Key Takeaways
- Meeting post-registration duties protects your company’s compliance
- Every company must obtain an ABN, TFN, and business bank account
- Keeping accurate records is part of ongoing obligations
- Director ID requirements apply to all directors
- Insurance, payroll, and industry licences may also be required
The Importance of Post-Registration Planning
Many new founders celebrate the moment their company receives an ACN. While registration is a significant step, the practical process of setting up operations begins immediately after. Australia has specific requirements around taxation, reporting, and identification. Missing any of these can affect your ability to trade or cause unnecessary delays. Careful planning helps maintain compliance, prevents administrative issues, and ensures your company is ready to operate without interruptions.
- Meet early tax and reporting requirements
- Prepare documents needed for banking and payments
- Confirm director identification obligations
- Set up internal governance and record-keeping systems
- Review industry-specific licences or approvals
1. Apply for an ABN and Tax Registrations
Once your company receives an ACN, the next step is securing an Australian Business Number (ABN). An ACN alone is not enough to operate commercially, you’ll need an ABN to invoice clients, register for tax obligations, and interact with government agencies. Don’t forget to register for:
- ABN – Essential for trading, invoicing, and identifying your company with the ATO.
- GST (if turnover will exceed $75k) – Register early if you expect to hit the threshold.
- PAYG Withholding – Required if you plan to hire employees or pay yourself wages as a director.
- Fringe Benefits Tax (FBT) – Relevant if the company provides non-cash benefits, such as a car or entertainment.
Failing to register correctly can cause delays in payments, issues with GST claims, and unnecessary tax headaches.
2. Set Up a Dedicated Company Bank Account
A surprising number of new directors forget that a company is its own legal entity. That means personal and business finances must be kept separate from day one.
Most banks will ask for the following:
- ACN Registration
- Certificate of Registration
- ABN
- The company’s Constitution or Shareholders Agreement (if applicable)
- Personal ID for all directors and key shareholders
A dedicated bank account is not optional, it’s crucial for:
- Maintaining compliance with ASIC and the ATO
- Reducing audit risk
- Keeping clean financial records
- Protecting personal liability
Blurring personal and company funds is one of the quickest ways to attract both legal trouble and tax scrutiny.
3. Create a Company Constitution (if you haven’t already)
While many companies register using replaceable ASIC rules, having your own tailored Constitution is usually the smarter choice. A well-drafted Constitution:
- Sets clear rules for decision-making
- Defines director powers
- Outlines processes for issuing shares
- Helps avoid disputes between shareholders
- Is usually required by banks and investors
Skipping this step can lead to governance issues when your company begins to grow.
4. Set Up a Shareholders Agreement
If there’s more than one shareholder, a Shareholders Agreement is essential. This document isn’t required by law but is a lifesaver when things don’t go to plan. It covers matters such as:
- How new shares are issued
- What happens if a shareholder wants to leave
- Voting rights
- Dividend distribution policies
- Dispute resolution processes
Without a shareholders agreement, even the closest business partnerships can end in costly legal battles.
5. Appoint an Accountant and Establish Accounting Systems
Many businesses delay getting professional accounting advice until tax time, but this is a common and costly mistake. A qualified accountant will help you:
- Set up Xero, MYOB, or QuickBooks
- Choose the right chart of accounts
- Register for and lodge BAS
- Understand director loan rules
- Manage goods and services tax (GST), PAYG, and payroll
- Avoid compliance breaches
Having proper accounting systems in place early prevents messy bookkeeping, cash-flow issues, and stress during tax season.
6. Understand Your Director’s Duties
As a company director in Australia, you carry significant legal responsibilities. ASIC expects directors to act honestly, make informed decisions, and ensure the company meets its obligations. Key director duties include:
- Keeping accurate financial records
- Preventing insolvent trading
- Lodging annual statements
- Notifying ASIC of changes to addresses, share structures, or directorships
- Acting in the best interests of the company
Ignorance is not a defence, failing to meet these obligations can result in personal liability or fines.
7. Maintain a Register of Members and Share Certificates
ASIC requires companies to maintain accurate records of:
- Shareholders
- Share allotments
- Share transfers
- Share certificates
Many new companies neglect this step because they assume ASIC keeps these records. They don’t. The responsibility lies with the company itself.
8. Take Out Essential Business Insurance
Once your company begins trading, insurance becomes critical. Policies to consider include:
- Public Liability Insurance
- Professional Indemnity Insurance
- Workers Compensation (mandatory if hiring staff)
- Cyber Liability Insurance
- Management Liability Insurance (covers directors)
Going without insurance can expose the company and directors to severe financial risk.
9. Set Up Payroll and Superannuation
If your company will pay employees or directors wages (not dividends), you must:
- Register for Single Touch Payroll (STP)
- Nominate a default super fund
- Set up payroll software
- Ensure timely super contributions
Forgetting STP obligations can lead to fines and ATO compliance action.
10. Plan for Ongoing ASIC Compliance
Your company must lodge an Annual Review Statement with ASIC, confirm company details, and pay the annual fee. You must also notify ASIC within 28 days of:
- Changes to directors
- Changes to addresses
- Share transfers
- Updates to shareholder details
Missing deadlines leads to automatic late fees.
Conclusion
Receiving an ACN is a major achievement, yet real preparation begins with your post-registration steps. Completing these actions early helps your company operate lawfully, maintain accurate records, and establish a professional foundation. If you need guidance with any step, from ABN and TFN applications to ASIC compliance or a corporate bank account opening service, Company Set Up Australia is ready to assist. Contact us today and build your company on the right footing.