Exercise 1

Part A

identify the registrations,taxation requirements and licenses needed to set up a business in the act including legislation you need to comply with. Including legislation you need to comply with.

• ABN or apply for a ABN
• Tax file number

Identify the requirements for the registration the business structure you have chosen.

• Register your business name to trade in the ACT
• You need to have a current ABN
• If operating as an Australia company you need to be registered with the Australian Securities and Investment Commission (ASIC)

Part B

Total number of photography business in Canberra

• 167

Identify the number of photography business in my area

•  40

identify  the size of the photography industry in dollars

• $380 000 000