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Tax Planning for New Businesses in Western Australia
Every decision you make when starting your business – from choosing the right structure to setting up financial systems – can have a profound impact on your tax liabilities over the short, medium and long term.
What should you focus on first? And how can you ensure that your early choices lead to long-term savings?
At Munro’s, we understand that a smooth business start means more than just getting your paperwork in order—it means setting up a tax strategy that paves the way for future growth. Our business accountants in Perth specialise in guiding new business owners through proactive tax planning, ensuring that your decisions today create a strong foundation for tomorrow.
The Problem
Many new business owners jump in without fully appreciating how initial choices affect tax outcomes for years to come. Whether it’s choosing the wrong business structure, overlooking key deductions or not realising the long-term implications of your early financial set-up, these missteps can lead to:
- Excessive tax liabilities that reduce your working capital.
- Missed opportunities for legitimate tax concessions and deductions.
- Long-term complications in managing cash flow and planning for growth.
These issues not only affect your bottom line in the early stages but can also compound over time, ultimately limiting the potential to grow or exit a million-dollar-plus business.
Our Solution
Our business accountants firmly believe that the right advice at the outset can transform your financial future. Our Advanced Tax & Asset Protection Strategies report is designed to provide you with a roadmap for long-term tax minimisation.
Here’s how we approach the challenge:
- Comprehensive Assessment
- Strategic Planning
- Actionable Roadmap
- Ongoing Support
Key Benefits & Outcomes
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Long-Term Tax Savings: By setting up your business correctly from day one, you avoid paying more tax than necessary. Our proactive planning helps secure significant savings over time.
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Improved Cash Flow: With reduced tax liabilities and efficient planning, you retain more cash to reinvest in your business, supporting ongoing growth and operational stability.
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Peace of Mind: Knowing that every decision is backed by thorough analysis and specialist advice removes guesswork and uncertainty.
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Tailored Solutions: We don’t believe in one-size-fits-all. Our recommendations are based on your unique situation, ensuring that every piece of advice is directly relevant to your business needs.
Your Journey to Tax Efficiency Starts Here
Every business deserves a strong start. Whether you’re just setting up or in the early stages of growth, getting the right tax planning advice can make all the difference. It’s not just about saving on taxes today—it’s about securing a robust financial future for your business.
Don’t let the complexities of tax planning hold you back. Book a free Get To Know Each Other meeting with our team of specialist business accountants in Perth, and discover how we can help you minimise your tax burdens while setting your business on the path to success.
Read Key Points & Transcript
Minimising Tax In The Short, Medium & Long Term for a New Business
video key points
- Proactive tax planning allows business owners to legally minimise taxes, reinvest in their business or personal enjoyment, and manage cash flow with clarity on tax obligations.
- Choosing the right entity structure (Sole Trader, Partnership, Company, Fixed and Family Trusts) is critical and tailored to individual circumstances for optimal tax benefits.
- Income splitting through family trust structures with a company as trustee can significantly reduce tax liabilities over time.
- Utilising structures that enable income splitting and accessing Small Business CGT Concessions during the sale of a business can result in substantial tax savings, potentially reaching zero capital gains tax.
- Aspiring business owners are encouraged to consult with a trusted advisor to navigate and benefit from strategies for legally minimising taxes.
Presented by: Rama Yudhistira
video transcript
Paying taxes is generally unavoidable and tax evasion is illegal. As a business owner with great ambitions, you can use proactive tax planning to legally pay no more than the bare minimum tax.
A couple of the main benefits of proactive tax planning are that you keep your money away from the ATO, legally, allowing you to reinvest into your business or enjoy personally, and you can better manage cash flow because you have a clear understanding of what taxes are going to be due at what time.
To ensure that you pay the bare minimum tax, you must be ‘proactive’.
It begins with selecting the right entity structure.
There are various business structures that are available:
- Sole Trader
- Partnership
- Company
- Fixed and Family Trusts
Believe it or not, there is no one-size-fits-all solution for this. As trusted advisors, our duty is to educate you and work together with you to decide on the best structure for you.
Here’s an example with regards setting up for future tax success, involving a family who first want to buy a business, and after many years, end up selling it.
When they are considering buying the business, we’d analyze their unique circumstances and, help them select a family trust structure with a company as trustee.
In this example, this is the desired structure because it would allow for income splitting across the family.
During annual tax planning, the proactive step to use a structure that enables income splitting, would then play a critical role in minimising taxes over many years.
Eventually, when the business is sold, thanks to proactive steps taken when choosing the structure, and for decisions made during yearly tax planning, this family is able to access the Small Business CGT Concessions; providing the wonderful benefit of zero capital gains tax.
So, if you are an aspiring business owner, don’t hesitate – reach out to us so that you can have a chat with a trusted advisor that truly cares about legally minimising your taxes.
Frequently Asked Questions for New Business Tax Planning
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What is tax planning for new businesses?
Tax planning for new businesses involves strategically arranging your business structure, income, expenses and financial systems from the outset to minimise future tax liabilities. It ensures that your early choices contribute to long-term savings. -
How can a business accountant help me minimise taxes?
A business accountant will assess your business’s financial setup, identify potential tax pitfalls and develop a tailored strategy to ensure you take advantage of all available deductions and concessions. Our specialists guide you every step of the way to optimise your tax outcomes. -
Why should I invest in an Advanced Tax & Asset Protection Strategies report?
Starting your business with the right advice can significantly impact your future tax liabilities. Our report provides a detailed roadmap for tax minimisation and asset protection, helping you avoid costly mistakes and build a solid foundation for growth. -
What are the long-term benefits of effective tax planning?
Effective tax planning not only reduces your current tax burden but also improves cash flow, supports longer-term growth and increases your business’s overall profitability. This means more resources available for reinvestment, expansion and personal enjoyment. -
Are your tax planning services available Australia-wide?
While Munro’s is based in Perth, our tax planning services are available whether you are in WA or elsewhere in Australia. -
How do your clients rate your tax planning services?
Our clients frequently highlight our responsiveness, specialist advice and the peace of mind we provide. You can read about this in our over 100 5-star Google reviews praising our proactive approach. -
What is the price for your tax planning service?
Our pricing is transparent and reflects the complexity of your needs. See our pricing page and then contact us for a personalised quote. -
How do I get started with your tax planning service?
It all begins with a free Get To Know Each Other meeting. During this meeting we’ll discuss your business needs and start to outline how our proactive approach can help you minimise taxes from day one.
Accounting & Advisory for New Businesses
Starting a Business
Buying a Business
Advanced Tax & Asset Protection Strategies Report
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- Call Us 1800 818 924
- Email Us hello@munros.com.au
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308 Fitzgerald Street
Perth WA 6000