Business and Trust Setup
Simplifying the path to establishing your business
Starting a new business can be an exciting yet daunting venture. At TidyTax, we understand the complexities involved in setting up a new entity, whether it's a trust or a private company. Our expert team is dedicated to streamlining this process, ensuring you meet all legal and financial requirements with ease and efficiency.
From navigating intricate regulations to handling essential paperwork, TidyTax is here to provide comprehensive business setup services. We empower you to focus on your core business ideas while we manage the foundational details, ensuring a smooth and compliant start.
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Set-up Fees
$450 (ex GST)
Circumstances You Might Need This
- Family Estate Planning: Often used for simpler family trusts where the assets are not excessively complex, and family members are comfortable acting as trustees.
- Smaller Asset Pools: Suitable when the value and complexity of assets are relatively low, and the administrative burden on individual trustees is manageable.
- Cost-Effectiveness: Generally less expensive to establish and maintain compared to a corporate trustee, as there are no ongoing ASIC fees for a company.
- Direct Control: If you prefer direct personal oversight and management of trust assets by individuals known and trusted by the beneficiaries.
Benefits
- Cost-Effectiveness: Individual trustees generally incur lower ongoing administrative fees compared to corporate trustees. There are no annual corporate trustee fees, which can lead to significant savings over the life of the trust, especially for trusts with moderate asset values.
- Flexibility and Control: An individual trustee, often a family member or trusted associate, can offer greater flexibility in decision-making. They typically have a deeper understanding of the family's specific circumstances, goals, and beneficiaries' needs, allowing for more tailored and responsive management of trust assets.
- Familiarity with Assets: An individual trustee familiar with specific family assets (e.g., a business, property) can manage them more effectively. They leverage existing knowledge and relationships for better oversight.
Set-up Fees
$1350 (ex GST)
Circumstances You Might Need This
- Asset Protection: Offers a stronger layer of asset protection, as the trust's assets are held by a separate legal entity from the individuals who control it.
- Business Operations: Often preferred for trusts that run an active business, providing clearer separation between business operations and personal assets.
- Succession Planning: Provides greater continuity. If an individual director of the corporate trustee changes (e.g., due to death or retirement), the trust's assets remain vested in the company, avoiding the need for costly and complex asset transfers.
- Multiple Beneficiaries/Generations: Ideal for trusts with a long lifespan, as it simplifies changes in trustee management.
- Complex Assets/Investments: Beneficial for trusts holding a diverse portfolio of investments or significant assets, as a corporate structure can handle more complex administrative tasks.
Benefits
- Enhanced Asset Protection: Legal separation between the trustee entity and the individual controllers.
- Continuity and Succession: Avoids the need to transfer assets when trustees change, providing stability and simplifying succession.
- Professional Image: Can lend a more professional image, particularly for business trusts.
- Easier Administration (Long Term): Can simplify administrative tasks over the long term, especially with changes in control or ownership.
- Borrowing Capacity: Some lenders prefer a corporate trustee for certain types of loans.
Set-up Fees
$950 (ex GST)
Circumstances You Might Need This
- Running a Business: The most common structure for operating a small to medium-sized business.
- Limited Liability: If you want to protect personal assets from business debts and liabilities. The company's liability is limited to its assets. Please note directors are personally liable for company’s debt in various circumstances, we will provide detailed information on it.
- Attracting Investors: Easier to raise capital by issuing shares to new investors.
- Tax Planning: Can offer specific tax advantages, such as a flat corporate tax rate (currently 25% for small businesses), and the ability to retain profits within the company.
- Growth Potential: Provides a scalable structure that can easily accommodate future expansion, additional shareholders, and eventual sale.
Benefits
- Limited Liability: The primary benefit, protecting personal assets from business risks. However, directors are personally liable for company’s debt in various circumstances, we will provide detailed information on it.
- Separate Legal Entity: The company has its own legal identity, separate from its owners.
- Continuity: The company continues to exist even if owners or directors change.
- Tax Advantages: Potential for lower tax rates on retained earnings and flexibility in distributing profits.
- Ease of Transfer of Ownership: Ownership (shares) can be easily bought and sold.
- Access to Capital: Easier to secure funding from banks and investors.
Benefits of Choosing TidyTax for Your Business Setup
Business And Trust Setup FAQs
What is the difference between an individual and corporate trustee for a trust?
An individual trustee is typically one or more people who manage the trust’s assets. A corporate trustee is a company established specifically to act as the trustee. Corporate trustees often provide greater asset protection and continuity, especially for complex trusts or those involving multiple beneficiaries. They also offer advantages in terms of succession planning and avoiding the need to transfer assets if an individual trustee changes.
How long does it take to set up a business with TidyTax?
The timeframe varies depending on the type of entity and the completeness of information provided. Generally, a private company or trust can be set up within a few business days once all necessary documentation and information are received. We prioritize efficiency to get your business operational as quickly as possible.
What information do I need to provide to set up a business?
You will typically need to provide details such as proposed business name, director/trustee details (full names, addresses, dates of birth), shareholder/beneficiary information, registered office address, and details about the business activities. Our team will provide a comprehensive checklist tailored to your specific setup requirements.
Can TidyTax help with ongoing compliance after setup?
Absolutely! Our services extend beyond initial setup. We offer a full suite of accounting and tax services, including tax return preparation, BAS lodgements, payroll, bookkeeping, and ongoing business advisory services to ensure your continued compliance and financial health.
Is TidyTax suitable for small businesses and startups?
Yes, TidyTax is ideal for small businesses, startups, and established enterprises alike. We tailor our services to meet the unique needs of each client, providing scalable solutions that support growth from the very beginning.
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Don’t let the complexities of business setup hold you back. Partner with TidyTax and turn your entrepreneurial vision into a compliant and thriving reality. Take the decisive step towards your future today!