When establishing or running an accounting business in Australia, it’s important to ensure you’ve met all the legal requirements. Our legal team specialises in helping small accounting and bookkeeping businesses with all their legal needs, from contracts to intellectual property protection and privacy. Get in touch today!
To set up an accounting business in Australia, you will need to prepare and register a variety of legal documents. Key requirements include:
- Registering your business name with the Australian Securities and Investments Commission (ASIC).
- Obtaining an Australian Business Number (ABN) and registering for Goods and Services Tax (GST) if required.
- Registering with the Tax Practitioners Board (TPB) as a tax agent, BAS agent, or tax (financial) adviser.
- Preparing a legally binding partnership agreement, shareholders agreement, or company constitution, depending on your chosen business structure.
- Ensuring compliance with relevant state or territory laws and local council regulations.
While it is not a requirement, becoming a Certified Practising Accountant (CPA) displays a high level of professional competence to customers. It's a useful way of showing the extent of your knowledge and can greatly benefit your business' reputation.
To obtain this qualification, you need to complete an award or degree that is recognised by CPA Australia, along with other requirements (such as CPD activities).
Setting up an accounting business carries several risks, from data privacy to your employer obligations and regulatory compliance requirements.
As such, it's important that you consult an expert lawyer who can guide you through your options and draft your contracts in a way that protects your business' interests in the long term.
The accounting industry requires key legal documents that are specific to your business and the state/territory in which you operate, so getting expert legal help can ensure you're taking all the right steps.
If you're running an accounting business, it's important that you understand the laws that apply to you and any required licences.
You will need to obtain an Australian Financial Services Licence (AFSL) if you intend to provide services to SMSF businesses.
At Sprintlaw, our expert lawyers provide AFSL advice, tailored to your business. Get in touch with our team to learn more.