Starting a New Business
Choosing An Effective Business Structure
We will work with you to review your existing business structure to determine if it’s working effectively for you. We will also discuss your goals to see if your current structure will get you where you want to be, and the strengths and challenges in your current business. Our accounting and growth experts will look for appropriate growth opportunities to help you meet your goals and any asset protection risks or issues you’re facing. As it’s also important to know where you’re going to end up, we’ll discuss your exit strategy and opportunities for selling your business. We can advise on cloud-based software and app integration that might assist you in your business, and provide you with ongoing support.
Running A Profitable Business
As your business grows, it becomes more important than ever to do tax planning, track your numbers and get the best advice. Our accounting and business advisory experts can work with you on a range of tasks, depending on where your business is in its life cycle. We can help you develop business plans, business goals and tax strategies. We can also perform a profitability analysis to help you improve inefficiencies in your business. Vault accountants can do all your bookkeeping, and prepare financial statements and tax returns. We can also analyze your reports and explain their impact on your business. We’ll also check your tax compliance to ensure you stay on the ATO’s good side. If you already have a bookkeeper and accountant, we can perform higher level CFO services for your business. Most importantly, we help you make plans to get where you want to be, including developing budgets and cash flow projections, creating KPIs and performing tax planning to help minimize your tax as you grow. We can also advise on new issues that emerge as you grow, such as capital gains tax and restructures over time where necessary.
Tackling Other Tax And Accounting Issues
The bigger your business gets, the more complex your tax return will become. Tax compliance seems to require a village! So our accounting experts will make sure you consider and understand all the aspects of business tax that could affect you. New areas that could emerge include loans such as multiple entities (inter-related entity loans) and Division 7A loans (including director and shareholder loans). We will also explain carried forward tax losses and non-commercial (deferred) losses, personal services income, dividend issuing, GST and fuel tax credits. You may have seen all these terms before but never had to consider them. As your business grows, you may have to consider all of them at some point. It’s a steep learning curve, but we’ll climb it with you.