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Deciding on the right structure, whether a trust, a company, or a sole trader, is one of the most important decisions you will make when starting a business. While it is possible to restructure at a later stage, you will get the best result, and lowest set-up cost if you invest in the right advice before starting your business.
Most of our clients are in business, have self-managed superannuation funds, or are investors. We are likely not the right choice if you’re after a quick tax-type service. We are a great choice if you’re in business, an investor, an executive or have some level of complexity.
If you are in business (or renting out commercial properties) and your annual revenue exceeds $75,000, you must register for GST. The threshold is not based on a financial year. It is your turnover for the last 12 months. Be careful, if you go over the threshold and fail to register for GST, you can be liable for GST on income despite the fact that you have not charged your customer GST.
You have the option of registering if your annual revenue is below the threshold. Depending on your industry, registering when you are under the $75,000 threshold may be tax-effective.
- If you are starting a business, the number one way you will reduce your tax is by investing in the right structure at the beginning.
- Legally splitting your income within your family group by investing in the right structure.
- Invest. The 50% discount on capital gains means that the tax on gains is less than the tax you pay on earned income.
- Negative gear. The government helps fund your investment assets by refunding tax paid on negative gearing.
- Contribute to superannuation. Many people seem to have a negative view of super. One thing we know for sure is that our successful clients are maximising their superannuation contributions.
- This one is boring but essential. Keep good records and get it right.
Let’s chat.
About how we can help to achieve your goals.
control.
money.
time.
certainty.
love.
surf.
golf.
play.
coffee.
wine.
beer.
footy.
chill.
happy.
fun.
travel.
smiles.
peace.
bliss.
calm.
you.
life.
joy.
laughs.
SELF MANAGED SUPER
Manage your own fund.
