Australia
...tralian Business Number (ABN), Goods and Services Tax (GST), Tax File Number (TFN), and Fringe Benefits Tax (FBT), the company will be required to pay state and territory land tax, payroll tax, and other duties. A company can apply for its ABN and register for GST and TFN online through the Tax Office’s Australian Business Register. The following explains how to manage a company’s tax affairs online: • Australian Business Register (ABR) – the central collection, storage, and verification system for basic business identity information from all entities with an ABN. ABR public is an online database that contains the publicly available information provided by businesses when they register for an ABN. With the tax office’s online services, a business can lodge activity statements and view account details. • Goods and Services Tax (GST) – a broad based tax of 10% on the sale of most goods and services. Registering a business Registering a business name in the state or territory in which you operate is compulsory. New companies must also register with the Australian Securities and Investments Commission (ASIC.) The Retail Industry The retail industry provides a vast number and diversity of goods and services. Retailing plays a vital role in Sydney’s economy employing a large part of the Sydney working population. Retailers must develop marketing strategies based on overall goals and strategic plans. The key tasks in strategic retailing are defining and selecting a target market and develop the “six P’s” (product, promotion, place, price, presentation, and personnel) of the retailing mix to successfully meet the needs of the chosen target market. Although retailing is generally profitable, the industry is not without its difficulties. Besides being in one of the most competitive industries, retailers face several problems, including ineffective management, too many stores, category killers and alternative retailing formats, and a decrease in consumer shopping. However, retailing is the most dynamic component of the distribution channel. New retailers are always entering the market, searching for a new position that will attract customers. Our company’s plan in the retail industry is to enter a market as low-cost, low-price operations by reducing or eliminating...