process for you (we perform similar services for a number of companies).

The company will need to submit annual income tax returns to the ATO.

If the company/trust turnover is over $75,000 p.a. the company will also have to register for Goods & Services Tax (GST), and have to complete quarterly or monthly (depending on the size of the company) Business Activity Statements (BAS). Once the company/trust has lodged its first income tax return, it may also be required to pay an installment for income tax on their BAS. This process is included in the accounting package which you would have signed up for.

If your company is required to register for GST, there are certain requirements in regards to the form of invoices must take (which can be discussed at a later date if required).

 

Bank Account Details

Once the Entity is created, please proceed to open a bank account for the business. Once the bank account is created, you must instruct us at your earliest convenience. This will facilitate GST refunds.

 

Details required

• Fill in the Company Order Form (next page)
• Fill in Tax Registration Form (next page)
• Fill in Discretionary Trust Order Form (next page)

 

We will require payment before commencing the formation of the entities. Thank you for choosing Cube Accounting.