CORPORATE STRUCTURE GUIDES
Below are our guides to the most commonly used business structures in Australia as well as the very specific legal structures for Self-Managed Superannuation Funds (SMSFs).
Part of our approach is to discuss with you which of these entity types is best suited for your current and foreseeable activities noting that different structures may be required for different purposes. We can assist with changes to existing structures where appropriate to meet the changing need of your business. As in any structure, the right foundations will serve you well for a long time, so it is important to make an informed, considered decision.
HELPFUL LINKS FOR BUSINESS
Includes tax information for business entities including BAS statements, small business concessions, and paying employees
Includes PAYG withholding tax tables and key superannuation rates and thresholds
SUPER SEEKER
Search for any lost super online through the ATO’s Super Seeker tool
Information regarding the Government’s SuperStream standards including who it applies to and what needs to be done to meet the standard
Accounting professional body. Includes articles and updates regarding tax and accounting issues
CPA Australia resource to help businesses following a disaster and the steps to recovery
CPA Australia resource for business planning, improving business performance and risk management
Information regarding pay-roll tax in Western Australia
Information regarding duties payable under The Duties Act 2008
Search tool for all ABN’s on the Australian Business Register
FRINGE BENEFIT TAX QUESTIONNAIRE
FREQUENTLY ASKED QUESTIONS
WHAT DOES THE CORPORATE+ LOGO REPRESENT?
Corporate+ Accountants logo is an open box. This represents our thinking and attitude to our clients. We’ve taken a box and unpacked it, gone back to an open drawing board to enable a review of the situation and then a remake. We aim to think out of the box and to assist you in providing you with room to grow and develop your own shape.
WHAT SHOULD I LOOK FOR IN A PROFESSIONAL ACCOUNTING OR PROFESSIONAL SERVICES FIRM?
The common traits amongst many successful professionals are the ability to have integrity, act objectively and maintain a professional and independent outlook at all times. Proactivity and good communication skills are sometimes present but aren’t necessarily standard. Our staff at Corporate+ excel in these areas and this, along with our web based software expertise, we are among a new generation of forward thinking accounting firms.
HOW DOES CORPORATE+ MEET THIS STANDARD?
We are a CPA practice and as such are guided by a strong code of professional conduct. There are quality control standards known as miscellaneous professional statements that govern our conduct as it might apply in the areas of taxation, auditing and other services. The testimonials provided by our existing clients support this.
HOW ARE FEES CHARGED?
Fees are based on a consideration of fairly assessing the value of the work performed, taking into account:
The skill and knowledge required for the type of work requested
The level of training and experience of the staff involved;
The degree of responsibility applicable to the work; and
The time of all persons engaged in the work.
CAN CORPORATE+ REFER CLIENTS TO OTHER PROFESSIONALS?
If required, we have an extensive network of professionals (e.g. lawyers and financial planners) that we work with closely and respect. However, we leave it to the client to make the ultimate decision from the referrals we have made.
HOW CAN I PAY MY CORPORATE+ FEES?
Direct Credit EFT: Westpac Bank, BSB 036 308, Account No. 249691. Please ensure you quote your Invoice and Ref number with your payments so you can be securely identified.
Cheque / Cash / EFTPOS: We accept all major credit cards, with the exception of Diners and American Express.
ARE CORPORATE+ FEES TAX DEDUCTIBLE?
Generally yes, and if you prepay the fee it can be claimed back in the year payment is made.
HOW LONG DO I NEED TO KEEP MY TAX RECORDS?
You need to keep your records for 5 years from the date of lodgement. It is therefore wise to maintain your records for a total of 6 years.
DO I NEED TO REGISTER MY BUSINESS FOR GST?
Businesses with an annual turnover of $75,000 or more are required to register for GST. If your business turnover is less than $75,000, you are still able to register for GST, but it is not a requirement. For non-profit organizations the threshold is $150,000.
I AM STRUGGLING TO STAY ON TOP OF MY TAX DEBT. WHAT CAN I DO?
In some cases, the ATO offers payment arrangements for activity statement debts free of general interest charge for up to 12 months. To be eligible, your business must have an annual turnover of less than $2 million, have a debt of $50,000 or less, and have a good payment and lodgement compliance history. However, there are potentially significant costs if the payments outlined in the agreement are not made within the agreed timeframes. In relation to any other tax debt, the ATO advises that they be contacted as soon as possible if you are unable to pay your tax by the due date, so that appropriate arrangements can be made to pay the debt. We can assist with this negotiation process, if and when required.
DO I HAVE TO PAY CAPITAL GAINS TAX?
Capital gains tax (CGT) is the tax you pay on a capital gain. The most common way you make a capital gain (or capital loss) is by selling assets such as real estate, shares or managed fund investments. Managed funds also distribute capital gains you must report. If you have bought or sold assets, you might be required to pay CGT. Some discounts can apply depending on how long you have owned the asset.
WHEN IS MY BAS DUE?
For quarterly BAS, generally the 28th day after the quarter end. eg. 28th April, 28th July, 28th October, 28th January). However, lodging through Corporate+ provides you with a 2 week extension in some circumstances. Monthly BAS is due the 21st day after the month ends.
WHEN IS MY TAX RETURN DUE?
For Corporate+ clients, tax returns are due March / April / May of the following year. For example, the deadline for 21/22 returns would be March / April / May 2023 but only if you have appointed us as your tax agent by 31 October if you have not previously used a tax agent.
WHEN DO I NEED TO PAY THE SUPERANNUATION FOR MY STAFF?
For quarterly payments: to get a tax deduction and no penalty the due date is the 28th day following the previous quarter end. For the June quarter, the payment must be made by 30th June to be deductible in that financial year.
WHAT IS THE MAXIMUM/MINIMUM SALARY FOR EMPLOYER SUPERANNUATION TO BE PAYABLE?
There is now no minimum income on which super must be paid. All employees are entitled to 10% super contributions (10.5% from 1 July 2022) and a Maximum $58,920 gross per quarter (for the 2021/2022 year). Some awards and agreements have their own super rights which may differ from the above. Check your award or agreement to find out if anything extra applies to you.
WHAT IS THE SUPERANNUATION CONTRIBUTION PERCENTAGE?
For the year commencing: 01/07/2021 the rate is 10%, rising to 10.5% on 1 July 2022. The Government has advised that the rate will increase by 0.5 percentage points each year until it reaches 12%.
These increases are the subject of debate and are not considered certain. If implemented as scheduled the increases will be as follows: 2023/2024 11%,
2024/2025 11.5%.
WHAT DO I NEED TO SET UP A SOLE TRADER BUSINESS?
Corporate+ can establish you as a Sole Trader. This includes ABN, GST (if required) and if required a business name. Public liability or professional indemnity and insurances as required and we can recommend insurance brokers to assist with this.
WHAT IS THE MINIMUM INCOME STREAM ALLOWED TO BE DRAWN FROM A SELF-FUNDED SUPERANNUATION FUND?
Minimum % withdrawal (in all other cases) / Reduced rates by 50% for the 2021/22 and 2022-23 income years:
Age 60-65: 4% / 2%
Age 65-74: 5% / 2.5%
Age 74-79: 6% / 3%
Age 80-84: 7% / 3.5%
Age 85-89: 9% / 4.5%
Age 90-94: 11% / 5.5%
Age 95+: 14% / 7%
