by David Maynard | Nov 7, 2022 | Starting a Business
Director IDs (DIN) is now mandatory for every company director. A DIN must be registered by the end of November 2022. A Director must apply for a DIN by November 30 2022 or face a penalty of up to $13,000.00. So getting a DIN is very important. Applications can be...
by David Maynard | Nov 17, 2021 | Starting a Business |
When planning to start a business, there are many things to consider: some financial, some conceptual, and others just plain practical. In the 80’s and 90’s we could count on a certain percentage of clients working as employees, transitioning to some form...
by David Maynard | Nov 10, 2021 | Starting a Business |
Today I want to share a brief story of a young couple operating a business. It is a real story about real clients that highlight planning principles in small businesses. Case Study Some years ago, a young couple operating a business asked me to look after their tax...
by David Maynard | Nov 3, 2021 | Starting a Business |
The new DIN regime starts on 1 November 2021. What is a DIN? A director ID is a unique identifier, like an individual’s tax file number. The purpose is to verify a director’s identity, preventing false or fraudulent director identities. When? If you are an eligible...
by David Maynard | Jul 1, 2021 | ATO, Australian Business Number, Australian Business Register, Australian Securities Investment Commission, Business Structures, Corporate, Starting a Business, Tax Savings |
From 1 July 2021, the new company tax rate in Australia is 25%. If you intend to start a business, a company may be the best business structure to start with. For some business start-ups, liability protection is important. However, the new company tax rate of 25% is a...
by David Maynard | May 20, 2021 | Starting a Business, Women in Business |
Each year, the Australian Small Business and Family Enterprise Ombudsman (ASBFE ) release a statistical report that helps “…create a picture of small business in Australia and its contribution to our economy.” The ASBFE says “Small business and...
by David Maynard | Apr 12, 2021 | ASIC, Director Identification Number |
New legislation (Pt 9.1A of the Corporations Act 2001) has commenced, requiring new and existing directors to obtain a Director Identification Number (DIN). A DIN is a unique number for each director, similar to a Tax File Number(TFN). The purpose of a DIN is to track...
by David Maynard | Apr 9, 2021 | Starting a Business |
To start a business in Australia, you need two things: a phone and a web page. They are the bare minimum. Whilst that will get you started, several other considerations can impact the business setup process… Other considerations can include: Should you have a...
by David Maynard | Apr 7, 2021 | Starting a Business |
Companies Direct has developed a kit for starting a business that has helped thousands of people. It covers topics like: What steps are involved; What business structure to use, How to get started on the right foundations; and It will potentially save you from costly...
by David Maynard | Mar 11, 2021 | ABN, ASIC, Australian Business Number, Australian Business Register, Australian Securities Investment Commission, Starting a Business |
What is the ABR? All businesses with an ABN are listed on the ABR. What’s on the ABR? The information available on the ABR is limited as follows: Entity Name – The name of the entity, ABN Status – Active or not + history of dates, Entity Type –...
by David Maynard | Mar 8, 2021 | ATO, Australian Taxation Office, FBT, Fringe Benefits Tax, Starting a Business, Tax Savings |
Fringe Benefits Tax (FBT) legislation was introduced in 1986 to capture tax revenue on certain employee “non cash” benefits. For example, FBT will capture the private use by employees/directors/associates of a “company” non-commercial vehicle. However, tax...
by David Maynard | Mar 4, 2021 | ATO, Australian Taxation Office, Corporate, Starting a Business, Tax Savings |
The new Loss Back provisions for companies commences with lodgment of 2021 tax return. The Loss Back provisions allows a company to offset a current year loss against a previous year profit, generating a refundable tax offset for the current year for tax paid in a...
by David Maynard | Mar 4, 2021 | Business Structures, Corporate, Franking Credits, Imputation System, Starting a Business, Tax Savings, Trust |
A tax benefits of using a company as a business structure is Franking Credits. How do they work? When a company makes a profit, it pays tax at 27.5% (small companies tax rate). Company tax paid is recorded in the company’s “Franking” account. When...
by David Maynard | Feb 26, 2021 | Business Structures, Corporate, Starting a Business |
A recent determination by the ATO, TD 2021/2, confirms company Capital Gains Tax (CGT) concessions apply to “active” business assets only. Income from rental properties is defined as “passive.” Accordingly, “passive” rental assets...
by David Maynard | Jan 28, 2019 | Starting a Business |
What Registrations Do I Need to Start a Business When starting a business there are some miss-conceptions about what registrations are required to start a business. Whilst there are some specific registration and or accreditation requirements, for example; builder...
by David Maynard | Nov 19, 2018 | Corporate, Starting a Business |
When thinking about how to register a Pty Ltd company, proprietary (Pty) means privately held and Limited (Ltd) indicated a limitation to liability of the shareholder(s). So a Pty Ltd company is a privately held company which is limited by shares. Pty Ltd companies...
by David Maynard | Nov 19, 2018 | Starting a Business |
If you’re wondering how to register a business or trading name, this may help point you in the right direction. Australia’s national business names register is managed and maintained by the Australian Securities Investment Commission (ASIC). For the...
by David Maynard | Nov 2, 2018 | Business Structures, Case Studies, Corporate, Trust, Trustee
TRUST WITH CORPORATE TRUSTEE CASE STUDY INCORPORATING A CORPORATE BENEFICIARY Steven is self-employed in the civil construction earth moving industry and he is operating as a sole trader…. Ask us a Question Steven is a Single Dad Steven is single and has one...
by David Maynard | Nov 1, 2018 | Business Structures, Case Studies, Corporate, Trust, Trustee
BUSINESS PARTNERS CASE STUDY THE PARTNERS ARE NON RELATED PARTIES Joe and Adam are plumbers who have both worked together on various construction sites…. Ask us a Question Long Term Friendship Joe and Adam have been building a great long term friendship over the...
by David Maynard | Oct 31, 2018 | Business Structures, Case Studies, Trust, Trustee
TRUST WITH INDIVIDUAL TRUSTEE CASE STUDY INDIVIDUAL TRUSTEE After receiving his trade certificate and gaining some valuable experience as a sub-contractor, Les decided to start his own plumbing business ….. Ask us a Question Les is a plumber Les seeks advice...
by David Maynard | Oct 30, 2018 | Business Structures, Case Studies, Trust, Trustee
TRUST WITH CORPORATE TRUSTEE CASE STUDY CORPORATE TRUSTEE Jack is married with no dependent children, and at age 60, Jack is made redundant from his job ….. Ask us a Question Jack started a business Jack applied for a number of positions but found his age...
by David Maynard | Oct 29, 2018 | Business Structures, Case Studies, Sole Trader
ENTITY SET UP CASE STUDY SOLE TRADER Three years ago, when Michael was young, kind of single and life was fairly uncomplicated…. Ask us a Question Michael is a Physiotherapist Michael established his own physiotherapy clinic. Uncertain about how a new clinic...
by David Maynard | Sep 28, 2018 | Starting a Business |
Need a Business Startup Checklist?Starting a businessOur Business Start-up Pack will get your business established, in most cases, within 90 minutes. The business start-up pack includes:Tax planning and adviceIdentifying the business structure best suited to...
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