Tax Efficient? Wealth Protection?
Have you ever ordered something online that didn’t quite fit?
Can the same be said for your existing business structure? Many business owners either inherit, are limited by start-up cashflow, or have simply just received inadequate advice when establishing their business or group structure.
From time to time it is necessary to step back from the day to day operations to review your current structure. Corporate structures evolve over time, often when business owner needs evolve. It is easy to get stuck on a treadmill and simply keep doing what you know, or what has been done before.
There are many reasons a restructure of businesses may be appropriate. One key area is asset protection and protecting the assets accumulated either personally, or held by a company. After all the effort that has gone into your business, you need to protect your wealth as much as possible.
Tax effectiveness is another key benefit that can be obtained by improving how profits are taxed. This is more vital than ever with the reduced tax rates introduced for companies that are classified as small businesses. The complexities of accessing the small business concessions, or even the general 50% exemption for any capital gains needs to be carefully considered.
To work out whether your existing structure is right for you please talk to one of our Client Managers, Damien Cameron, Scott Brooks, Courtney Dolan or myself, Cassandra Sharp, here at Maxim Accounting.
Written by Client Manager, Cassandra Sharp