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Need a good accountant to set up new business structure. Melbourne

Discussion in 'Accounting & Tax' started by Propagate, 13th Apr, 2016.

  1. Propagate

    Propagate Well-Known Member

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    Melbourne
    Hi all,

    The time has come, the mob I work for is closing its doors (again).

    Time to start up my own company, done a lot of the background stuff already as I've known this day was coming fur the last year or so, but I'm now about 4-6 weeks away from needing to open my doors.

    There will be two of us so I'm looking for someone that can:-

    Set up the company(s) in the correct structures and how we divide profits equitably

    Look at how I can finance the startup from my seed money (equity release sat waiting) and and tax implications

    Take over my personal acounting and also Emma's (personal partner, not business partner) IPs in both Australia and UK to account for

    Look at how my IP deductions would best work now I won't have a PAYE income anymore, we're 50/50 on IPs so need to understand how that will now work along side my business

    Do my business tax returns/Acounting

    That's the basics, I've a lot to do and a lot to learn in a very short space of time right now.

    Any recommendations? I'm down on the Mornington Peninsula and my office will also be down here.

    Thanks.
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Do you need face to face? If not - @Paul@PFI is your man. Has provided great advice/service to myself and clients.
     
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  3. Propagate

    Propagate Well-Known Member

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    Not usually, normally fine but in this case face to face maybe better as I really have no idea what I'm up against, might be easier to understand and take it all in if its face to face? Having said that though, a remote, recommended specialist would be better than a random local @Jamie Moore
     
  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    @Propagate I'll give you a call and a few names tomorrow.
     
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  5. Propagate

    Propagate Well-Known Member

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  6. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Structure may depend on the nature of the activity too...Is this likely to be Personal Services Income ? Family situation ?? Typically options include:

    - Sole trader (NOT recommended)
    - Partnership - Again not recommended. Also means income is always shared on a fixed basis.
    - Company : Many +'s and -'s especially about how profits are taxed and treated. The company tax rate disguises the true tax position. Super, workers comp are more regimented for a company v's say a trust. Easier to add other "partners" than say a trust.
    - Trust - Ignoring all other issues the ability to use discretion in how income is shared. Some of the trust distribution may be subject to workers comp but super is more relaxed except for a true employee.

    Typically you would lend $ to the business. This could be interest bearing and would need a legally drafted loan agreement. Alternatively you could invest the $ into the shares for a company (but not a trust).

    These issues should assist with guiding you to ask all the right questions.
     
  7. Propagate

    Propagate Well-Known Member

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    Location:
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    Great, thanks for the info @Paul@PFI

    We are in the Drafting business, (structural steel drawings for fabrication for anything from warehouses to hospitals etc).

    We are both "hands on" in that we do the actual work.

    Any additional staffing requirements would likely be sporadic, so would be done on a contract basis and contracted through the operating company.

    There are a couple of different scenarios that I can see at the moment, based on how we acquire the assets we need.

    If we purchase the current company, we'd be 50/50 partners in that purchase then we'd likely want a second company as the operating company so that the assets, (software licenses and computers basically), are protected.

    If we buy new licences an equipment then we'd likely want to buy our owns items in our own company's then contract to an operating company that we own 50/50, the operating company would be the one that leases the office and contracts any additional workers when required.

    I'll know more in the next few days once we negotiate a price for the current company's asset base and decide whether it's more cost effective for us to start form scratch.

    Cheers.
     
  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    beware of buying an existing company. You would probably want the assets rather than the company itself. You don't, and cannot, know what liabilities come with it.

    Consider having a discretionary trust own the shares in the new trading company.
     
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  9. Propagate

    Propagate Well-Known Member

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    Thanks @Terry_w I was thinking that too, the only issue we may face is the software company do not like/want people to sell their licenses on. The only way they said they would let him sell his licenses was to sell them with the the company that holds them (company 'A' lets say). The current holding company was set up years ago purely to own the assets, nothing is traded through it as such, I agree though, there is an element of risk. It would seem on face value though, that buying the company that holds the assets would simply be exactly that. We currently trade under a completely different company, (company B), which uses the "services" of company 'A' (computers and software license). It worked out well for my boss when his last company failed as the assets were always owned by his "other" company A, which enabled him to hold on to them and start up again as another company....
     
  10. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    In that case there may be little choice. Just seek legal advice on how to reduce your risk - perhaps an indemnity from the shareholders selling. 1 director. Check that the company's tax obligations up to date, super up to date etc.
     
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