At Advanced Income Tax, we can look after your business for all its accounting and taxation affairs.  We can also help free your time so you can focus on running or expanding your business effectively.Together we can work on building and further developing your business to ensure that you remain stable, successful and profitable.  Our business services include:

• Business structure
• Company Formation
• Trust Formation
• Business Planning
• Preparing Business Plans
• Company secretarial and other ASIC requirements
• Advising on the choice, installation and training accounting softwares including MYOB, Quicken and HandiBiz
• Business management
• Industry benchmarking

 

Business Structures

When you are starting up a business, you need to be sure that you establish the correct structure from day one.
Having the correct structure will assist you in your wealth creation by minimising tax and providing asset protection. Planning for the future is vital.

Taking into account your personal circumstances, Advanced Income Tax professionals can discuss with you the advantages and disadvantages of alternative business structures such as:

Click each Business Structure for more information.

Sole Trader

Sole trader is an individual that owns and operates the business and not a separate entity, the individual will deal with the business in their own individual tax return.

Partnership

For tax purposes, a partnership is an association of persons or entities that carry on business as partners or receive income jointly.  Each partner is entitling to a share of the partnership ‘net income’ in their own tax return. The partnership must lodge a partnership tax return.

Private Company

A private company is different from the sole trader and partnership structures because it is a legal entity and separate from its shareholders.  It is required to lodge its own company tax return and pay tax on its profits at the corporate tax rate.

Trust

A Trust is not a separate legal entity but is instead a relationship, where the trustee is under an obligation to hold property for the benefit of the beneficiaries.  The Trustee is the legal owner any trust property and the registered owner on a land title. The beneficiaries hold the beneficial interest in the trust property.  Some of the different types of trusts are discretionary trust, fixed unit trust, family trust, hybrid trust, bare trust, charitable trust, etc.

Self Managed Super Fund (SMSF)

An SMSF is a fund with fewer than five members where the members are generally involved in the management and decision making of the superannuation fund.  To establish an SMSF, a trust deed must be prepared for the fund, which will basically set out the rules of the fund.  The fund must satisfy certain restrictions and requirements that vary according to the number of fund members.  One of the key requirements is that all members must generally either be trustees of the fund where there is no corporate trustee.

We can assist with setting up these structures for you in a timely and cost effective way. Part of this service can include registering your business name, your ABN, tax file numbers, GST Registrations and so on.

 

Company Secretary Services
Under the Corporations Act, Companies are required to meet certain administration obligations.  These may take up a lot of time away from your everyday core business activities.  The possible threat of penalties for not complying with your company administration obligations and failing to keep up with the changing rules is far too great a risk to take.  At Advanced Income Tax, we can take this burden away from you by looking after all your company administration tasks.

Our services include:

• General advice on company law
• Company formations
• Filing of annual returns on your behalf
• Preparation of all documentation related to minutes and resolutions
• Assistance in changes of directors, shareholders, addresses, and office details
• Shares transfers
• Registered Office Facility

Please contact us for further information on how we can help you to get back to the task of running your business.
 

Industry Benchmarking

Always wanted to know how you stack up against the competition?

We have benchmarks for all types of businesses so you can compare your results with industry averages.  Benchmarking and Business Management Advice are great ways to ensure your business is operating as efficiently as it can and reduce audit risk by ATO.

We regularly benchmark our clients as a part of our interim and annual review service.

Benchmarking is also used as part of our business valuation service.