Choosing your business structure is an important decision because this will be the foundation for asset protection, tax minimisation and maximising profits. However, to decide which business structure is the best for your business can be confusing as there are advantages and disadvantages to consider for each. We can explain and ‘walk you through’ this process to assist you in your decision making. Once you have decided the business structure, we can assist you to establish the business structure and ensure you understand and comply with all the legal obligations in relations to your business.
These are the structure that you should consider:
For assistance with structuring your business please contact us
A company is a separate legal entity and a distinct taxpayer in its own right. It has a variety of unique taxation and legal characteristics that suit some business circumstances and are highly inefficient for other business applications.
We can provide comprehensive advice to assess the suitability of a company for use in your business structure.
For assistance with company structure please contact us
Often where it all starts and certainly where it all ends, with you as an individual for taxation. Operating a business in your own name is simple but terribly inefficient for wealth creation.
We can provide comprehensive advice to assess the suitability of operating a business or investment venture in your own name.
For assistance with sole trader structure please contact us
Simplicity is the mother of invention and sometimes building your wealth as an employee without the risks and distractions of business can be the best course of action.
We can provide comprehensive advice and assist to maximise your taxation opportunities as an employee.
For assistance with employment issues please contact us
Trusts are complex legal structures that are highly efficient for taxation management, asset protection and wealth management. When used in the right circumstances these structures can achieve results that no other structure can come close to, but they are often misunderstood and underutilised by financial advisors. Abbott's Chartered Accountants has been providing advice on trust related taxation matters for over 30 years. We can provide comprehensive advice on the strategic planning and compliance issues relating to fixed and discretionary trust structures.
For assistance with trust compliance issues please contact us
Partnership structures are very common structures in small business. They are historically referred to in connection with the Mums and Dads type of business or in respect to jointly owned properties.They are simple and flexible structures but are not suitable where the partners or the business is exposed to commercial risk as the partners suffer from joint and several liability to that risk.
Abbott's Chartered Accountants utilises partnerships in hybrid structures where the features of partnership relationship are desired, but the joint liability aspect is not acceptable from a risk perspective.
We can provide comprehensive strategic and compliance for partnership structures to comply with partnership tax laws whilst overcoming some of the inherent deficiencies of partnership law.
For assistance with partnership tax compliance issues please contact us
For concise or project based business relationships a joint venture agreement may be suitable.
We can provide comprehensive advice on strategic matters pertaining to the useof Joint venture structures and their taxation implications.
For assistance please contact us
We can provide comprehensive advice on Superannuation Fund structures and their taxation implications, including self-managed superannuation funds (SMSF’s).
Our taxation specialists in conjunction with our financial planning and securities specialists are able to offer a complete range of advisory services dealing with the establishment and management of your superannuation and retirement planning needs. Abbotts Wealth Management holds an independent Australian Financial Services Licence (AFSL) and will work in close conjunction with your taxation and accounting advisors to achieve best practice outcomes for your superannuation needs.
Superannuation and superannuation fund structures are often an integral part of long term taxation strategies and Abbott's Chartered Accountants can provide professional accounting, administration, audit and compliance services in respect to your SMSF in addition to the strategic tax advice that is associated with the use of these popular structures.
For assistance with superannuation funds please contact us
It may not be initially evident that your will and estate planning decisions actually form part of your business structure strategies. Well-structured wills can result in highly efficient investment structures being created to look after your family after the passing of a family member.
Estate planning may well be one of the most important things you can do for the financial security of your loved ones. It is not a matter to be left to chance and should involve input from trusted professionals who specialise in this field. With over 30 years of experience in estate planning, Abbott's Chartered Accountants and Abbotts Wealth Management can assist you to establish, interpret and understand the legal and tax implications your estate planning process. We can also introduce you to legal advisors who we have long and trusted professional relationships with that can ensure the documents prepared will withstand the test of time and the rigors of estate management
Estate planning is not just about getting your will in order, it is about preparing your families wealth for effective transfer in accordance with your wishes and in a manner that minimises taxation and other costs to your survivors.
For assistance with estate planning please contact us
Chris has been a part of the Abbotts Team since 1987 and has worked in the accounting profession since 1983. He qualified as a Chartered Accountant in 1991 and was appointed as a Partner in Abbott’s Chartered Accountants that year.
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