February 16, 2016
Welcome to the first blog post from the crew here at #oneledger! In our short but rapid rise over the last two years we have helped so many businesses set up, grow and give owners comfort. Making the call to go out on your own is hard enough without all the financial admin that people often don’t think about.
I will go through some of the things that current or future business owners should keep front of mind.
First of all, how are you going to structure your business? Choosing a company, trust, partnership or sole trader or a combination of the above depends on your group’s circumstances. Structuring can help you achieve; tax benefits, access to capital gains discounts, asset protection, introducing or exiting investors just to name a few. Whilst it is important to get this right from the start, it is not the end of the world if you haven’t got an ideal structure – we can find a way to make sure you are getting the most out of your business structure.
Compliance – no one likes it. Especially if you are growing at a rapid rate, compliance can often take a back seat until someone like the ATO comes knocking, which is usually accompanied with some interest and fines. Knowing when you have to register and pay for things like GST, Pay As You Go Withholding, Superannuation, Payroll Tax and Income Tax is incredibly important. For example, if you pay your superannuation late, you may not be able to claim these late payments as a deduction
Whilst you may have budgeted for that initial set up – working capital is.