Choosing your business structure

Choosing the best structure for your business can be difficult

There are numerous options, each with its own set of benefits and drawbacks

There are four commonly used business structures in Australia:

Sole trader Partnership Company Trust

It’s important to understand the responsibilities of each structure because the structure […]

Preparing for director IDs

Director identification numbers

If you want to become a director or are already one, you’ll need a director ID.

Apply for a director ID from 1 November:

Director identification numbers (director ID) are a new requirement for all company directors, designed to help combat illegal activity by making it easier to trace directors’ […]

2021 Federal Budget business breakdown

What the Federal Budget means for business

To help create jobs, business investment and confidence after COVID-19 created the first recession since 1990, the Federal Government has just released a big spending 2021-22 Federal Budget.

Based on our analysis, the big winners appear to be:

Business – the instant tax deduction for buying equipment, cars, […]

Changes to company tax rates

There are changes to the company tax rates

The full company tax rate is 30% and the lower company tax rate is 27.5%.

This page shows when to apply the lower rate and how to work out franking credits.

Company tax rates apply to:

companies corporate unit trusts public trading trusts.

The full company tax […]

2020/21 Federal Budget Summary

Salisbury Accountants Federal Budget Summary 2020/21

1. Personal income tax changes

1.1 Changes to personal income tax rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from […]

Choosing a business structure

Setting up a business structure

If you are starting a business you will need to work out which type of business structure to use. 

We explain the benefits and disadvantages of different types of business structures. Sole trader

A sole trader is the simplest business structure and it is inexpensive to set up because there […]

Important End of Financial Year Actions for You

EOFY reminders – annual tax returns

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June.

Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. We have […]