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Your business structure will define the advantages, risks, tax implications and administrative challenges you’ll have to manage going forward. Our award-winning advisors will help you build the right foundation for your success.
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While there can be overlap, every structure is unique, and being able to define their traits and take advantage of the most relevant ones could be the difference between a hobbling business and a competitive one.
Learn about the different types of companies in Australia, and how they can limit liabilities and raise capital.
CompanyA trusted partnership can be hugely rewarding. Learn how to set yours up safely and securely.
PartnershipsThough simple and cost-effective, this structure has its liabilities. We’ll show you how to keep them in check.
Sole TradersProtecting your assets is always a wise choice, but trusts have their own costs to contend with. Learn how.
TrustsWe don’t need to tell you how challenging settling on a business structure is. It's one of the first decisions every owner needs to make, and we know you’ve crossed this bridge before. But, as your business evolves, its needs may, too. You’ll be overseeing more complex operations, managing larger teams, and generating greater revenue. You need a structure that can minimise your tax obligations, protect your assets and grow the wealth you’ve already built.
We’ll explain the various business structures Australia allows and explain the factors you need to consider, such as:
Liston Newton has been around for over 40 years; our senior business advisors and business accountants have been in the industry longer than that. We’ve worked with businesses of all sizes and helped them scale through innumerable challenges.
Understanding, assessing and selecting a new structure is just one facet of what we can do for you. We’ve learned that long-term partnerships are the best way to provide meaningful advice and design effective strategies, and that is why we’ll make it our mission to earn your trust and the right to be your long-term advisors.
From business structuring to tax advice, we’ll provide all the knowledge you need to run a successful business.
Our larger goal is to help our clients achieve the financial freedom they need to pursue their personal and professional goals without fear. To do that, we’ve developed a holistic approach we call Get Set, Get Moving, Get Free. Here’s how it works.
Kieran Liston and the Liston Newton team have been assisting me with my accounting matters since 1976. For the past 47 years, Kieran and the Liston Newton team have provided reliable accounting assistance, which has allowed me to focus on my business in primary production.
Their exceptional service has consistently exceeded my expectations and made me feel that they truly care about my financial well-being.
Liston Newton has given me really helpful guidance over the years for both my business and my personal finances. When you have an accounting team that you trust to give the right advice, it gives you the confidence to focus on growing your business and doing the things you love.
Liston Newton helped us move our accounting over to Xero. Their Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
While our offices are primarily across the East, we have the capabilities to work closely with businesses in any Australian state and territory, whether they’re in the heart of a capital CBD or a regional town. While you’re always welcome in our offices, we’re more than willing to come out to you, or to set up a virtual consultation for your ease.
Many factors will influence your decision to operate as a sole trader or another business structure, such as a company. Your personal circumstances and the nature of your business will determine which structure is right for you.
Each business structure has strengths and weaknesses concerning tax minimisation and asset protection. The key is to match these with your personal circumstances and long-term goals to find the right fit.
Apart from choosing the correct structure, there are several other considerations when setting up a new business in Australia. You will need to register for GST, open separate bank accounts for the business, apply for business names, and establish an accounting system to keep appropriate records. A good business adviser can assist with these steps during your business setup process.
Choosing the correct business structure is crucial as it can significantly affect your business in terms of tax minimisation and protection from potential risks. Getting this right from the start is essential. While you can change structures in the future, there may be certain restrictions, including capital gains consequences in many cases. Establishing the right business structure from the outset is one of the most important aspects of your business setup.
Different business structures offer varying tax rates, concessions, and the ability to stream profits to associated individuals or entities. Each business will have an ideal structure to minimise tax as much as possible.
When choosing the right structure, consider future plans such as:
How you answer these questions will influence which business structure is right for you.
Start your business with the best possible foundation. We can help you choose the right structure.
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