Starting a business is an exciting leap, but it can also feel overwhelming. Many entrepreneurs face challenges from choosing the right business structure to understanding tax obligations and setting up effective accounting systems.
At Munro’s, our Perth-based business accountants understand that your business is more than just numbers. It’s your dream, your livelihood and a foundation for future growth.
$4,000 (excl. GST)
Tax Minimisation Strategies ReportThe rest of this page is dedicated to providing you with an overview of the typical problems and associated solutions with regard to starting a business. These apply whether you are starting a business in Perth, elsewhere in WA or across Australia.
People have been coming to us for over 50 years for professional help when starting their business. When you’re ready to talk, book a meeting or send an enquiry.
The Problem
Choosing the appropriate business structure can be confusing. From registering for GST and organising BAS to implementing efficient bookkeeping systems, many new businesses struggle with getting their financial house in order from the start. The sheer volume of compliance requirements can be overwhelming, distracting you from focusing on your core business vision.
Our Solution
At Munro’s, we turn challenges into opportunities by:
Key Outcomes and Benefits:
Before starting a business, you absolutely must go hard at asking yourself: Is this going to be a worthwhile venture?
Solution
Thoroughly critique the idea/plan.
Outcome
Mitigate the chance of painful failure.
video key points
Presented by: Tanya Kamonphuangphan
video transcript
Transcript available on the Business Planning page.
How are you going to fund the business? What, if any, equity are you going to give away? What additional liabilities and risks are you going to take on? Will you have sufficient cash to survive and thrive?
Solution
Bootstrap, Government grant, Bank loan and/or Angel investment.
Outcome
The dollars you need to get started, survive and then thrive.
key insights
Valuable grants and special tax concessions are usually limited based on specific criteria, including the structure of the business.
Solution
Awareness, self-assessment and professional help.
Outcome
Flawless access to R&D Tax Offset, ESIC status, Government grant, etc.
video key points
Presented by: George Trundle
video transcript
Transcript available on the Tax Concessions & Grants for New Businesses page.
Tax is generally unavoidable, but the amount of tax you pay in the future will be heavily influenced by decisions made now.
Solution
Setup tax planning.
Outcome
Bare minimum tax.
video key points
Presented by: Rama Yudhistira
video transcript
Transcript available on the Tax Planning for New Businesses page
Operating a business increases exposures to extra liabilities and requires safeguarding of existing and new wealth as best as possible.
Solution
Basic asset protection + optionally advanced protection.
Outcome
At least the bare minimum wealth protection you should have.
video key points
Presented By: Saul Segal
video transcript
Transcript available on the Asset Protection for New Businesses page.
Whether you’re going into business with family or friends, it’s important to recognise that business life and the stresses it brings will give rise to new and sometimes challenging issues.
Solution
Clearly defined and understood intent with a proactive dispute resolution agreement.
Outcome
Mitigate the potential of messy and costly future disputes.
video key points
Presented By: Rama Yudhistira
video transcript
Transcript available on the Shareholders Agreement page.
We cannot stress enough how vital it is to setup an accurate accounting system from the beginning.
Solution
Startup bookkeeping.
Outcome
Clean financial information from the beginning as opposed to a costly, uninformative mess.
video key points
Presented by: Rama Yudhistira
video transcript
Transcript available on the Business Bookkeeping page.
Employment, tax and superannuation laws impose a heavy burden on employers and you must give this responsibility the attention and care it requires.
Solution
Skilful and pragmatic support with implementing employment basics.
Outcome
Legally compliant employment arrangements.
video key points
Presented by: Saul Segal
video transcript
Transcript available on the Payroll Accounting & Employing People page.
There is no one who knows everything about business. From the moment you start your business, you’ll need to continually upskill to meet the challenges. Don’t start from scratch; tap into the knowledge and learnings of others.
Solution
Sprints, blended learning, community insights and coaching.
Outcome
The best leader you can become, as quickly as you can get there.
key insights
With Thanks To: Ayman Al-Abdullah
References page.
How can Munro’s help minimise taxes for new businesses?
Our Perth business accountants analyse your financial outlook and recommend strategies that legally minimise your tax obligations. This includes focusing on tax minimisation in the short, medium and long term.
How can I manage cash flow effectively when starting a business?
We can help you set up forecasting tools and implement practical strategies, such as timely invoicing and expense monitoring, to ensure you always have sufficient cash on hand.
What is the price for your startup accounting service?
Our pricing is transparent and reflects the complexity of your needs. Please see our pricing page and then contact us for a personalised quote.
What do clients say about your business structuring and ongoing services?
Our approach has received praise from many business owners and you can read about this in our over 100 5-star Google reviews.
Do you help new business owners Australia-wide?
Yes. Although Munro’s is based in Perth, our business accounting services are available to business owners throughout Australia.
First Session is FREE (incl. GST)
Upskilling Event for Business LeadersThe team is very responsive to emails and their communication is good. I was dealing with Brian and Saul.
Congratulations on 50 years of accounting. We transitioned from Wesfarmers to Munros and have been extremely happy with the professional, efficient, courteous and friendly service provided by Barry, Simon, Ted, Christine and Noelene during that time
Looking forward to continuing the association for many years to come
Thank you to all the Staff members of Munro’s who have cared for our business over the last 50 years.
Always competent and friendly.Best wishes for the future.
The family began with Don Munro at Wesfarmers. Simon and his professional staff at Munros have continued to give excellent service and advice over many years. Lil Ward and Carol look forward to our association with you in the future. Congratulations on 50 years.
I can highly recommend Tony and Michael at Munros – they have done my family affairs for several years now and couldn’t be more happier with the service I receive. The quality and professionalism of the work is second to none.
We have been looked after by accountant Mr Carl Hansen. We are very grateful for his help on our tax matters. He is very thorough, knowledgeable and easy to approach. Highly recommend!
The team at Munro’s were incredibly understanding, helpful and professional when providing advice tailored to my needs.
I have been a client of Munro’s for 2 years and am very happy with their service. They have saved me a lot of time, effort, and money.
Great first experience at Monro’s! Took on the service expecting a sizable tax bill and ended up with a rebait, also learned about tax laws. Will defiantly be back next year.
I came over to Australia with a highly complicated cryptocurrency investing and trading portfolio. I never realised that I had to declare this in my tax returns as I had never cashed out into my bank account. I soon discovered that every transaction is taxable irrespective of whether or not you cash out. I contacted Munro’s in an outright panic and was put through to Cherie and explained everything to her. She immediately put me at ease and took control of my situation. From the start it was evident that I was in the care of a real professional tax consultant. I handed her a nightmare on a plate (3 years of highly complicated transactions) and she seamlessly worked through it. Cherie has incredible knowledge and experience and through this, Munro’s saved us thousands of dollars. I will remain at Munro’s until the very end. Thank you Cherie, you are the most knowledgeable and professional tax consultant that I have ever dealt with.
We have been with Munros for the life of our farming business. Munros staff are always so polite and helpful. Christine and her team are so professional, knowledgeable and have a thorough understanding of our business and what we wish to achieve going forward. We see them as a vital part of our business. We are very grateful for this relationship!
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