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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:
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Our 40-year history of helping businesses like yours means that we know exactly what you need to do to meet your obligations.
We stay well informed on the latest taxation laws, so you can always make the right moves for maximum benefit.
Our long-term, ongoing client relationships are designed to support you in realising your long-term goals.
Our software and technology solutions are cutting-edge, making business as straightforward and efficient as possible.
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've developed a unique methodology that analyses your long-term goals and offers the right advice to help grow your business.
We focus on delivering sustainable, progressive growth that measures your success every step of the way.
We have all the qualifications and experience to help your business grow from strength to strength.
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 lookFor the best in business set-up advice, get in touch with Liston Newton Advisory.
In a family trust company structure, assets are held by a third party. In the trust business structure, the trustee acts on behalf of the beneficiaries.
A trust can be ideal for businesses and individuals of all sizes – but bear in mind that they becomes tax-effective once profits exceed $100,000.
A trust can also benefit an individual looking to hold assets in a tax effective and legally protected environment.
Trusts do not pay any tax. Instead, any profit is calculated at the end of the financial year, based on the income of the trust, minus expenses and the previous year’s losses. Any profit is then distributed to the trust beneficiaries – whether that's you, your spouse, family members, or a bucket company.
A family trust is a great structure for growing businesses that have moved past the initial start-up stage. Once profits are growing and the business is taking on employees, a family trust should be a serious consideration.
Another benchmark is the amount of tax you pay. If you’re running a business with an average tax rate approaching 30%, a family trust can be beneficial in reducing the amount of tax.
A family trust should also be a serious consideration as a holding structure when making significant investments. Whether it’s running a business via a company, owning investment properties, or any other significant investment, a family trust can help protect those assets from financial and legal troubles – and it can also save you tax along the way.
A trust generally costs $1,500 + GST in legal documentation to set up, or $2,500 + GST for a trust with a corporate trustee. For more information about accurate costs of setting up a trust, get in touch with Liston Newton Advisory.
