Business Advice

Whether you are starting a new business or have an established business, getting the right financial and business advice is imperative for success.

Starting a new business presents a range of options and challenges. Depending on the business’s size and estimated earnings potential, there are several operating structures to consider. To determine the structure that is the ‘best fit’ for you from a general business and taxation perspective it’s important to have a trusted adviser who can provide appropriate guidance.

Once you have chosen a given structure, an understanding of the compliance environment of that structure is important. For example, a Sole Trader will have more basic reporting requirements than a Trading Trust or Private Company. Companies have ongoing secretarial requirements, whereas Partnerships, Trusts, and Sole Traders have a simpler legal framework.

Make sure you have the right business structure

Cross, Sinclair & Novotny can offer guidance on the proper procedure to:

  • Determine the best structuring options for your business
  • Assist in creating and registering a business entity
  • Advise on ongoing taxation and compliance obligations
  • Pinpoint areas of focus for your business.

You will also need to ensure that as a business you are appropriately registered. This can include an Australian Business Number (ABN), Separate Tax File Number (if trading via a Partnership, Trust, or Company), Business Name and so on.

Review financial performance regularly

To understand the performance of your business it’s important to know how to interpret your annual reports. Your Profit & Loss and Balance Sheet are an annual ‘health check’ of your business, can be used to make decisions for the future, such as procuring additional inventory, assets or hiring more employees.

Cross, Sinclair & Novotny are committed to helping you understand these reports and make the right decisions for your business.

Identify and manage risks

There are a number of risks and limitations with each business structure that you should be aware of. For example, Sole Traders will have a lower default level of asset protection than a Company would. By the same token, a Sole Trader can draw on a business’s cash balance because as a Sole Trader, they are not separate from their ABN. Conversely, it is not as simple for a director of a company to simply ‘draw down’ on the companies’ cash reserves, as there can be tax repercussions.

This is just a simple example on how the risk profiles of business structures differ. Understanding these differences is paramount to managing the risk in your business. We can provide appropriate guidance so that such risks are managed.

Make the most of tax concessions

Small businesses have access to a range of tax concessions relating to Income Taxes, Activity Taxes (such as GST and PAYG), and Capital Gains Tax. It is important that you are made aware of these concessions in order to optimise your claims each year.

We can work with you to ensure you are kept up to date of your entitlements under tax law.

About Cross Sinclair & Novotny

Cross Sinclair & Novotny provides a complete range of professional accounting and taxation services to all types of businesses, superannuation funds and individuals. With over 30 years’ experience in providing accounting and taxation services, Cross Sinclair & Novotny provides a personalised and professional service together with quality advice. Cross Sinclair & Novotny are based at Hillarys in the northern suburbs of Perth and provide services to surrounding suburbs including, Whitfords, Kallaroo, Sorrento, Padbury, Craigie, Mullaloo, Woodvale, Kingsley, Duncraig, Beldon, Heathridge and Ocean Reef through to Perth.

“In the 15 years as a client the team at Cross, Sinclair & Novotny have always provided us with an efficient, reliable and professional service, I would not hesitate to recommend them.”

Duro MargareticDirector, Luan Holdings Pty Ltd

“For over 20 years as a client Cross, Sinclair & Novotny have always met our lodgement obligations with the ATO whilst providing a professional and friendly service.”

Peter EvansDirector, Evco Eng Pty Ltd

“In working with the team at Cross, Sinclair & Novotny I have always appreciated their professionalism and practical approach to meeting my tax and business obligations. I am a very satisfied client and am happy to recommend their services to anyone.”

Don SmithDirector, Whitehall Securities Pty Ltd

Find out more

Talk to us to find out how we can help.

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