While trusts can perform exceptionally well as a business structure, it's important to set them up correctly to avoid major issues further down the track.
During set up, you need to ensure that you choose the right trustee and beneficiaries, as well as consider the future direction of your business.
Once a trust become profitable, you also need to ensure that you complete proper tax planning each year to correctly distribute profits to beneficiaries.
Finally, because trusts don't pay tax (which is paid by the beneficiaries), you need to make sure that you are planning for a future tax bill by putting aside money during one financial year to cover the next.
We can help you to realise and fulfil your trust obligations, with advice on:
Liston Newton's long history working with trust business structures means that we understand exactly when and how to implement them.
We're highly experienced in helping businesses like yours succeed. We can provide you with all the accounting and taxation information you need to attain the business success necessary for your complete financial freedom.
We have worked with Liston Newton's Accountancy 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 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. Their 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.
We have all the qualifications and experience to help your business grow from strength to strength.
For the best in business set-up advice, get in touch with Liston Newton Advisory.
Our in-depth guide to starting out your business as a sole trader. Learn more here.
What you need to know before buying property within your family trust. Read more here.