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“Startups in Adelaide often get caught out by not understanding tax and payroll obligations,” says Clare Donovan, an Adelaide-based accountant and business advisor. “If you set up your systems right from day one, it saves a lot of time, money, and stress later.”
Starting a business in Adelaide takes more than a good idea. You also need a strong financial foundation. Many startups fail in the first few years—not because of the product, but because they didn’t manage their money properly.
Here’s straightforward accounting advice for Adelaide startups to stay financially healthy from day one.
As soon as you start your business, open a dedicated business bank account. Don’t mix personal and business expenses. It makes tax time harder and can cause issues with the ATO.
Use a separate business credit card, too. This keeps records clean and helps track spending easily.
The structure you choose affects your taxes, responsibilities, and legal protection. In South Australia, most small businesses register as:
If you’re unsure, get advice before registering your business with the Australian Business Register (ABR) or ASIC. A poorly chosen structure could lead to higher tax or legal risk down the track.
Manually tracking expenses in a spreadsheet might work for a few weeks, but it won’t scale. Use cloud-based accounting software like:
These tools connect to your bank, generate financial reports, and simplify GST tracking. Most accountants in Adelaide work with at least one of these platforms.
Startups in Adelaide are subject to federal and state tax rules. Here’s what to check:
Many startups forget to set aside money for tax. A good rule: put away at least 25–30% of your income to cover tax liabilities.
Start with a monthly budget. Include:
Cash flow problems are one of the top reasons startups in South Australia shut down. A budget helps you plan and make better decisions—especially in the first 12 months.
Many Adelaide founders don’t pay themselves at all—or they take too much too soon. If your business is structured as a company, your wages should be processed through payroll with tax and super deducted.
If you're a sole trader, you can draw funds, but still track them properly. Talk to an accountant about the best way to pay yourself and stay compliant.
An accountant is more than a tax agent. A good Adelaide accountant helps with:
Many local accountants also help startups apply for Business SA programs or access City of Adelaide business support initiatives.
As you hire or expand, compliance gets more complex. In South Australia, you may need:
Don’t wait until your first hire to get this sorted. Staying compliant helps you avoid fines and keeps things smooth as your business grows.
Strong accounting systems don’t guarantee success—but without them, your odds are much lower. Stay on top of your finances, keep your records clean, and ask for help when you need it.
Ashmans Accounting works with Adelaide startups to help them get their finances right from day one. Whether you're registering a business, setting up accounting software, or managing BAS and payroll, they provide clear, reliable advice without the jargon.
Visit ashmans.com.au to learn more.
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