Help:
Advice for businesses
Thinking of starting your own online trading business?
Online businesses can offer huge benefits and greater flexibility, allowing you to work when you want and how you want, often with minimal outlay.
If you run or are considering starting your own online trading business, we encourage you to get the right information about managing your business and protecting yourself and those you deal with against loss, damage and theft.
Here are some tips to help get you started…
Some things to consider on the business side
Associations, licences and regulation requirements
Are there any licences or regulations that may affect your business? Are there specific organisations you need to register your business with?
Your local council is a valuable resource and will be able to offer you information on any licences or regulations you need to be aware of, and may also be able to provide you links to relevant associations and networks. Visit your local council’s website <http://www.alga.asn.au/links/obc.php>, or give them a call to find out more.
Tax
What tax obligations do you need to meet? Do you need an Australian Business Number (ABN), to register for Goods and Services Tax (GST), or to lodge Business Activity Statements (BAS)? Can you claim tax deductions?
A taxation specialist will be able to talk you through any tax obligations that may apply to you and what you need to do.
Records and receipts
What records do you need to keep? Do you need provide your customers with receipts and what details should you include on them? What accounting software might you need?
These are questions a taxation specialist may be able to help you find answers for. Your council may also be able to provide you with information on training.
Superannuation
Do you need to pay super? Are you eligible for a tax deduction for contributions made into super?
The Australian Taxation Office (ATO) will be able to outline your superannuation obligations and what options are available. Go to www.ato.gov.au/super/ for details.
Insurance
Are your property and assets adequately covered? Do you need professional indemnity insurance? What about income protection cover?
You might like to speak to a professional insurance broker or advisor for help on working out what
insurance you need and how to approach it.
Where can I find out more?
- http://www.business.gov.au for information on planning, starting and running your business. In particular, check out the business How-to guides, and the Business Topics section for details on starting an E-business and running a home-based business.
- www.ato.gov.au/businesses for details on the administration aspects of starting and running a business, record-keeping and important tax dates
- www.ato.gov.au/super/ for information on superannuation for businesses, including being self-employed
- www.alga.asn.au/links/obc.php for links to local councils throughout Australia.
Some things to consider on protecting your business information
Protecting your privacy and the privacy of your customers
- Only provide minimal personal information necessary for completing your online activity or task.
- Avoid using shared and public computers (eg those in libraries or Internet cafes) to conduct your business, or to access your personal information.
- Don’t use software that auto-completes online forms for you.
- Destroy any bills, records or expired cards that you are not required to keep. Don’t just throw them out! An identity thief is not bothered by rummaging through a bin to find someone’s personal information.
- Keep your paper and electronic records in order and securely filed away. You may also like to consider keeping your records or copies of them off-site for added security.
- Carefully consider the payment options you will offer to your customers. PayPal and Paymate allow you and your customers to transact online without exchanging your account details directly. And if you are going to allow direct transfer, should you consider opening an account that is dedicated for this purpose?
Protecting your computer
- Install security patches and updates to your operating system and Internet browser.
- Install antivirus software. Remember to run it frequently and update it on a regular basis. You might like to consider choosing software that supports automatic virus definition updates, and scheduled or real-time scanning.
- Install anti-spyware software to help protect against malicious software that will allow others to steal your personal information.
- Install a firewall to help keep out hackers
- Choose ‘good’ passwords and change them regularly. Avoid using the same password for every service you use. And never store passwords or login details on your computer or include them in an email.
Where can I find out more?
- www.staysmartonline.gov.au for tips on securing your computer
- www.bankers.asn.au for information on secure online transactions
- www.scamwatch.com.au for information on common scams, spotting scams and what action to take if you are targeted.
