Helping you find your way
Starting your own business can be scary. There are so many things to think of. Let us help you find your way through the tax and accounting part so that you can focus on what you do best.
Business set up considerations:
- Viability analysis
- Structure
- Employees and payroll
- Accounting system
- Tax and superannuation reporting
- Banking
- Cash flow needs
- Managing debtors and creditors
- Business name registration Insurance
What business structure should I choose?
The best option for you will depend upon your situation as well as the type of business you operate.
- Companies and Trusts are separate legal entities from their owners. This can sometimes be important, particularly in the mining industry.
- A Sole Trader reports their business income in their usual personal income tax return. This is usually the starting point for most small businesses and side hustles.
- A Partnership between 2 or more individuals who share the business income or loss between them, usually in equal proportions.
Easy in, easy out
Our mantra when it comes to choice and maintenance of your business structure is “easy in, easy out”.
Sole Traders and Partnerships are at the easy end of the scale on both sides, in and out, when compared to Companies and Trusts. This does not mean Companies and Trusts are difficult. It does mean that there are more steps involved and will take more time and money.
Your choice will reflect the requirements of the business, its clients, and the owner/operators.
Ongoing maintenance of your structure and accounting to ensure that “easy out” will be possible in the future is very important, particularly for Companies and Trusts. Our advice and support along the way will have this in mind. It can mean more income tax in the short term, but should you be faced with a situation you need to shut down quickly or want to convert to a different business structure, it will mean less tax and less time.