Company registration in Australia involves setting up a company as its own legal entity, which lets you conduct business throughout Australia. You can also make use of other privileges, such as corporate tax rates or limited liability. In Australia, the most common types of company are: 'proprietary limited' companies (cannot raise money from the general public through share issues) 'public' companies (usually formed to raise or borrow public money by listing the company's shares for trading on a stock exchange).All companies are governed by the Australian Securities and Investments Commission (ASIC), which administers the Corporations Act 2001 (Commonwealth) and other legislation. Public companies must also comply with the rules of the Australian Stock Exchange.Advantages of a company include that: • Liability for shareholders is limited. As a general rule company carries legal and commercial risk as a separate legal entity which is seperate entity to the shareholders / directors that. control the company. • it's easy to transfer ownership by selling shares to another party. Simple transfer forms can be completed to transfer the company shares to a new shareholder. • shareholders (often family members) can be employed by the company with flexible income tax rules on distribution of income. Enjoy the use of tax credits company pays which. may be passed on to shareholders (i.e no double taxation on company profits in the hands of shareholders in most cases) • the company can trade anywhere in Australia. A Private company can also trade in Overseas jurisdictions. Please consult your tax professional for additional tax advise. • taxation rates can be more favourable then personal individual tax rates. Private companies currently enjoy a flat 27.5% tax rate where annual turn over of a company is less than $50m. • Enjoy access to Research & Development and Export Development Grant concessions which are generally availabl only to Pty Ltd companies (not sole traders) Disadvantages of a company include that: • the company can cost more to establish, maintain and wind up then a sole trader business • the reporting requirements can be more complex, however the general advantages of a company often outweigh the additional compliance fees associated in running a company • your financial affairs of the company are governed by ASIC and information about directors and shareholders can be viewed by public. • if directors fail to meet their legal obligations, they may be held personally liable for the company's debts including profits distributed to shareholders are taxable. However tax credit. that company pays may be available to the shareholders. Setting a private company is east. Visit www.company123.com.au website where you will find useful links and information to register a company in under 5 minutes. Company123 offers simple all inclusive solution whether you a business owner setting up a business or you run an accountancy or legal practice and set up companies for Clients. Our support line is open 24/7 if you have any questions and we are always here to help and assist you with any of your questions. For online registration, you will need to provide the following information:For Directors & Secretaries: Full name, full residential address as well as the date and place of birth of each personFor Shareholders: Full name, address and number of shares for each shareholder of the company.General Information: The address of the registered office and principal place of business. You must get written consent from the people that will fill these roles:• Director (must be over 18)• Secretary (must be over 18)• Member (every company must have at least one member). Anyone can, however you must have at least one director that resides in Australia and a physical Australian address for the registered office of the company. If none of the directors are eligible to work in Australia you will be able to register a company but you may not be able to trade. If in doubt we recommend that you discuss your needs with an accountant or solicitor for professional advice. Company123 provides free consultations if needed and over the phone advice within business hours of 9-6pm at 03 9832 0660. In terms of providing Australian directorships, Company123 cannot provide a registered office service or resident director service to international applicants. To find some providers do a search for 'resident director service Australia'. We are an ASIC registered agent, agent no. 34511. ASIC registered agents can lodge documents including company registrations on behalf of third parties.We are also an ASIC accredited software provider. This means we have our own direct electronic link to ASIC, allowing us to lodge your registration at any time of day, any day of the week. To get started with your company registration, fill in our online form. For some more information on the registration process see the ASIC website. If you're an officeholder of a company, you must follow the requirements in the Corporations Act. This includes meeting your legal obligations , which includes:• ensuring company details are kept up to date• maintaining company records and details on the register• paying the appropriate lodgement fees and annual review fees as required. Officeholders are ultimately responsible for a company's adherence to the Corporations Act. See the ASIC website for more. A company can be formed with one person, as a proprietary company limited by shares can have one director and one share member who may be the same person. The total fee is $532 which includes all government fees, our service fee and GST. The ASIC registration fee is $495 and our service fee, inclusive of GST, is just $37.For $37 you get the convenience of being able to lodge your company 24/7 from the comfort of your own home/office, and also having all your company documentation such as consents, share registry, opening minutes etc automatically prepared for you. ASIC also charge an annual fee on the anniversary date of registration, ie if you registered a company today the annual fee would be payable in one years time. Annual fees vary depending on the type of company, they can be viewed on our ASIC fee page. Optional extras include: For an extra $50, Company123 as registered tax agents will apply for ABN, TFN and GST for your company. For an optional $55 extra Company123 will also print, bind and deliver your documentation. Individuals and shareholders can be shareholders of your company.A trust cannot own shares in a company because the law says a trust is not a separate legal person. For example, the 'John Smith Family Trust' cannot own shares or any other property.Even so, the trustee of a trust, in his, her or its capacity as trustee, is capable of owning shares and other property.Therefore, a trustee or a corporate trustee can own shares in a company - as long as you include the trustee's name and their capacity. In these cases, the trustee holds the shares in the company on trust for the beneficiaries of the trustee's own trust. Under Australian taxation law, every company carrying on business or earning income from property in Australia must have a public officer – unless the company is specifically exempted.The company decides who acts as public officer in accordance with its Constitution.The company must appoint a public officer within 3 months of the company:• commencing to carry on business; or• first earning income in Australia.If a company fails to appoint a public officer within the 3 month period, it is guilty of an offence for each day it does not have a public officer.The public officer must be at least 18 and must live in Australia. They must also be capable of understanding the nature of their appointment.The public officer deals with the Australian Taxation Office (ATO) in relation to the company's tax affairs and is responsible for ensuring that the company pays the correct amount of tax.If a company is in default, then the public officer is liable to pay any penalties. However, the public officer is not personally liable for payment of tax due by the company with the exception of certail liabilities such as supernnation payments due by a company and when it is not paid, Directors may be personally liable for unpaid superannuation of the company. Additionally certain Pay As You Go (PAYG) Withholding obligations in relation to tax withheld on employees wages, directors may be personally liable if the company does not remit the liability to the Australian Taxation Office in timely and due manner. With the exception of these liabilities all other debts of the company generally stay with the company unless the directors personally guarantee obligations to pay the debt for the company. A company name is not compulsory. The name of your company can be its Australian Company Number (ACN), the unique number automatically given to a company by ASIC when it’s registered. You can select to use the ACN as your company name when you complete your application and you won’t have to nominate a name. This is done using Company123's online form by: Choosing "No" to the question of whether you have a proposed company name. In terms of picking your company’s name, it cannot be identical to an existing name. You can check the database easily on the Company123 homepage. If you are the holder if an identical name, you may be able to register the name for the company in some cases:• If you are an individual business name holder, you must be a proposed company director or member• If the business name holder is a company, the same company must be a proposed member• If the business name holder is a partnership or a joint venture, each of the partners must be a proposed company director or member• If the business name holder is a trust, each of the trustees must be a proposed company director or member, and you have to provide ASIC with a copy of the trust deed.During company registration in Australia, names can also be rejected for the following reasons:• Contains certain words and phrases that cannot be used without the approval of a government minister• These include bank, trust, Royal, Incorporated• The name is considered offensive or suggests illegal activity. If your business is a company, then you'll need an ACN. By law, an ACN must be shown on a number of documents, including: If your company also registers for an ABN, then your ACN will form part of your ABN. In these cases, you won't need to display your ACN if your documents already display your ABN and company name. You are automatically given an ACN when you register a company. A company is an ultimate holding company of a wholly-owned group if it has a subsidiary and the company is not a subsidiary of another company. This means, the ultimate holding company owns or controls more than 50% of the shares in the subsidiary and can be referred to as the "controlling entity".The key element is control. One company controls a second company if it has the capacity to determine the outcome of the decisions of the second company's financial and operating policies.The ultimate holding company may have a number of subsidiaries. ABNs are not compulsory. However, there are many good reasons to have one, for example, ABNs help you: Also, you need an ABN to register for GST. Entities carrying on an enterprise in Australia with a GST turnover of $75,000 must register for GST. More information can be found at ato.gov.au. To obtain an ABN, your company must: To find an ABN: If you want to look up information about a registered ABN, such as to check that your details are up to date or check the details of a supplier, you can do this on the ABN Lookup website. ABN Lookup allows you to search publicly available information supplied by businesses when they register for an ABN. You can find the Australian Business Registry here. Goods and services tax (GST) is a tax of 10% on the sale (supply) of most goods and services consumed in Australia. In general, an organisation that is required by law to 'register' for GST purposes:• is required to pay GST to the Australian Taxation Office (ATO) if it sells something (ie, goods, services), and• can claim an 'input tax credit' from the ATO for the amount of GST included in the price of goods and services it purchases.Your organisation may be required by tax laws to pay GST on any goods and services it supplies. For further information see the ATO website. If you're closing your business, or changing your business structure, it's likely you'll need to cancel your ABN.You'll need to cancel your ABN when changing from a: Sole trader to a company sole trader to partnership partnership to company.If your business is no longer operating you need to cancel your ABN on the ABR website. You need to make sure:• the company's name is on display wherever the company conducts business and is open to the public• the company's ACN/ABN is displayed on any documents the company publishes• the company's details are kept up to date. Accordingly to the legal obligations and responsibilities under the Corporations Act, if there are any changes in the company, it’s important that you inform ASIC within 28 days.To inform ASIC of the changes, Company123 can file on your behalf form 484 simply known as “Changes to your company details” for your company as registered ASIC agent #34511.Common types of company changes you need to notify ASIC of: Change of Address: Register Address; Principal place of business activity; Officeholder’s address; Shareholder’s address. Appoint or Cease officeholders Appoint or Cease shareholders Change of name for officeholders or members Change share structure Shares transferDocuments required to be submitted to ASIC within 28 days of the change occurring. Failure to notify ASIC will result in the following late fees applying: $79 One month late $329 Over one month lateAs a registered ASIC agent, Company123 can assist you in preparing ASIC forms and other compliance documents for submission with ASIC on the same business day. Prices start from $50. Take advantage of Company123 Professional service of Company sercretarial and ease the burden of keeping up to date with ASIC changes to your company details.Simply click the following Link & complete a short form. If you no longer require to use a Pty Ltd company, Company123 can carry out official deregistration on your behalf. Deregistering a company means that you no longer have to continue your obligations as an officeholder and company ceases to exist. It might be worthwhile to apply for voluntary deregistration where a company is no longer trading or carrying on a business. In order to apply for a deregistration of a company with ASIC, the following requirements need to be fulfilled: all members of the company must agree to deregister; the company is not conducting a business; the company's assets are worth less than $1000; the company has no outstanding liabilities (e.g. debts); the company is not involved in any legal proceedings; the company has paid all fees and penalties payable to ASIC.As registered ASIC agent, Company123 can assist you in preparing all necessary ASIC form and other compliance documents to submit deregistration request to ASIC on the same business day. The cost of the service is $299 + GST (which includes ASIC fee).Simply click the following Link & complete a short form. Take advantage of Company123 professional service and order de-registration service today for any of your unwanted companies and save on incurring ASIC annual review fees. If your company has been deregistered, Company123 can assist you with the company reinstatement. Reinstatement will restore to the original status of a deregistered company with ASIC. To apply for reinstatement of company ASIC, following needs to be fulfilled: Applicant must have been an officeholder or member of company Consent of the directors Pay any outstanding ASIC fee at the time of deregistration including penalties or annual review feeCompany123 can carry out the reinstatement process. Simply click the following Link & complete a short form.
Company123 are IP agents that can guide you through the application and registration of both Australian and International trademarks. Trademarks are a form of Intellectual Property that allows your to distinguish the goods or services of your business from those of other businesses. It gives you exclusive rights to commercially use, license or sell the trade mark. This means that no one else in Australia can commercially use your trade mark within the class of goods and services its registered under. IP Australia is the government body that regulates all Intellectual Property in Australia. As IP agents, Company123 can guide clients through the application process, which involves the following steps: This is an optional step but is strongly advised to allow for clients to be well-informed before proceeding to application which can be costly.This process can involves: Trade Mark Search Report, prepared by our trade mark specialists. with the option to add an: Expedited Analysis Report, coordinated by Company123 with IP Australia which allows for both speedy analysis results and a quicker application process afterwards as well. You can read about this system on the IP Australia website.For further clarification on how Expedition works feel free to call our specialists at 03 9832 0660. Before submitting an application, there are some simple questions to answer first (when conducting an analysis prior to application, these questions are answered as part of the analysis). First, what type of trademark are you applying for? For example, a text or a logo? Each has to be a separate application. These are the most common types, but there are various specialised and niche types of trademarks, which can be found on the IP Australia website. Next, what class/classes your trademark should be registered for? There are 45 different classes, encompassing a wide range of goods and services. To help you decide what goods or services to list think about the exact nature of your business and ask yourself the following: Where do you derive your business income? What is the nature of your business? What are you known for by your customers/clients? What products or services does your business provide? IP Australia provides a Trade Mark Assist service that can help further determine what classes are best for your trademark. To lodge an application through Company123, this form has to be filled out.Once payment is made, Company 123 as IP agents proceed to lodge the same day, and the Notice of Filing is given by IP Australia within 1 business day. Next, the proposed trademark is taken under examination, which ordinarily takes 4-6 months.With Expedition, this can be cut down to 1-2 months. (important to note that although you will receive early acceptance, for official registration every trademark has to wait at least 7 months) If successful, the trademark will be issued a Letter of Acceptance, and will proceed to Step 5.If unsuccessful, IP Australia will issue an Adverse Report detailing the issue.From there, there are often options to overcome the objection.Sometimes this involves amending the application by limiting the scope, sometimes providing evidence of Prior Use.Further information can be found here. During this 2 month period, it is advertised for opposition purposes.If there is no opposition (which is common), the application will proceed to Step 6. When a trademark is registered, you will receive a Certificate of Registration and the trademark is valid for 10 years, after which it must be renewed. Company 123 can also handle all your international trademark needs.International Trademarks can be done concurrently as Domestic Trademarks using the Madrid Protocol system. Claiming PriorityIf applying for an international trademark within 6 months of lodging of a Domestic Trademark, the international trademark can claim priority and be backdated to the date of the original domestic lodgement.All countries covered by the Madrid Protocol can be found here.For more information on the international trademark process see here or call our trade mark specialists at 03 9832 0660.
Company123 can help set up your trust quickly, easily and professionally. In our role as tax agents and with our team of legal experts, we can provide a clear, comprehensive deed and all related documents for the fee of $109 plus GST. We provide both Family (Discretionary) Trusts and Unit (Fixed) Trusts at high standards. Trusts are widely used for investment and business purposes.A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. While in legal terms a trust is a relationship not a legal entity, trusts are treated as taxpayer entities for the purposes of tax administration. In Australia, the trust fund is a key structure to make sure individuals safely pass on their assets to their chosen beneficiaries. A trust is a great tool for segregating a person's assets from his estate or portfolio, effectively shielding those assets from creditors in bankruptcy proceedings or plaintiffs in lawsuits. The assets in a trust may contain stocks, bonds, cash, real estate, antiques, and fine art.The trustee is responsible for managing the trust's tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying some tax liabilities.Beneficiaries (except some minors and non-residents) include their share of the trust's net income as income in their own tax returns. There are special rules for some types of trust including family trusts, deceased estates and super funds. For more info, you can check out the ATO's website here. The assets of a discretionary trust are separate to the assets of the beneficiaries. As a result, the trust assets may be protected from creditors in circumstances where a beneficiary is sued or made bankrupt. It also allows the trustee to control the assets of individuals who are too young or incapacitated to handle their own financial affairs. It can also help manage and distribute pension/retirement funds during an individual's employment years. The overall tax paid by a family group may be reduced by: Each beneficiary then pays tax at their marginal rate on income distributions received from the trust in each financial year. A discretionary trust may carry forward losses, in certain circumstances. A discretionary trust is entitled to a 50% discount on any capital gains made on disposal of any assets held by the discretionary trust for greater than 12 months. A Family Trust (also known as a Discretionary Trust), one of Australia’s most common small business structures, is ideal for families with private businesses and other income-generating operations. Such trusts give trustees the discretion to decide who receives distributions, and how often payouts occur. Accepted in every Australian state, Family Trusts are relatively easy to establish and operate. A Unit Trust (also known as a Fixed Trust) differs from a Family Trust in that the trustee generally does not hold discretion over the distribution of assets to beneficiaries. These structure divide the trust property into units, similar to shares of stock. Each beneficiary (known as a "unit holder") owns a given number of those units, and at the end of each year, he or she receives a distribution from the trust, based on the number of units held. Ideal when multiple families are involved, Unit Trusts operate somewhat like a company. A Hybrid Trust bears characteristics of both Discretionary and Unit Trusts, whereby the Trustee is empowered to distribute trust income and capital among nominated beneficiaries--as with Discretionary Trusts. However the income and capital is proportionally distributed--as with Unit Trusts, based on the number of units each beneficiary holds. Hybrid Trusts are often the favored structures when there are significant investment assets involved, due to their income tax and capital gains tax benefits. The trustee(s) (there may be more than one) of a trust may be a person or a company (the latter is known as a corporate trustee). In either case, the trustee must be legally capable of holding trust property in their own right. The trustee holds the trust property for the benefit of the beneficiaries.Where the trust is established by deed (which in the case of a deceased estate is the will), the trustee must deal with the trust property in line with the intentions of the settlor as set out in the trust deed. They must also act in accordance with the relevant state or territory law regulating trusts, and with any other applicable law, including tax law.Under trust law, trustees are: Under tax law, the trustee is responsible for managing the trust's tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying some tax liabilities. The sole trustee cannot be the sole beneficiary because a trust is a legal relationship between a trustee and the beneficiary or beneficiaries. If a sole trustee were also the sole beneficiary, then this would be an agreement that a person had with themselves. The law says that no trust can exist in these circumstances.However, a trustee can be a beneficiary of the trust as long as there is at least one other beneficiary as well. It is a common practice to have corporate trustees for family trusts for tax benefits. This ensures the limitation of the trustees’ liability to the corporate asset.Generally, corporate trustees are shell corporations with no, or minimal, assets. The trustee is personally liable for the trust’s liabilities. Therefore, it is common for trusts to have corporate trustees to limit the trustees’ liabilities to the assets of the corporation.Because of this, often, this business structure is more tax effective. Advantages of switching/implementing a corporate trustee structure include: Therefore, corporate trustee can be very beneficial and allow the trust further longevity. A trust beneficiary can be a person, a company or the trustee of another trust.The trustee may also be a beneficiary, but not the sole beneficiary unless there is more than one trustee.Beneficiaries may have an entitlement to trust income or capital that is set out in the trust deed or they may acquire an entitlement because the trustee exercises a discretion to pay them income or capital.Generally, the beneficiaries are taxed on the net income of a trust based on their share of the trust's income – regardless of when or whether the income is actually paid to them. A discretionary trust need not have an appointor and the role has no defined meaning at law. If an appointor position is created under the discretionary trust it is done so under that particular discretionary trust deed (Deed) and the powers conferred on the appointor will depend on the Deed's terms.At a minimum the Deed will confer on an appointor the power to appoint or remove the trustee. The appointor may also be granted protective powers: for instance, the trustee may need the appointor's consent to add or exclude additional classes of beneficiaries, or vary the Deed.The appointor's role is generally seen as the most definitive role in the discretionary trust. This is because, although the trustee under the Deed is granted the discretion as to whom and in what proportion the capital and the income is distributed to beneficiaries, the appointor controls who acts as trustee and, therefore, who exercises those discretions. An appointor may also be advisable for administrative ease: for instance, if the trustee becomes unable to act or insolvent, then it is a relatively simple process for the appointor to remove that trustee and appoint another.An appointor also makes sense as a means of planning for future contingencies. The trustee of a discretionary trust is given full discretionary powers up to the vesting date — usually a period of 80 years. During this time, a trustee may be administering a sizeable trust fund. The presence of an appointor may: -help ensure that the trustee acts in compliance with its obligations; and -provides a simple and effective process for replacing the trustee if the trustee falls short in meeting its obligations or becomes conflicted in meeting its duties.Ultimately the answer may turn on the trust's objectives, and whether having an appointor will further those objectives. For instance, if the primary purpose of the trust is asset protection, then for the reasons referred to under 'Other considerations' below, it would be advisable: - that the trust has an appointor; and -that the appointor is a trusted family member who is not a named beneficiary. Options include: Successor named in deed. The Deed states who will succeed the appointor on their death. It can be a particular named person, or the executor of the appointor's will (i.e., the appointor's legal personal representative). Successor appointed by will. The Deed states that the appointor is permitted to appoint a replacement appointor under the terms of the appointor's will. That person takes over the appointor role on the appointor's death. Joint appointor succeeded by survivor. The Deed names two (or more) appointors, and provides that on the death of one appointor the survivor(s) continue to act as appointors. Appointor replaces themselves during the term of the Deed. The Deed permits the appointor to appoint additional or replacement appointors. Temporary succession (i.e. due to incapacity). The Deed provides for temporary succession during any period when the appointor is unable to act. The replacement appointor may be determined by one of the methods above. Combination of approaches. The Deed may set out a combination of the above to deal with succession. For instance, on the death of the appointor the appointor's spouse becomes appointor, and on the death of the spouse the spouse's executor becomes appointor.It is recommended that the appointor provisions and succession of the appointor be carefully considered before establishing a discretionary trust. Having provisions in the Deed which deal with the resignation, removal and appointment of the appointor is necessary to ensure certainty of the Deed and remove any confusion when an appointor wishes to resign, dies, lacks capacity or is bankrupt. The settlor must hand over the settled sum to the trustee to be held on the terms of the trust for the benefit of the beneficiaries. The settlor does not have to reside in Australia, however they must be present when the trust deed is settled because he/she is responsible for the trust property becoming vested in the trustee. The trustee must issue a receipt to record the settling sum exchange has occurred. This is the point at which the trust is created because, by executing the trust deed and providing the settled sum: the settlor has put the trustee in charge of trust property; the settlor has defined for the trustee which persons fall within the class of beneficiaries, as stated in the trust deed; and the trustee has agreed to act.The settlor then steps out of the picture. There are tax implications under the Income Tax Assessment Act 1936 where a settlor creates a trust and: -has the power to revoke or alter the trust to acquire a beneficial interest in the income derived by the trustee, or take back trust property; or -the income of the trust is payable to the minor children of the settlor.In such a case, the trustee of the trust will be assessed as having to pay income tax on the income of the trust by the ATO, rather than income tax being assessed in the hands of the beneficiaries of the trust to whom distributions are made.For this reason, it is advisable to limit the settlor's role in a trust to the initial establishment of the trust and payment of the settled sum. To avoid the perception that the settlor's declaration of trust is revocable, the settlor should be unrelated to the trustee and the beneficiaries of the trust. A unit is a piece of property that entitles the unit holder to a specified proportion of the income and capital of the trust.A unit held under a trust is different from a share in a company. A share confers on the holder no legal or equitable interest in the assets of the company; Units under the trust deed confer a proprietary interest in all the property which is subject to trust of a deed.In other words, a unit in a unit trust confers on the unit holder an equitable interest in both the underlying capital and the income of the trust. Just like the discretionary trusts, there is a trustee in a unit trust, who has similar duties and responsibilites. It is also advantageous to have a corproate trustee in a unit trust structure. Instead of beneficiaries, unit trusts have unit-holders. Unit holders, are all predominantly un-related members of two or more separate families getting together to hold an asset together (usually a large property or shareholding) or run a business together. All income and capital is distributed according to unit holding, rather than by the discretion of the trustee, which is why Unit Trusts are also referred to as "fixed' trusts. The unit holders as a group control the trust. This is because the trust deed gives them the power to direct the trustee and if necessary, dismiss the trustee and appoint another person to act as the trustee instead.The deed specifies the percentage vote required for a resolution of a meeting of unit holders to be effective. Usually it is 50% unless the unit holders decide otherwise. The process required is simply filling out the form, inputting payment, and all relevant and necessary documents will be sent to you within minutes.If needed, we also provide advice as to the what structure is best for your needs and your trust, so feel free to contact us at 03 9832 0660. After receiving the deed and relavant structures, certain states in Australia require the payment of stamp duty. Stamp duty is a state-based tax and therefore applies differently in different states or territories of Australia. You should determine whether you need to pay duty by contacting the relevant revenue authority or seeking assistance from a local lawyer or accountant. Even if you do not need to pay duty, the trust deed may need to be lodged with the relevant revenue authority so they can mark that no duty is payable.Stamping can be arranged either directly through the relevant revenue authority in your state or territory or by a lawyer, accountant or other service provider that offers stamping facilities.In New South Wales, you must pay stamp duty of $500 for each new trust within three months of the trust being established. This is in accordance with the provisions of the Duties Act 1997 (NSW), which is administered by the NSW Office of State Revenue. If you do not pay the duty within three months then interest is payable until you do pay the duty. ABNs are not compulsory. However, there are many good reasons to have one - for example, ABNs help: You to deal with the ATO; and You in dealing with other businesses when supplying goods or services to them, or when purchasing goods and services.Also, you need an ABN to register for GST. Entities carrying on an enterprise in Australia with a GST turnover of $75,000 must register for GST.More information can be found at www.abr.gov.au. A trust must meet either one of the following 2 criteria to be eligible for an ABN:Criterion 1The entity is any one of: A company incorporated under the Corporations Act 2001 in Australia; A charitable institution or trustee of a charitable fund in Australia; A deductible gift recipient in Australia; or A religious institution in Australia.Criterion 2The entity can answer 'Yes' to each of the following statements:1. Its activity is carried out in any of: 1.1 the form of a business 1.2 the nature of trade, or 1.3 the form of a regular or continuous grant of a lease, licence or interest in property.2. Its activity is carried out in Australia or it makes supplies that are connected with Australia.3. Its activity is not a private recreational pursuit or hobby. After acquiring an ABN and a TFN, the trust can then open a bank account. A bank account should be opened for the trust in the name of the trustee as trustee for the trust. This should occur after the discretionary trust has been established and the trust deed stamped (if stamping is necessary). The bank may require the trust ABN before it will open the account.Once a bank account has been opened, the first deposit in the account should be the settlement sum. The settlement sum should be deposited before any other deposits are made or any other transactions are entered into by the trust. A discretionary trust will usually have an expiry or 'vesting' date in the trust deed that is linked to the expiry of a certain number of years from establishment (limited to 80 years) or to the occurrence of a specific event (for example, the death of a certain person). See the ATO website for more details about the requirements of vesting.
Company123 offers a range of business plans that can be essential to the success of a business, providing vision, direction and a solid foundation of facts and figures. An analysis by researchers at the University of Oregon Department of Economics assessed the success of business plans in aiding with business growth. They found that getting a business plan correlated with increased success in every one of the business goals included in the study, especially financing needs.Industry experts agree that having a business plan is more than just a bureaucratic checklist to secure a loan, but an essential ingredient for a business's growth and guidance.Critical elements of a business plan include detailed projections, marketing strategy, management and ownership experience, and value propositions that entice investors. A strong business plan that includes detailed projections, but also communicates important facts, idea and the strong potential of a business can successfully propel the business into their desired future. It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road. Good management requires setting specific objectives and then tracking and following up. They help establish what's supposed to happen, and as your business grows, it can help you organize and plan better, and communicate the priorities better. Having your business plan, will allow you to share and explain business objectives with your management team, as previously discussed, but also with your employees and new hires. The planning process helps you learn about the different forces and factors that may affect your success. If you're already in business, it helps you to step back and look at what's working and what you can improve on. If you're seeking finance for your business, you'll need to show banks and investors why they should invest in your business. Most new businesses need both startup and operating capital to get off the ground and without a well-developed business plan there is no chance of getting debt financing from established financial institutions such as banks or equity financing from angel investors (unless they happen to be family members or close friends)Investors and financiers are always looking at the risk of non-repayment, and word-of-mouth is no substitute for written facts and figures in a properly-prepared business plan. As a new, and often hefty, fixed cost, taking on a new rent obligation is an important decision. Do your growth prospects and plans justify taking on this increased fixed cost. Another fixed cost obligation, hiring new people can increase your risk and expenses and needs to be considered carefully. How will new people help your business grow and prosper? What exactly are they supposed to be doing? Displacement can be explained as "Whatever you do is something else you don't do.", i.e. strategizing and being aware of your opportunity cost. Displacement lives at the heart of all small-business strategy. Use your plan to set targets for new alliances, and selected portions of your plan to communicate with those alliances. Share selected highlights or your plans with your attorneys and accountants, and, in certain occasions and industries, consultants. Valuation is the term for establishing how much your business is worth. Usually that takes a business plan, as well as a professional with experience. The plan tells the valuation expert what your business is doing, when, why and how much that will cost and how much it will produce. Often valuation is conducted for the purposes of sale. Usually the business plan is a very important part of selling the business. It can help buyers understand what you have, what it's worth and why they want it. Regardless of the name you use--strategic plan, annual plan or operational plan--the vast majority of these plans include some or all of the following main points: High-level strategy: Strategy is focus and guides your growth by assigning priorities. Of the whole range of possible market segments, and the whole range of services and possible sales-and-marketing activities, which are your main priorities? Strategy is often a matter of understanding when and how to say "no" and selecting opportunities. Specific responsibilities, activities, deadlines and budgets: We call these milestones. They're the bricks and mortar of business planning and are critical to business success. Financial plan: One of the most important gains from an annual plan is the financial plan, which of course hinges on cash flow. A business needs to stress its priorities by making sure they get the right amount of money. Growth costs money. The many benefits of having a business plan should be enough to convince you. But in case you’re still wavering, consider what can go wrong if you don’t take time to plan. You risk: The question sounds easy enough. But for some businesses, the answer isn’t as straightforward as you may think. The best way to zero in on exactly what business you’re in is by taking time to craft a mission and vision statement.Consider Amazon. It began as an online bookstore. Then it morphed into a vast online discount retailer, selling everything from food to clothing. A few years ago Amazon turned into a publisher. Now, with the advent of cloud storage, it also provides a place for people to store their books and music.Even small companies often have to give some thought to defining what their business is. Take the example of a garden maintenance company that found itself gaining a reputation for turning bland yards into showpieces. More and more people began to turn to the company not just to maintain their gardens but also to design them. The company began to realize that it could be much more successful — and charge a whole lot more — if it marketed itself as a garden design company. You may think this would be the most elementary of all questions. But in reality, many start-up enterprises fail to formulate a business model — a fancy term that means how they’ll make money. There was even a time, in the early days of the online world, when people dismissed the very notion of a business model as something from the old economy. If you build a website that’s cool enough, the thinking went, success will follow. Well, it didn’t always. A lot of clever websites found themselves scrambling for a way to pay the bills.Even many conventional businesses need to think about their business model to ensure success. A hair salon may make some of its money from cutting, shampooing, and styling hair, for example, but it may also find that it can substantially boost the bottom line by selling hair care products. Thinking through all the different ways that your business can make money is crucial to success. Start-ups require a lot of enthusiasm and hard work, and often plenty of cold cash. One of the biggest blunders new companies make is not thinking ahead about how much money they’ll need to get up and running. When the money runs out before the doors open, the best business idea in the world isn’t going to spell success.A good business plan must take into account everything that is required to start — and how much it’s likely to cost. Building a little cushion into those estimates is always wise. The financial section of your business plan also must address how much it will cost you to run your business, month by month, and how much you need to earn to meet your expenses and make a profit. Chances are you’ll need to make a bunch of decision up-front before you come up with a reliable number — decisions about where you’ll do business, what kinds of equipment and staff you’ll need, a marketing budget, and so on.You’ll then need to think about how much you’ll charge for your product and service and how much you can expect to take in month by month. Needless to say, the more carefully you think through all these questions in advance, the better prepared you’ll be. Build a better mousetrap, the saying goes, and the world will beat a path to your door. Maybe. But to build a better mousetrap, you need to know what customers want and how much they’re willing to spend.The more you know about your prospective customers, the more successful you’re likely to be. Take the time to look at what your customers like and don’t like. The Internet has made it easier to understand customers. All you have to do is read through reviews on Amazon or Yelp to know what people are raving about and what they’re dissing, covering a wide range of products and services. But old-fashioned tools are also effective, including customer surveys, focus groups, and simply observing customer behavior. You can reach your customers these days in more ways than ever before, ranging from billboards, shop signs, newspaper ads, websites, e-newsletters, tweets, mass mailings, Facebook posts, and more. Your business plan should spell out how you intend to reach your customers and maintain an ongoing relationship with them.Social media has created brand new ways to engage in two-way exchanges with your customers. Digital communications have greatly improved customer service for many businesses. But be advised that the Internet has also raised expectations about what great service should be. Customers are savvier than ever, and more demanding. If you’ve invented something unlike anything the world has ever seen before, congratulations. You’re in rare company. If you’re like most businesses, you compete in a marketplace with other players. To succeed, you have to give customers good reasons to choose you over your competitors. An effective business plan should spell out those reasons and develop strategies to make the most of them.To get started, find out all you can about your competitors and their strengths and weaknesses. Then consider how the business you’re planning stacks up. Typically, businesses compete on the basis of price, quality, service, and features. But a company’s image can also be part of its competitive advantage. For example, people buy Newman’s Own foods not only because the quality is good and the price is right but also because of the company’s image of doing good by donating a chunk of its profits to good causes. In a similar way, other companies attract customers by promoting their products or services on the basis of environmental protection. This question may well be the most important one you ponder as you develop your business plan. Most people have a vague sense of what they do well and what they could do better. If you’re part of an organization, you can recognize some of its strengths and weaknesses. But there’s a lot that people don’t face up to. The process of writing a business plan gives you an opportunity to be far more honest and thorough in your assessment. A formal SWOT analysis grid can allow you to measure your strengths and weaknesses against the opportunities and threats in your business environment.This question is so important because business success really depends on leveraging your strengths and addressing your weaknesses. For instance, when an orthopedic institute in southern California noticed that its patient satisfaction scores were slipping, the doctors were puzzled. The institute’s complication rates were very low. The length of time patients spent in the hospital was below the national average. The medical staff, it seemed, were doing a great job. But in surveys, many patients complained that the care felt impersonal and rushed. To remedy the situation, the institute hired social workers who met with patients when they were admitted and again before discharge to talk over their concerns. The institute also scheduled a follow-up call between surgeon and patient a month after discharge. A year later, patient satisfaction scores were back on top. Every business faces challenges, especially in competitive markets or with technological change. Your business plan should describe in detail the particular challenges you face and how you plan to overcome them. The challenges can be part of the business environment you compete in — a crowded field of competitors or regulatory uncertainties, for example. But some of the challenges you face are also likely to be related specifically to your company, such as hiring and holding on to skilled employees, for instance, or responding quickly to changes in the marketplace. The simple answer to this question is money. Make enough money, and any business is a success. But in fact, for most enterprises, the answer is more complex. The most obvious example is a not-for-profit company. Consider a nonprofit community orchestra. Its success is measured in terms of filling seats for its concerts and providing local musicians a chance to play. Or consider a food bank. It spells success in terms of reaching as many people in need and giving them nutritious food as possible.Your business plan should acknowledge all the ways you plan to measure your success. Your financial section will look at dollars and cents. Your goals and objectives will mark off specific mileposts that will help you chart your progress. Your mission and value statements will serve as a guide to the less tangible items that spell success for you. To aid your company in pursuing its development goals, Company123's expert team will combine their two decades of business and legal experience to draft up a tailored Business Plan once you fill in the “Set up Business Plan” form on our website. We offer three perfectly tailored Business Plan options: Ar $199, we offer plans that are perfect for any basic business development goals. Our Standard Business Plan includes: Key Activities Key Resources Value Propositions Market Analysis Cost Structure Revenue Streams & Sales ForecastsThese standard plans can be the first step in applying for more financing, assisting with rental lease applications, outlining your company's mission statement and drawing up business projections. At $399, we offer plans that are highly tailored to achieving all financing ambitions. Our Advanced Business Plans includes: Executive Summary Company Description Market Analysis Organization & Management Service/Product Line Marketing & Sales Funding Request Financial ProjectionsThe advanced plans are perfect for business loan applications, sale of business and raising finance. Our most comprehensive and robust business plan includes, and can include by discussion with our expert team, absolutely anything needed for the running and future goals of the company. Our Professional Business Plan includes: Plan Summary The Business The Market The Future The Finances The Business Business Details Registration Details Business Premises Organization Chart Management & Ownership Key Personnel Product/Service Innovation Insurance Risk Management Legal Consideration Operations Sustainability Plans The Market Market Research Market Targets Environmental/Industry Analysis Your Customers S.W.O.T Analysis Your Competitors Advertising & Sales The Future Vision Statement Mission Statement Goals/Objectives Action Plan The Finances Key Objectives & Financial Review Assumptions Start-up Costs Balance Sheet Forecast Profit & Loss Forecast Expected Cash Flow Break-even Analysis. It is a myth that only start ups need planning. Even as an owner or manager of a small or medium business, it is important to plan and not leave the business only to react to events.There are many benefits of having a business plan in place for an existing company. With a business plan you can: Your business will grow or not depending on a lot of different factors, including overall economic trends, location, specific market needs, hard work and other elements. Businesses that plan do it to guide and influence their growth so they move proactively toward defined objectives rather than just reacting to business events. Having a strategy will allow the business to remain focused. Allocate resources where they'll do the most good. Work toward your strengths and away from your weaknesses. Develop the company by doing the most important things according to your long-term objectives. A plan gives you a place to develop organizational responsibilities. Think of a plan as a business-positioning device. With a plan you can track your progress toward goals, measure results and manage the business. Without a plan, how do you tell whether or not you're moving in the right direction? What do you measure against? Profits aren't cash, and cash isn't intuitive. You spend cash--you don't spend profits. However, businesses don't plan well for cash, and they need to. That may not sound strategic, but it is. It's also the core of an operations plan and an annual plan. Whatever else, you have to plan for cash. Whether it be shareholder agreements, director duties, raising finance or aiming to be on the stock exchange, we can create a plan for you.Company123 can tailor our business plans to any of your needs. Simply click the following Link & complete a short form. We are here to assist you and to answer of questions you may have. Please contact our friendly consultant on email@example.com or 03 9832 0660 for any of your questions.
Company123 offers a high-quality deed for your Self-Managed Superannuation Funds (SMSF), helping you save for retirement. To register your new SMSF for $99 plus GST visit our website. Since 1999, the sector has grown from around 200,000 SMSFs with $55 billion in assets to 600,000 SMSFs totalling $750 billion in assets. Today, SMSFs comprise nearly one third of Australia’s total $2.76 trillion retirement system. SMSFs differ from other types of funds by having the members of the fund also be the trustees. This means the members of the SMSF run it for their benefit and are responsible for complying with the super and tax laws.More information can be found on the ATO website. SMSFs provide a range of investment options. Trustees can potentially access direct shares, high-yielding cash accounts, term deposits, income investments, direct property, unlisted assets, international markets, collectables and more. Like all super funds, SMSFs benefit from concessional tax rates. In the accumulation phase, tax on investment income is capped at 15 per cent; in the pension phase there is no tax payable, not even capital gains tax. Carefully considered tax strategies can help you grow your super savings and reduce tax payments as you transition to retirement. SMSFs allow multiple members to run a mixture of accumulation and pension accounts. You’ll be able to adjust your investment mix as it suits you, allowing for a fast response to changes in market conditions, super rules or personal circumstances. SMSFs offer significant transparencies that allow trustees to align their personal goals with their investment decisions. Whether you’re passionate about property, shares or sustainable and ethical investing, SMSFs provide a platform which allows you to understand where your money is invested, with complete visibility over performance and tax treatment. SMSF trustees must lodge an annual tax return and audit, and pay ATO fees (these are capped and not based on a percentage of your super balance). The more an SMSF grows, the more cost-effective it becomes, but the total cost of running an SMSF will depend on the related investments and any costs associated with engaging professional support. An SMSF currently allows a trustee to combine their superannuation assets with up to three other members, such as partners or family members.Consolidating super accounts immediately creates a larger fund balance, which increases the fund’s assets and investment opportunities – with only one set of fees. SMSF: Can have a maximum of four members. All members are either individual trustees or directors of a corporate trustee of the fund. This means all members are involved in managing the SMSF.Other super funds: Usually no limit on the number of members. Professional, licensed trustees are responsible for managing the fund. SMSF: Trustees are expected to have knowledge of tax and super laws and must make sure their fund complies with those laws. Compliance risk is borne by the SMSF trustees, who can be personally fined if their fund breaches the law.Other super funds: Compliance risk is borne by the professional licensed trustee. SMSF: Trustees develop and implement the fund's investment strategy and make all investment decisions.Other super funds: Most allow you some control over the mix and risk level of your super investments but you generally can't choose the specific assets your super will be invested in. SMSF: Trustees must consider whether to purchase insurance for their members. Insurance premiums may be higher than in other super funds.Other super funds: Most offer insurance cover to members. Member insurance usually costs less as large funds can get discounted premiums. SMSF: Regulated by the ATO. Trustees are required to engage with us to manage their fund.Other super funds: Regulated by the Australian Prudential Regulation Authority (APRA). Generally members don't have to engage with APRA. SMSF: We are not involved in resolving disputes among members. Disagreements can be resolved through alternative dispute resolution techniques or in court, at the members' own expense. There is no government compensation scheme.Other super funds: Members have access to the Australian Financial Complaints Authority (AFCA) and may be eligible for statutory compensation. SMSF: No government financial assistance is available to SMSFs. Members may have legal options under Corporations Law but there is no guarantee that compensation will be awarded.Other super funds: Members may be eligible for government financial assistance in the event of fraud or theft. You need to have the time and skills to manage your SMSF, and there are ongoing running costs.As a trustee of an SMSF you'll be responsible for operating your fund within the law. If you don't, you may face severe penalties and your fund may suffer tax consequences.You'll also need to make investment decisions for the SMSF, including formulating an investment strategy that you review regularly. You'll need to understand the restrictions on the investments an SMSF can make. It costs money to set up and run an SMSF. You might find that the fees you pay for an SMSF are more than you would pay in another type of super fund. Every year that you have an SMSF you'll need to pay for an independent audit and the supervisory levy. Most SMSFs also pay for additional help, such as: You can choose one of the following structures for your fund: -up to four individual trustees-a corporate trustee (essentially, a company acting as trustee for the fund). Individual tru