The first rule of band club is that band club is secretly business club. If a band aims to make a profit from their creative works or to be taken seriously by industry professionals, they must first take themselves seriously. Therefore, it’s crucial that you ensure your band is recognised as a separate legal entity by completing a variety of registrations. Ultimately, establishing your band as a business is vital if you wish to make your music your life’s work.
Register For An ABN
First up, you’ll need to get an ABN or Australian Business Number. While applying is a very simple task, it’s essential that you complete the process in order to profit legally from the band’s activities. After heading to the Australian Business Register, head to the ‘Applying for an ABN’ tab to get started. When asked what business structure you’d like to apply under, there are a few options to choose from. As a solo artist you should select Sole Trader, whereas for a start up band, it is then recommended you select Partnership – other partnership. After following the easy prompts, you’re application will be approved and you will be officially on your way.
While you won’t be required to register for GST until your annual turn over exceeds $75,000, you will need an Auskey. Basically, an Auskey is a secure login that enables you to access government online services on behalf of your business or band.
Register For A TFN
While registering for an ABN, you will notice there is also an option to apply for a TFN, more commonly referred to as a Tax File Number. As a sole trader, you won’t need to apply for a separate TFN; however, a new TFN is necessary for a newly formed partnership. By using each band members existing TFN, the process will go a lot faster and you’ll be on your way to getting taxed in no time – joy.
Registering A Business Name
After securing your ABN, you will need to register for a business name through ASIC or Australian Securities & Investment Commission. A relatively cheap process, a business name will set you back $34 for one year or $79 for three.
You will first need to ensure that your band name it is not already in operation – you can check this by using the ASIC’s search tool, as well as TM Check and ATMOSS at IP Australia. While registering your business name does not grant you ownership of the name, it does enable companies and consumers to identify you and also deters other businesses and bands to operate under the same name.
Register For A Domain Name
As well as registering your band as a legal entity and locking down a killer band/business name, it is recommended you secure a domain name sooner rather than later. While there is a fee associated with attaining a domain name, it gives you exclusive access to both a personalised web address and several associated email addresses. There are a number of choices when it comes to your domain, however, the more notable ones include ‘.com’,. ‘com.au’, ‘.net’ or ‘.org’. Reputable domain registrars range from AUDA and Domain Registration Australia to Crazy Domains and my personal favourite, Go Daddy.
Set Up A Business Bank Account
Fairly straightforward guys, after registering for an ABN, TFN, Business Name and Domain Name, you are now officially a business – you will need a business bank account.
Buy Business Cards
All real businessmen and women carry business cards – you can get yours for a more than affordable price at VistaPrint. With a huge range of designs, colours and layouts, you’ll be looking professional in no time.