Each business structure has different setup costs, ongoing costs, regulations, and tax consequences.
The right structure is determined by the sort of business you intend to run, the number of employees, the number and type of directors/owners, where you operate, and future plans and/or exit.
The most common business structures include:
Proprietary Limited Company
Leap can advise on the benefits and potential pitfalls of each structure. We can recommend the best structure to protect your personal assets, minimise tax implications, avoid partnership breakdowns and prepare for sale of the business.
Leap can complete the setup process including registrations within 24 hours.
ABN, TFN, GST, PAYG AND Business Name Registrations
Tax File Number (TFN) registration may be needed to lodge the business tax returns with the Australian Tax Office (ATO).
Australian Business Number (ABN) registration is required if you intend on invoicing other businesses for goods or services.
Goods and Services Tax (GST) registration is compulsory for companies who turn over more than $75,000 per annum. Companies with a turnover of less than $75,000 have the option of registering for GST.
Pay As You Go (PAYG) registration is needed if you:
You are going to have employees;
Use contractors that you agree to withhold tax amounts from;
Pay invoices which have not included an ABN
Business Name registration is required if the business operates as a sole trader, partnership or a trust, and not as a company, then you will have to register your business name with the Australian Securities & Investments Commission (ASIC).
Leap guarantees a 24-hour lodgement turnaround for the above registrations.
Team Development & Training
Staff training and development so the smooth operation of your finances continues.