Small Business Checklist

Before you start

Think about what you want to do, what your skills are and your potential market.

Get legal or accounting advice in need

Choose your business structure, eg, sole trader, partnership, company.

Create a marketing plan/business plan – we can assist you with information if you wish.

Prepare a cashflow projection.

Set up a business bank account and a separate bank account for tax and ACC levies. Inland Revenue

Register for a myIR secure online services account.

If you’re a sole trader, tell us when you start your business so we can send you the correct information

Work out if you need to register for GST.

If you receive Working for Families Tax Credits, contribute to KiwiSaver, pay or receive child support or make payments towards a student loan, tell us that you’re starting a business.

Keeping records ;; Keep a business diary for appointments and important contact details.

Set up a record keeping system and keep all business-related invoices and receipts.

Home office—calculate the area of your home being used for business.

Start a vehicle logbook.

Buy or create an invoice book (or tax invoice book if registering for GST).

If employing staff, buy or create a wage book.

Set up an asset register (may also be called a depreciation schedule).

Using your own assets? Get a written valuation of any private assets being introduced to the business.

Other agencies ;; Accident Compensation Corporation (ACC)—to discuss cover for your first year, your business industry code (BIC) and the rate for your industry. ;; Ministry of Business, Innovation and Employment (MBIE)—to discuss requirements for employment contracts and health and safety. ;; New Zealand Customs Service (Customs)—to register if you’re importing goods.

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