Whether starting a new business or expanding your current business, it is important to consider your options for the structure of that business. The right structure will not only provide asset protection and tax minimisation, but can also facilitate easy succession planning and cater for the growth of your business in the future.
Our experience in advising small businesses for over 30 years has shown that through the lifecycle of a small business the initial structure can become ineffective for tax minimisation and asset protection. New rules introduced on the 1st July 2016 have enabled small business to restructure into companies and trusts without incurring capital gains and income tax.
Enright Holmes can provide full structuring advice to ensure our clients achieve the outcomes that they want and deserve. Our accountants are trained tax and accounting specialists who have experience across a wide range of industries and have innovative solutions to your structuring needs.
Ultimately, the business structure should be a balance between your personal situation, tax minimisation, assest protection, minimisation of workers compensation and compulsory superannuation, risk of business failure, likely future developments, succession planning and a balance between your short and long term objectives.