Company

Professional Services Firm Profits Under Fire

The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed.   New draft guidance …

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A New Announcement From ATO of Single Touch Payroll

Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens to government agencies. With STP, you report employees’ payroll information to us each time you pay them through STP-enabled software. Payroll information includes: Salaries and wages Pay as you go (PAYG) withholding Superannuation.   The ATO has made two important announcements …

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7 steps to set up a company in Australia

  Setting up a company may be the first step people think of when coming across starting up a business. Although that is not always the case, there are other structures also available for running a business like mentioned in our previous post “comparison-on-business-structures-in-Australia”. Thus a company is still the most common form that people …

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3 Types of Dividends for Company Shareholders

  Do you know there are 3 Types of Dividends for company shareholders?  If you have read our previous post “Comparison on Business Structures” you will find that company is the only structure that can distribute after taxed retain profits to its shareholders. This is so-called Dividends. What are the dividends? When companies make a …

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