Last week my brother began trading in his first business and while I am beyond proud of him, it was a bit of an emotionally charged experience. You can imagine how much he loves to take advice from his big sister at the best of times, let alone with something so life changing for him and his family. At this office, we understand that buying or starting a business is a stressful experience and we offer a hand held style approach where suitable.
We regularly see clients for new business matters. Sometimes it’s because they are considering going into business and sometimes it’s because they’re already up and running and wonder retrospectively how they should be handling their accounting and taxation affairs. It’s a much easier and stress free meeting when the client comes to see us first rather than beginning trade and then working backwards. At initial new business consultations we cover:
- varying business structures (sole trader, partnership, trust, company) and how tax differs between entities
- registrations required such as Tax File Number, Australian Business Number and Pay As You Go Withholding
- Employer obligations including superannuation
- Bookkeeping options
- Documentation requirements
- Decision making tools – cashflows, budgets and break even points
If you or someone you know is contemplating a new business opportunity no matter how big or small, consider making an appointment by calling 07 5576 0011. And if you’re ever in Toowoomba looking for lunch, I’ve heard Sumo Salad in Grand Central is awesome 😉
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