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Having established what you need to do first as a director of a newly registered company, let’s look at what comes next after completing these initial steps in 2025.
After setting up a new company, we recommend that you register your ABN, complete your tax registrations and open a dedicated company bank account – each an essential step to keep your operations compliant and streamlined.
Quick Recap
To get started, let’s briefly review the first steps you should have already taken as a new company director. As mentioned previously, if you have just become a new company director, you will need to:
- Understand your obligations and duties as a director.
- Start and maintain a company register, including collecting all your relevant company documents and records. For more details, you might check our company set up guide.
- Keep a record of your company decision making by documenting written minutes.
- Start and maintain a share register.
- Keep all your consents and director resolutions up to date.
With these immediate actions squared away, you can now proceed with the following important steps to finalise your company’s registration and tax obligations.
1. Register Your ABN
Once you have received your Certificate of Registration, it’s time to register for an Australian Business Number (ABN) for your company. The ABN is crucial for accessing various government services and for completing other tax registrations; ensure that you secure your ABN early, as outlined in our guide to registering a business in Australia.
An ABN is generally required for all businesses operating in Australia – don’t mix it up with your Australian Company Number (ACN), which is automatically issued upon incorporation. Remember, your ABN will be key to future registrations and interactions with government agencies.
You can apply for your ABN online at the ABR website. If you missed the opportunity to do so during company registration, don’t sweat it – you can easily apply for an ABN online at no cost.
Also, be sure to store a copy of your ABN, along with any other registration details, in your company register for future reference.
2. Register Your TFN
With your ABN sorted, the next step is to register a Tax File Number (TFN) for your company. Since your company is now a separate legal entity, it requires its own TFN for lodging annual tax returns and for regular Business Activity Statement (BAS) submissions. This step ensures that your company meets its taxation obligations in 2025.
You may have the option to apply for a TFN at the same time as your ABN, but if not, consult with your accountant or tax agent to get this sorted efficiently.
3. Register For PAYG
If you have employees – including directors drawing a salary – you are required to register for Pay As You Go (PAYG) withholding. This system ensures that the correct amount of tax is deducted from payments made to employees or contractors who are not registered for an ABN. Remember that PAYG withholding is distinct from PAYG instalments, which are periodic payments towards your annual tax bill.
Most companies will handle PAYG registration through their accountant; however, you can also register yourself via the ATO business portal.
4. Register For GST
If you expect your company’s turnover to exceed $75,000 in a financial year, you will need to register for and charge Goods and Services Tax (GST) on your invoices. Even if your revenue is below the threshold initially, you are obliged to register within 21 days of exceeding the limit.
For companies operating on a cash basis, GST is calculated based on actual amounts received, whereas on an accrual basis, GST is levied on total sales generated regardless of payments received. Consult your accountant if you’re uncertain about your current accounting method or the best approach for your business.
You can register for GST either through your accountant or directly on the ATO business portal.
5. Open A Company Bank Account
After meeting your registration and tax obligations, the next step is to open a company bank account. This account should be used exclusively for your company’s transactions to ensure clarity in financial records and simplify your annual reporting.
How To Open A Company Bank Account:
In order to open your company’s bank account, prepare the following:
- Authority to open a bank account. Many of our company setup packages include a template resolution declaring that the company has decided to open a bank account, with all directors’ signatures.
- 100 points of identification. These can be a combination of documents such as your passport, driver’s licence, and Medicare card. If in doubt, check with your bank manager.
- Details of all your company’s directors, secretary and members, along with their appointment dates.
- Your company’s Certificate of Registration.
- Your Company Constitution, if applicable. For further insights, you can read our article on what a company constitution should include.
Once you have these documents prepared, bring them to your bank manager who will assist you with opening your company bank account.
Alternatively, you can use a business management platform such as Thriday – an all-in-one transaction and accounting platform for small businesses – to open a business bank account online in minutes using your IDs and registration details.
6. Ongoing Compliance and Record Keeping
Now that you’ve completed your initial setup, it’s vital to maintain updated records and meet all ongoing compliance requirements. In 2025, businesses face evolving regulations, so stay informed by reviewing resources such as our legal regulations guide. Regularly update your company records, manage director resolutions promptly, and ensure all financial reports are in order. This proactive record keeping can safeguard your business during audits and help you meet your obligations under ASIC guidelines.
Conclusion
If you have taken the steps outlined above, congratulations! You have successfully completed your post company registration setup and are now well positioned to focus on growing your business in 2025.
Remember, compliance is an ongoing process. Keep your records accurate, update your company details with ASIC, and continually review your directors’ duties. For additional guidance on managing these obligations, our new company director duties article and other legal resources can be invaluable.
If you would like help or more detailed information about any of the above steps, feel free to contact us at Sprintlaw for qualified, fixed-fee legal assistance. You can reach our team on 1800 730 617 or via email at team@sprintlaw.com.au. We’re here to support you as you build a compliant and successful business in 2025.
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