Business tax returns for:

  • Companies
  • Trusts
  • Partnerships
  • Deceased estates

Tax planning:

Structuring a business

Having the correct business structure is probably the most important aspect of any small business. When a small business starts up, there are a whole range of issues that need to be dealt with before you commence trading, but often discussions around the correct business structure are put off until a time when you are not so busy (which rarely happens) or until it is too late, for example when the business is being sold or you are planning to retire. If you’re unsure about whether your business has the correct structure, let’s talk about it before it is too late. Some points to consider are:

  • The setup cost (and more importantly the ongoing costs) of the structure
  • The legal liability of various entities and the financial risks for the business (and for you personally)
  • Risk mitigation, there are a number of ways to reduce the financial risks of running a small business – let’s talk about it
  • Tax planning, in particular how the various entities are taxed
  • GST, will you be required to register for GST and lodge a regular BAS

A small business will usually operate as one of the following:

  • Sole trader
  • Partnership
  • Pty Ltd company
  • Family (discretionary) trust

As mentioned above, Risk mitigation is vitally important and having the correct structure from the outset will help to protect the assets you’ve worked so hard to accumulate.