If you’re looking at starting your own business, it’s important to seek some professional accounting advice to ensure that your business entity and tax responsibilities are set up correctly. Whether you are planning to run a small one-person operation or a larger organisation, your business foundations can affect how you manage your tax, accounting and reporting duties.
Our expert Business Tax Accountants can assist you with:
- Initial Documentation
- ABN and TFN Registration
- Registering for GST
- Business Structuring
- Business Planning
- Tax Compliance and Advice
There are four main business structure types: sole trader, company, partnership and trust. When choosing a structure, it is important to select the type that best suits your business and understand the advantages and disadvantages for each.
The business structure can determine:
- Licenses required
- How much tax you pay
- Whether you’re considered an employee, or the owner of the business
- Your potential personal liability
- How much control you have over the business
- Ongoing costs and reporting obligations
You can change the structure type as your business grows, to better accommodate changes and expansions.