Kickstart your new business
You’ve got big plans for your small business. Whether you’re going it alone as a sole trader or taking on a handful of staff, the Business Hub helps you do it right from the start.
Top tips for starting a small business
Learn how to lay solid foundations for a successful new business.
Personal vs. Business Bank Accounts
Are your business accounts a mess come tax time? Find out why you should keep your personal and business bank accounts separate.
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There are a lot of financial phrases for small business owners – here’s a list of terms you might come across when running your business.
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Got a good business idea and you’re ready to run with it? Here’s some tips and tricks for how to kickstart your startup business.
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FAQs
Common questions from new small business owners
What do you need to start a business?
There are many things to consider when starting a business. A good place to start is a business plan and structure. You might need to register for licences and permits. Of course, choosing a name is the fun part. A vital part of starting a new business is opening separate business bank accounts so you can manage your money more easily.
What's the difference between a sole trader and a company?
A sole trader is a simple business structure with typically less paperwork and set-up costs. A sole trader is legally responsible for all aspects of their business including debts and losses. A company is a more complex structure with higher costs and ongoing requirements, but it forms its own separate legal entity.
Do sole traders need a business bank account?
Yes. If you're a sole trader, it's a good idea to open your own business bank account. Keeping your business transactions separate from your personal bank accounts makes your business banking easier to manage.
Do you need an ABN to open a business bank account?
Yes. You’ll need an Australian Business Number (ABN) to open a business bank account. You’ll also need to be a registered sole trader or company and provide one form of ID to open a Business+ Account or Business+ Saver. Check full eligibility requirements.
Should you have a separate bank account for small business?
It's a good idea to keep your personal and business bank accounts separate to make it easier to manage and track your business income and expenses.
Can I get a business loan to start a new business?
No. Your business needs to run for a minimum of one year before you can apply for a loan. Opening a Business+ Account and Business+ Saver is a good way to show trading history when it's time to apply for a loan.
Your beginner’s guide to Business+
Business+ is business banking built with new sole traders and small business owners in mind. Here are some easy-to-follow guides so you can unlock its potential.
Business+
Better business banking with Business+
Whether you’re striving for global domination, or you’re blissfully content as a sole trader, Business+ makes small business banking for your start-up easy.
Available online and in the Business+ app, it’s 100% digital so you never need to wait in queues or listen to hold music. And because it’s digital, there’s no paperwork. Ever. Just fast, convenient and secure business banking.
Important information
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317. Conditions, fees and charges apply. Information on Business+ accounts is general information and does not consider your objectives, financial situation or needs. You should consult the Product Disclosure Documents before making a decision to apply for products.
This product is only available for business purposes. Terms, conditions, fees and charges may be applicable.
1 For a full list of fees, please refer to the Schedule of Fees.
>> Rates current as at 01 July 2024 and are subject to change.
Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.
2 Lending criteria, limits, conditions and fees apply. Applications are subject to credit approval.
Great Southern Bank Business+
Business+ BSB: 834 472
Eligibility requirements
- You must be aged 18 or over
- You must be an Australian resident
- You must be sole trader or company owned by real people
- ABN for your organisation
- An email and a mobile number
- One form of ID such as your driver's licence, passport, or Medicare card