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.
video key points
Presented By: Drew Pflaum
video transcript
Transcript available on the Startup Capital Raising page.
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.
video key points
Presented By: Drew Pflaum
With Thanks To: Ayman Al-Abdullah
References page.
video transcript
Transcript available on the Business Improvement Workshops, Sprints & Programmes 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 LeadersClaims of being a ‘Top 2% ranked Australian Accounting Firm‘ (and similar claims) are based on two separate assessments conducted by Munro’s on 9-10 August 2023 and 1 December 2023. The ranking is derived from a comparison of the total of each accounting firm’s overall star rating multiplied by each firm’s quantity of reviews as shown on Google Maps. A total of 4,235 Australian accounting firms listed on Google Maps were identified for the earlier assessment, and a total of 4,301 for the latter assessment, which may not represent a complete list of Australian accounting firms. Munro’s claims are based on Munro’s best estimation and represent a snapshot collected at the time of each assessment. If the assessment was to be conducted today, then it is likely that Munro’s ranking would have changed – Munro’s may or may not be in the Top 2% today. Also, the methodology does not account for other potentially relevant factors such as quality of service, expertise, or client satisfaction beyond Google Maps reviews.
video key points
Presented by: Drew Pflaum
video transcript
In December 2023, we conducted a review of Australian accounting firms on Google Maps, based on star rating and quantity of reviews.
Out of the 4,301 Australian accounting firms we identified on Google, Munro’s ranked number 44, placing us in the Top 2% of Australian Accounting Firms. We’re thrilled to share this fact with you and share those reviews on our website. We’d also like to thank all our clients who left us those wonderful reviews.
Thank you.
Excellent accounting service with a deep understanding of tax implications for SMSFs.
I was very impressed with Munro’s accounting service. Before I engaged with Munro’s, I met with accountants across Australia, but I decided to go with Munro’s because of their breadth and understanding of taxation.
Brian from Munro’s was able to quickly and efficiently complete my 2023 tax returns, and also provided additional advice and expertise on how I could better structure my affairs.
Originally, I briefed Munro’s to wind back my SMSF due to the administrative burden of managing it. However, Munro’s was able to clearly understand my affairs and prepare the tax documentation in a way that reduced the administrative burden. I was so impressed with their service that I decided to continue with the SMSF after all.
I highly recommend Munro’s to anyone looking for an accounting service with a deep understanding of taxation and SMSFs.
After “investing” in cryptocurrencies for the past few years I thought my tax return was going to be a nightmare. Cherie and the team at Munro’s have done a fantastic job at making my last two tax returns as easy as possible for me and I will be continuing to use their services in the future.
Had run into troubles with my personal tax return and immediately appointed Munro’s to act on this matter. Drew and Adam immediately handled my case and was sorted at God speed. Communication was great with all of them and it was easy to provide them with all the requested information.
Highly recommend them for all your accounting and taxation matter, including complicated cryptocurrency matters.
Highly recommend Munro’s accounting firm AAA +++
I was clueless when it came to processing my taxes for crypto, having a few years worth to file. Drew and the team were very thorough with their process and made it so simple on my end. Well worth the service.
At HiscoNFE we use Munro’s for all of our tax and accounting advice and we are always impressed with the quality of their service. The team at Munro’s is extremely knowledgeable, professional, helpful and affordable and Drew in particular is a guru when it comes to anything that involves tax. On the rare occasion where Simon has suggested we get a second opinion for a complex tax matter, the Munro’s advice has always been proven to be spot on! We highly recommend the team at Munro’s and we are very grateful for their support over the last 10 years. Sincere thanks from the owners at HiscoNFE!
I’ve used Munro’s for my past 3 tax returns. They are always very responsive to my enquiries and provide excellent advice when questioned. I now have a much better understanding of the tax obligations within my field of work and my investments thanks to them. It’s definitely worth paying for an accountant who knows what they’re doing! Cheers.
I’m a recent sign up who brought with me a backlog of work. Drew and team delivered on their promises and then some. Personalized service, responsive, thorough, up to date. Highly recommended.
I used Munro’s for the first time this past year for my tax. My situation was complicated, but this did not phase them. A massive thankyou to the team there including Drew and Christine. Their professionalism was excellent. I cannot flaw their efforts at all. It was a pleasure to deal with them. Thankyou very much Munro’s. See you next year.
When I first discovered Munro’s and spoke to Drew, it was clear that they would be the perfect solution to my accounting issues. Owing to the nascent nature of crypto, I struggled to find a firm knowledgable and confident enough to handle my vast transaction history, across many networks and numerous wallets.
Working closely with Rama, I have experienced nothing but prompt and clear communication at all times. I continue to be impressed with the accuracy, clarity and professional services I receive.
In my experience, I have found Munro’s services are always provided with courteous and bespoke correspondence.
Many thanks and congratulations to 50 years.
Sorry, I can’t join you in your celebration on 1st September.
However, I wish to thank you for all your wonderful service for more years than I can remember, especially Simon, Carl and Annette.
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