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Ballarat Accountants: Should you use a family or corporate / discretionary trust as your business structure?

At Sky Accountants Ballarat & Bookkeepers Ballarat, our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

As a business owner, it is important to choose the right structure for your business. You must consider the size and type of your business, how much you want it to grow and your personal circumstances when choosing your business structure. You can change it as your business grows or your circumstances change.

Corporate Trust

A trust is where a trustee carries out the business for the trust’s beneficiaries. It is not a separate legal entity and a trustee could be an individual or company. The trustee is legally liable for the trust’s debts and may use the trust’s assets to meet its obligations. In case of a shortfall, the trustee will be responsible. A trust is set up through two types of trust deeds: unit or discretionary trusts.

In a unit trust, the interest is divided into units which are determined by the number of units held by each member. In a discretionary trust, the trustee has discretion in the fund distribution to each beneficiary.

At Sky Accountants Ballarat & Bookkeepers Ballarat, our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

Corporate Trust

Trusts, particularly corporate trusts, have reduced liability. Assets are protected and there’s flexibility in income and asset distribution. However, trusts can be complex and expensive to administer and establish. It can be difficult to dismantle, dissolve or change once established, especially where children are involved. Trust profits that are used to reinvest into the business will incur penalty tax rates and losses can’t be distributed, only profits.

The trustee is required to apply for a tax file number (TFN) to lodge the annual tax return. The trust isn’t liable to pay tax as tax is assessed based on the trustee or beneficiaries who are entitled to receive the income.

Business Accountants Ballarat

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

PS. Here are two other ways we help business owners grow their business:

1. Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)

2. If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here

 

Email Address: info@skyacc.com.au

Ballarat Accountants | Business Accountants Ballarat | Ballarat Bookkeepers | Ballarat Mortgage Broker | Ballarat Financial Planners | Ballarat Accounting Firms | Ballarat Bookkeeping Firms | Restaurant Accountants in Ballarat | Accountants for Manufacturing Business in Ballarat | Farm Accountants in Ballarat | Accountants for Medical Professionals in Ballarat | Accountants for Tradies in Ballarat | Company Accountants in Ballarat | Company Bookkeepers in Ballarat | Casino Accountants in Ballarat | Spa Accountants in Ballarat | Cafe Accountants in Ballarat

Phone: 1300 328 855
Office Address: 
902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

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Sunbury Accountants | Business Accountants Sunbury | Sunbury Bookkeepers | Sunbury Mortgage Brokers | Sunbury Financial Planners | Sunbury Accounting Firms | Sunbury Bookkeeping Firms | Restaurant Accountants in Sunbury | Accountants for Manufacturing Business in Sunbury | Farm Accountants in Sunbury | Accountants for Medical Professionals in Sunbury | Accountants for Tradies in Sunbury | Company Accountants in Sunbury | Company Bookkeepers in Sunbury | Casino Accountants in Sunbury | Spa Accountants in Sunbury | Cafe Accountants in Sunbury

Gisborne Accountants | Business Accountants Gisborne | Gisborne Bookkeepers | Gisborne Mortgage Brokers | Gisborne Financial Planners | Gisborne Accounting Firms | Gisborne Bookkeeping Firms | Restaurant Accountants in Gisborne | Accountants for Manufacturing Business in Gisborne | Farm Accountants in Gisborne | Accountants for Medical Professionals in Gisborne | Accountants for Tradies in Gisborne | Company Accountants in Gisborne | Company Bookkeepers in Gisborne | Casino Accountants in Gisborne | Spa Accountants in Gisborne | Cafe Accountants in Gisborne

Phone: 03 97444522
Sunbury Office Address: 
Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 
45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437

 

 

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