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Why use a company structure?

A company can cost a little more to set up than a sole trader or partnership structure. However, the benefits gained long term more than compensate for the inital investment.

You gain by having personal protection against your personal assets, you can save income tax and the business can be easily transferred and still appear to operate the same without you.

A company has directors, who are the managers or controllers. They also have shareholders who are the owners of the business. Directors are individual people, whilst shareholders can be non-individuals. For small businesses, they are usually the same or a related party.

Before creating the company up you will need to check with ASIC to confirm the company name is available. The company will have it's own TFN and ABN, register for GST and for PAYG withholding to pay wages (as you will be an employee in the business).

You'll open a new company bank account. When you take money out of the company bank account for personal expenditure, there will be tax consequences.

It;s best to have a plan!

There are many more features to having a company, feel free to reach out if you have questions

 



Starting a business with a friend..

Starting a business with a friend..

Are you sick of working for the boss and think you and a friend can do it better?




Living the dream (or nightmare)?

You have finally taken the leap and you are going to be self-employed. The most basic business structure you can trade as is a Sole Trader. Being a Sole Trader, you are the business. All you really need to get started is:
 

To apply for an ABN
Registering for GST is only compulsory if your income (not profit) is above $75k annually
If you would like to have a Business Name, you will need to register this business name with the ASIC.

One of the biggest challenges for new Sole Trader is putting money aside to pay their tax. As a rule of thumb, I advise most clients to put aside 30% of what they earn for tax, i.e. savings. You can use these extra savings for super contributions, as you no longer have an employer paying these for you.

Sole Traders no longer are covered by workers compensation insurance, I would recommend getting some sort of sickness and accident insurance which is similar.

These are some challenges before you start dealing with customers...

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