Asset Protection

Making sure your business assets find themselves in the right hands is essential. We can review your current business structure and find the most appropriate structure suited to you. Key considerations include changes to tax regulations, changing family and personal circumstances, income and capital gains tax.

New Business

If you have a good idea for a new business venture but don't have expertise in the legal or financial aspects of creating a new business entity.

Getting things right the first time is always more time & cost efficient. We are here to assist you every step of the way when buying or starting a new business. This includes helping you with the most appropriate structures, taxation issues and regulations, GST and obligations to employees for the new business venture.

Here are a couple of suitable structure for a business - Sole trader, partnership, trust, or limited company.

LBWA can setup the best structure to suit your circumstances and budget.  With the right entity registrations with the ATO and ASIC.

Business & Investment Structures

When it comes to selecting the most appropriate structure for your business or investment, we always recommend you ‘start with the end in mind’. Australian tax laws are complex and changing your business structure at some point in the future can trigger a capital gains tax event that could prove costly.

There are a few things to consider when choosing the best structure to suit your circumstances:

  • Minimisation of Income Tax
  • Maximise Asset Protection
  • Allow for the admission of New Business Partners or Investors
  • Comply with all Legal Requirements in your Industry
  • Future entitlement to Discount Capital Gains Tax Concessions

When choosing the right structure, you need to consider the profit of the business, the current tax position of all stakeholders and the risk profile of the industry. In some cases, you might also need to consider if it will be easier to do business in your industry as a sole trader or company or trust.

When it comes to structures there are a range of options. The most common structures in Australia include Sole trader, Partnership, Company and Trust (Discretionary (Family), Unit or Fixed).

Each type of business/investment structure has its own set of rules & regulations and impact on important issues like asset protection, tax rates, availability of discount capital gains concessions and treatment of carry forward tax losses.

Estate Planning

At Life, Business & Wealth Accountants, we want to ensure that when the inevitable happens you have everything in place to make sure you control the distribution of your estate – no matter how big or small.

To ensure your wishes are carried out and not left in the hands of a public trustee.  You need to provide instructions stating who is to receive your assets, how much and when. Naturally, you want this to happen with a minimum of fuss, legal costs, court costs and tax. In essence that is what an estate plan is, however, good estate planning is much more than that and includes:

  • Instructions for your care if you become disabled before you die;
  • Name a guardian and an inheritance manager for minor children;
  • Provide for family members with special needs without disrupting their entitlement to government benefits;
  • Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce;
  • Include life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in the event of an extended illness or injury;
  • Provide for the transfer of your business at your retirement, disability or death;
  • Minimise taxes, court costs and unnecessary legal fees;
  • Be an ongoing process and your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.