Business & Investment Structuring...
If you have the idea, we can help you get it started. While arguably all you need is a product to sell to be in business, one thing every business must do is get the setup right.
It starts with choosing a structure that is right for you.
Companies are great for asset protection, but can lack flexibility in splitting income and lose out completely on the 50% capital gain discount.
Trusts can be a great all-round structure providing some asset protection, having flexibility, and generally having access to the 50% discount - but there are so many different types: discretionary, unit, hybrid, capital protected, disability and the list goes on. How do you choose the right one?
Partnerships lack asset protection, but allow income splitting and are hard to beat for simplicity.
And then there's the ability to trade as a sole trader.
Knowing which one suits not only your circumstances today, but will continue to meet your requirements in the future is tough. Getting it wrong can cost thousands and thousands of extra tax. Businesses spend a large amount of time cutting costs, finding efficiencies, but the easiest cut (and often the largest) is often found by getting the structure right from day 1.
Our expertise lies in finding the structure that works for you and ensuring that you understand it so you can take advantage of it.
To start your discussion, simply contact us.
Once you have your structure, you need to organise a number of other things like:
- Tax File Number (TFN);
- Australian Business Number (ABN);
- Goods and Services Tax (GST) registration;
- Pay As You Go Withholding (PAYG W) registration;
- Business Name should you use a trading name that is different to your legal name (i.e. if John Citizen's walking stick business trades as "Citizen's Canes", that name needs to be registered);
- Bank accounts;
- Superannuation Clearing House registration - from July 2016 all payments of superannuation must be made via a clearing house and reported digitally;
- Invoicing software (or a book);
- Employment contracts;
- Professional insurances;
- Web domain name;
- Business email;
- And the list goes on.
In addition, you need to consider your tax and accounting requirements. In order to monitor you businesses performance, you need a bookkeeping system. A good system will encompass your payroll, invoicing, superannuation clearing house, and financial accounts - and thankfully there are many to choose from.
In this digital age, accounting software can be entirely cloud (internet) based - so you can access your data from any computer (or tablet / phone) from anywhere in the world. You can be sitting on a beach in Bali toasting your success while sending invoices to customers.
We have created a brochure about cloud accounting software that is available to download here.
Simply contact us to talk to an experienced advisor about getting your business set up the right way.