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Companies are more rigid and regulated than sole trader, partnership or family trust arrangements.
With additional compliance requirements, companies also need to ensure any money taken is either a wage, a dividend or a loan.
They also pay a flat rate of tax, making the right advice crucial for ensuring correct payment.
We can help you to meet your obligations for full business efficiency, with advice on:
Get a free 90-minute consultation. Our team will even come to you. See how it works.
With a 40-year history of helping small businesses, we have the in-depth understanding needed to help you meet your obligations.
We stay informed with the latest changes to taxation laws so you're always positioned for maximum benefit.
We form long-term relationships with our clients, empowering you to achieve your long-term goals.
We are at the forefront of innovation in the accounting industry. We use the latest technology and software to help our clients grow.
Our team of specialist accountants has many years of experience providing the right help and advice for companies.
We're able to assist with everything from implementing the best structure and processes to ongoing tax and accounting guidance.
Having grown a successful company ourselves, there's no-one better placed to help you do it too.
We have worked with Liston Newton's Business Accountants and Advisory Team for over a decade. During that time, our business has grown substantially both organically and through purchases. This wouldn’t have been possible without Liston Newton Advisory to assist with our business planning, providing proactive advice and ensuring our accounts were always compliant in a complex and volatile industry.
Liston Newton's Business Accountants analysed our financial and business situation and helped us implement strategies to improve our position. Their strategies turned our business from making a loss, to recording a 6-month net profit of 36 per cent. And we are now on track to show a 240 per cent increase in turnover over the next financial year.
Liston Newton helped us move our accounting over to Xero. A Business Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
Get Set, Get Moving, Get Free is our three-phase plan for setting up, systematising and growing your business.
This unique methodology considers your short and long-term business goals, providing the right advice on growing your company, to help you make the imagined a reality.
We have all the qualifications and experience needed to help you succeed.
We restructured Papermill Media and moved them to cloud accounting. Papermill was listed at number 43 in the Australian Financial Review's Fast 100 List in 2017.
Take a lookWe have helped Cambridge Plumbing to manage and forecast cash flow. We've also provided the director with advice on wealth creation and asset allocation.
Take a lookAfter helping them transition to Xero, we conducted quarterly business coaching with Quality Energy and helped increase their profits by 90 per cent.
Take a lookIf you need the best accounting advice, turn to Liston Newton Advisory.
Companies usually pay income tax by PAYG instalments. They must also lodge an annual company tax return, and are subject to tax at the company tax rate, which means that profits are taxed at 27.5%. Once paid, a company can then declare dividends to its shareholders, or the profits can be retained to reinvest into future growth.
The only way a business owner can take money out of a company is to pay themself a wage, take a loan from the business or declare dividends from the profits.
A business owner will commonly take a wage during the year and then receive additional dividends for any profits after their salary has been deducted.
To best protect assets, it’s often a good idea to avoid holding shares personally, but to instead to separate ownership by setting up a family trust that will own those shares. This more effectively protects assets in the event of financial difficulty or legal action, while also offering the flexibility to distribute income for maximum tax-saving efficiency.
A company structure can be a good option for holding your personal investments, but there are both positives and negatives to this approach.
On the plus side, unlike a trust, which must be wound up after 80 years, a company structure can continue forever, making it an ideal vehicle for long-term wealth.
However, the flat rate of tax is 30% – and companies are also ineligible for the 50% CGT discount available to individuals and family trusts.
Nevertheless, it’s worth considering that for an individual on the top marginal tax rate of 49%, the tax outcome is often very similar when comparing a family trust with a company structure – even without accessing the CGT discount.
There are several capital gains tax concessions you can take advantage of, but you need to carefully plan for them.
Read about itOne of the best ways to reduce tax is by structuring your business and personal assets in the most tax effective manner possible. One way to do this is to use a ‘bucket company’.
Read about itWhile Chartered Accountants and Certified Practising Accountants are highly qualified professionals, there are some distinct differences between the two. Here's what you need to know.
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