Business Registration
Do you want to start your own business but don’t know where to start?
We can help you from the very beginning so that you can understand different business structures. Once you decide on a business structure, we can help you to register an ABN or ACN number, register GST and also help you to start and organise your accounting books.
With our help, you will find the process smooth, efficient and headache-free.
Individual Tax Payers
Try our copyright-protected individual return template to help you maximize deductions. With our return template, plus our tax advice, some of our clients were able to add more than $10,000 on missing deductions.
So how did we do it?
- We have included different tabs, drop-down lists, and links to updated tax law requirements in our return template. By going through the tabs from beginning to end, plus our tips, you will not miss any deductions.
- Instead of providing us with what expenses you have incurred, we will ask you multiple questions to help you refresh your memory.
- If you have lost the receipts, we will help you explore other tax office-allowed methods to find other types of written evidence to support your claims.
- We will include some quick tax planning advice for you to help you include strategies to save tax for future years.
Sole Traders
Similar to Individual Return Template, our Sole Trader return template has helped some of our clients add tens of thousands of dollars of deductions.
- Small businesses have a lot more deductions than a normal individual taxpayer. Our return template acts as a checklist to refresh your memory and help you avoid missing any deductions.
- Sole traders are classified as small businesses by ATO and have special tax benefits as small businesses. We will help you to check which tax benefits apply to you.
- We also advise our sole trader clients on asset protection and tax planning. When the timing is right, we will help change the business structure to achieve asset protection and tax savings at the same time. Some of our sole trader clients saved up to tens of thousands of dollars on tax in the first year when they changed the business structure.
Property Investors
If you are a property investor, do you know you could miss opportunities to save thousands, or tens of thousands of dollars if you don’t plan well before the purchase?
Click here to read a list of a few key considerations.
Check out our Property Pre-purchase Report to see how we can help you to make an informed decision to choose the best strategy with maximum tax savings.
Companies
Company structure is not only a good structure for asset protection but can also potentially help your business to save tax, compared to a sole trader structure.
- Income splitting between your individual income and company could help you to save tax (subjected to tax office requirements for some industries). We did notice many missed opportunities in this regard when we received new company clients.
- Other missing tax planning opportunities could go across many different topics including but not limited to: employee meal and travel allowances, FBT minor benefits, salary packaging, etc. These areas could be very complicated or time consuming for a tax accountant to explain to their clients, but they could provide major tax savings. From the feedback from our new clients, very few tax accountants provide thorough advice covering all these topics.
- Based on current tax law requirements, company tax paid can be claimed back as a tax offset for shareholders through their dividend payout in future years (Franking Credit). It is a bit like a future “tax savings”. It seems that very few tax accountant are providing this advice to their clients. This could lead to missed tax saving opportunities for business owners, especially when they are close to retirement age.
Family Trusts
Family trust is a great structure for family members to save tax together. Due to the recent 100A guidelines, there are major changes on the way trust profit can be distributed, but it doesn’t change the fact that family trust can still provide flexible tax planning opportunities.
However, on managing family trusts and distributions, there are more considerations than traditional tax planning.
- If you have assets in the family trust, such as an investment property, consider if this will impact on a family member’s Centrelink benefits. For an example, if you include a pensioner in key positions such as Appointor, Trustee, or Trustee Director positions, the government could include the trust asset in the asset test for aged pension evaluation. Depend on the value of the underlying asset, this could remove the pension payments altogether.
- Trust distribution could still be ideal to allocate to people who are receiving Centrelink benefits. A common misconception is that for any family members who are receiving Centrelink payments, family trust should only distribute minimum profits to them so that it doesn’t impact on the amount of the benefits. However, there are circumstances that the tax saving could be more than the government benefits. We will always help our clients with a cost & benefit analysis to help them to compare and decide.
- With any business structure, from a wealth planning and tax planning perspective, it is not a set and done strategy. What if the income level changes for your family members? Or your children grow up more than 18 years old? Do you need a bucket company as a beneficiary? We will help you to review your situation and update your business structure and tax planning strategies from time to time based on changing circumstances.
Book a free call with us
Contact us now and find out how we can help you achieve your financial goals.
