To determine an appropriate structure for your new or existing business, the following factors must be looked at:
- Asset protection: Will your family home and other assets be at risk?
- Cost and complexity: Are you paying too much using an obsolete or overly cumbersome structure?
- Tax efficiency: Is the structure efficient in relation to income tax and profit distribution? What about capital gains tax exemptions?
- Control: What level of control do you actually have over the business and other investments? Is this the same as the level of control that you would like to have?
- Estate planning: Will there be a smooth continuity of ownership? How can I make sure my inheritance is passed on appropriately within my family?
The types of business structures that may be appropriate depending upon your circumstances inclue:
- Sole Proprietorship
- Self Managed Super Fund
- Various combinations and interrelations of the above
Your yearly tax planning sessions will also thoroughly review the appropriateness of your existing structure. PAG will look after the set up and administration requirements for you (see Corporate secretarial).
Please note we advise the assistance of an appropriately versed solicitor whether it be your own or one from our referral panel.
Contact us today or request a call back from us.
Plan Act Grow Pty Ltd is a CPA Practice