The ATO gives free visits for small businesses exactly around this issue. We were going to find an accountant but we are not about to get a visit from a specialist at the ATO that will tell you exactly what your obligations are etc. We got a CD from them with pre-built excel spreadsheets too.
Even though the bastards take your money, you have to commend them for making it easy. Start here http://www.ato.gov.au/corporate/content.asp?doc=/content/00131220.htm&mnu=43337&mfp=001/003 Mike spellrus wrote: > Hi Langy > > I suggest you find an accountant that can grow with you - tell them > you want to start off small but you will be growing. > > As Elias says, it is actually more of a tax issue than anything else. > > Your accountant should be able to advise you on the following: > > 1) When best to transition from sole trader - pty ltd. I guess > irrelevant to you since you are a PTY etc. > 2) How much of your earnings to retain, and how much to "pay > yourself". This is quite dependant on what you want to do with your > business. Since if instead of "paying yourself" you can use the money > in the business, you get the deduction and you pay less personal tax > on it. The benefit in theory is increased equity and ultimate cash > flow. Downside is you don't get the money. > > I hope this helps :) > > Kevin > http://twitter.com/spellrus > > > > --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en -~----------~----~----~----~------~----~------~--~---
