Build Your Business on the Right Structure
Do you need help structuring your business for long-term success? We create and provide you with a plan to establish a solid foundation for minimising tax, protecting assets, and facilitating growth.
We have found that over 60% of businesses have been paying more to the ATO than they should be. More often than not, this is due to not starting the business with the right foundations. These include:
- Setting up the right business structure.
- Understanding your entities;
- Understanding how to set up correct bookkeeping and record-keeping processes.
- Having an ongoing relationship with their accountant to plan.
If you have an existing business, we can provide you with a second opinion about your prior year tax returns. Small businesses have the opportunity to correct any mistakes within the last 2 years.
Expert Business Structure Advice
If you’re serious about starting a business, then you must first take into consideration what type of entity (sole trader, partnership, company or trust) you will be operating in. The right advice is crucial to ensure your business is well-positioned for success.
Unfortunately, many entrepreneurs decide to skip the research and planning around this stage as they often believe that they can either do it themselves or feel it’s too expensive.
9 times out of 10, we find that those who “self-diagnose” often end up with issues with tax, asset protection and growing their business. In the long run, it costs them thousands of dollars more.
Get it right from the start with help from our experienced Accountants and Business Advisors
Frequently asked questions
It depends on your current situation, family structure, financials and goals. Sole trader structures are simple, but companies and trusts offer more tax and asset protection advantages. Its best to get specific advice.
Yes, but it can be complex and might trigger tax consequences. It’s best to choose the right structure from the start.
Proper structuring can help reduce your tax obligations, distribute income more efficiently, and access deductions and concessions.
Trusts provide flexibility in income distribution and can protect personal assets. They’re often used in family businesses.
Sometimes, using multiple entities like a company and a trust can provide benefits. It depends on your growth plans and risk level.
