Trusts & Company Setup
If you are looking to start a new business, register a Company or a Corporate Trustee or restructuring into a Company or Trust structure and are unsure of what structure is suitable for your business, we can help you understand how both structures would impact your business. Thereby help you decide the right structure suited to your business purposes going forward.
Company and Trusts are two different tax structures under which a business can operate. They have different features that impact differently in areas of operational processes, management processes, tax implications and overall costs. Therefore, it is vital for you to be informed if the chosen structure is right for your business. Trusts and Company both offer businesses with asset protection and tax benefits so there is no best option out of the two but the choice relies more so on your personal circumstances. financial circumstances, type of business income, the relationships of the persons associated to the business and the future goals of your business activity.
Below are some aspects to be considered in this decision-making process:
- who can make important decisions
- tax advantages and disadvantages
- how profits and losses are shared
- legal obligations and costs
- Assist with deciding on the right structure
- Trust setup
- Company registration with ASIC
- Providing the legal documents for the Trust and the Company
- Complete the ATO registrations including TFN, ABN, GST and PAYG