Drew was extremely helpful and professional. Highly recommend!!
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Accountants for Starting a Business
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.
Most Popular Accounting Services for New Businesses
Advanced Tax & Asset Protection Strategies Report
$4,000 (excl. GST)
Tax Minimisation Strategies ReportAdvice from Accountants for Starting a Business in Western Australia
The 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:
- Providing Tailored Structure Advice: We recommend the optimal setup (company, trust, etc.) to minimise tax and protect your assets.
- Setting Up Robust Financial Systems: We guide you through GST, BAS and modern bookkeeping to keep your business organised and compliant.
- Offering Ongoing Advisory Support: Our Perth-based business accountants remain available to you, ensuring proactive cash flow management and strategic planning.
Key Outcomes and Benefits:
- Lower Tax Liabilities: Benefit from customised tax strategies and small business concessions.
- Clear Financial Insights: Enjoy real-time reporting and accurate records for better decision-making.
- Peace of Mind: Focus on growth, knowing our dedicated business accountants have your financial setup covered.
Problem 1: A Worthwhile Venture
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.
Read Key Points & Transcript
Validate Your Business Idea
video key points
- Critically evaluating your business idea for viability is the first and most crucial step for prospective business owners, ensuring it meets a genuine need with a sound business model.
- The sustainability of your venture depends on offering a product or service at a price that covers costs and yields a market-based Total Return to Owners of at least 15% annually.
- Validating your business idea and understanding the financial capital required to not just start, but to thrive, are fundamental.
- Recognising the ‘extra’ responsibilities that come with business ownership is essential, alongside the resources available to navigate these challenges.
- Accessing wisdom through books, videos, podcasts, professional help, and business communities can provide guidance and insights.
- Explore Munro’s Business Academy for insights and holistic advisory services to support your business journey.
Presented by: Tanya Kamonphuangphan
video transcript
Transcript available on the Business Planning page.
Problem 2: Raising Capital
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.
Read Key Points & Transcript
Startup Funding in Australia
video key points
- Building a startup requires transitioning from an idea to a minimal viable product (MVP), assembling a team, and finding product-market fit, all while considering funding to fuel growth.
- Founders must decide whether to bootstrap, pursue debt funding, or raise capital, understanding the implications of each choice on business ownership and direction.
- It’s essential to determine the purpose of raising funds, the minimum viable amount needed, and the maximum necessary to avoid diluting ownership unnecessarily.
- Different stages of startup funding attract distinct types of investors and funding amounts, with considerations for equity distribution and strategic investor relationships.
- Entrepreneurs are advised to be prepared for investor negotiations, understand the legal and regulatory implications of raising funds, and maintain transparent communication with investors post-funding.
Presented By: Drew Pflaum
video transcript
Transcript available on the Startup Capital Raising page.
Problem 3: Accessing Grants & Special Tax Concessions
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.
Read Key Points & Transcript
Proactive Planning To Access Business Grants & Tax Concessions
video key points
- Optimising your business’s entity structure is foundational to meet eligibility criteria for grants and special tax concessions.
- Awareness of available grants and tax concessions is crucial; achievable through engaging with business communities, subscribing to relevant newsletters, and utilising tools like the Federal Government’s Grants and Programs Finder.
- Time sensitivity of grants and concessions necessitates prompt application and implementation to secure benefits, underscoring the value of proactive planning and timely action.
- Maintaining current tax registrations and timely lodgement of tax returns is critical, ensuring your business is always positioned to capitalise on beneficial opportunities.
Presented by: George Trundle
video transcript
Transcript available on the Tax Concessions & Grants for New Businesses page.
Problem 4: Setup for Future Tax Success
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.
Read Key Points & Transcript
Proactive Tax Planning For The Whole Business Journey
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
Transcript available on the Tax Planning for New Businesses page
Problem 5: Assets & Liability Protection
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.
Read Key Points & Transcript
Guarding Wealth With Smart Asset Protection
video key points
- Proper asset protection is crucial when starting or buying a business, ensuring the safeguarding of assets and wealth.
- Principle #1: Business risks must be kept separate from investment assets, necessitating at least a “Level One” structure comprising a Trading Entity and an Asset Holding Entity, with the latter avoiding business relationships.
- Principle #2: Designate one individual within a Family Group as the “Risk-Taker” and another as the “Asset-Holder,” ensuring the Risk-Taker engages in business activities without holding assets in their name, making them less appealing for legal action.
- For effective asset protection, the Asset-Holder should own the family home outright and secure sufficient income to cover loans and asset repayments, preventing financial vulnerabilities in case of the Risk-Taker’s bankruptcy.
- To further explore asset protection strategies and their importance, see the Wealth Protection for Business page; or book a Get To Know Each Other meeting via the How We Get Started page.
Presented By: Saul Segal
video transcript
Transcript available on the Asset Protection for New Businesses page.
Problem 6: Going into Business with Others
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.
Read Key Points & Transcript
Prepare Before Staring A Business With Others
video key points
- Partnering in business offers potential ease but also complexity; consider vision alignment, defined roles, and conflict resolution systems.
- Critical to establish a fair shareholders’ agreement and a plan for potential exit scenarios to protect relationships and business integrity.
- Advising on partnerships involves scrutinising agreements for fairness, ensuring your interests are protected.
- An example is discussed where a client is advised against an unfavourable agreement, highlighting the importance of professional advice in safeguarding interests.
- Don’t hesitate to reach out for a preliminary discussion before entering partnerships so that you maximise success chances and protect your interests.
Presented By: Rama Yudhistira
video transcript
Transcript available on the Shareholders Agreement page.
Problem 7: Setup Bookkeeping in Xero, MYOB, Quickbooks, etc
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.
Read Key Points & Transcript
Setup Accurate Accounting from the Beginning
video key points
- Maintaining accurate financial records is crucial for business success, yet it’s commonly neglected or mishandled.
- The initial setup of an accounting system, if done inaccurately, can lead to costly mistakes affecting time and financial resources.
- A professional example highlights the complexities and potential mess arising from self-managed bookkeeping connected with professional software.
- Key accounting tasks such as payroll, debtor collections, creditor obligations, and GST compliance grow in complexity with business expansion, requiring skilled bookkeeping.
- Effective bookkeeping delegation relies on a well-functioning system, underscoring the value of professional setup to save time and money and support business growth.
Presented by: Rama Yudhistira
video transcript
Transcript available on the Business Bookkeeping page.
Problem 8: Employing People
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.
Read Key Points & Transcript
Must Knows For Employing People
video key points
- Before hiring, assess your business needs to decide between a contractor and an employee, considering tasks, skills, workload, duration, and employment type (full-time, part-time, or casual).
- Comply with Fair Work Employment Standards, including issuing payslips, adhering to minimum standards and pay rates, providing paid annual and personal leave for full and part-time employees.
- Meet legal obligations such as PAYG Withholding, superannuation guarantee contributions, workers’ compensation insurance, and consider additional insurances to safeguard your business.
- Set up systems including Single Touch Payroll (STP) for up-to-date payroll reporting to the ATO, SuperStream for efficient superannuation payments, and prepare a detailed employment agreement to protect your business’s intellectual property.
- Hiring and managing employees is an ongoing relationship requiring communication, feedback, and support to build a motivated team. For assistance with business and employment matters, we’re here to help.
Presented by: Saul Segal
video transcript
Transcript available on the Payroll Accounting & Employing People page.
Problem 9: Business Ownership Education
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.
Read Key Points & Transcript
How Business Leaders Acquire Capabilities For Growth
video key points
- Managers, while experts in their domains, often lack crucial leadership skills for sustained business success, underscoring the need for focused training and coaching in business leadership capabilities.
- The wisdom of Ayman Al-Abdullah, echoing JFK, suggests that leadership and learning are intrinsically connected, highlighting the misconception among some leaders that reaching a leadership position negates the need for further learning.
- Incremental improvements in knowledge and skills by leaders can have significant, positive impacts across their organisations, leveraging leadership as a tool for widespread improvement.
- Addressing the challenges of leadership capability development involves determining the timing and extent of learning, identifying essential skills aligned with business strategy, and choosing effective learning modalities to combat the forgetting curve.
- Emphasising the importance of learning for results rather than mere knowledge accumulation, Munro’s offers tailored learning programmes and leadership improvement initiatives through Munro’s Business Academy as practical steps towards enhancing team performance.
Presented By: Drew Pflaum
With Thanks To: Ayman Al-Abdullah
References page.
video transcript
Transcript available on the Business Improvement Workshops, Sprints & Programmes page.
Frequently Asked Questions for Starting a Business
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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.
Where To Begin
Come Along To An Improve Session
First Session is FREE (incl. GST)
Upskilling Event for Business LeadersTop 2% ranked Australian Accounting Firm
Claims 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.
Read Key Points & Transcript
video key points
- Top 2% ranked Australian Accounting Firm is based on two separate Munro’s assessments of Google reviews for Australian based accounting firms on 9-10 August 2023 and 1 December 2023.
- Both assessments found Munro’s to be in the Top 2% (position 66 out of 4,235 and position 44 out of 4,301 for the assessments, respectively) when a ranking was 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.
- 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.
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.
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I have to give a shout out to Munro’s. They were very professional and quick to respond to my tax and accounting questions. Awesome job guys, Thanks 👍
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Mike assisted with our farm succession planning. Thanks to Mike’s in depth knowledge on this subject, this process has been smooth and amicable. We highly recommend Mike and his team for family business succession.
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We worked with Ben and his team from MUNRO’s accountants in Perth during a business purchase and due diligence process, and were absolutely impressed with their service. Their attention to detail and strong, practical advice gave us complete confidence throughout. Highly recommend for any Perth business looking for reliable and professional support.
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I highly recommend Munro’s for their brilliance and hard work. Saul, Sanjay and the Munros team are highly capable and passionate in their dealings with their clients and have been a strong pillar in navigating through my Taxes and Accounting over the past few years. They are exceptionally knowledgeable in their field of expertise and up to date with the latest policies/requirements and very easy to work with as they understand the client’s needs. I want to express my sincere gratitude and thanks to especially Saul and Sanjay for their professionalism, great advise, friendly attitude and major efforts in assisting me with my Taxes/ accounting. I couldn’t have asked for a better team than Munro’s.
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Munro’s provided me with the exact accounting and tax advice I needed. I highly recommend Munro’s to anyone who is searching for a professional accounting firm that goes the extra mile to help their clients.
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Drew, Simon and the team at Munro’s have been our family and business accountants for many years now. They provide excellent service and advice. We would not hesitate to recommend them to others.
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Munro’s were able to take complicated tax matters like cryptocurrency trading income for a new company and turn it in to a simple solution for me. Drew has always been amazingly patient and helpful, answering emails quickly and taking the time to respond thoroughly so the matter could be clearly understood. Highly recommended for any tax accounting needs!!
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This is such a great team! I was behind in my crypto accounting and I received clear instructions and assistance to bring all of my accounting up to date this year. I recommend Munro’s to everyone, especially people using crypto currency. This team are experts in this field!
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My husband and I were looking for some advice on a short time frame with regards to purchasing a piece of farmland. We had an offer in hand and a peculiar clause that we needed advice on. Adam Carter was prompt, detailed and courteous in all dealings with us. He helped us meet our deadline, understand the consequences of each available option and now establish our small farming enterprise. We cannot thank him and the team at Munro’s enough. Highly recommend their services.
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On behalf of our farming family, congratulations on 50 years. We have been with Munros 3 generations starting I think when My Grandmother switched at the start. My late Father always had good dealings with whoever was assigned to us which there have not been too many over the 50 years which I think may be a reflection of the stability and integrity of Munros. Simon Strawbridge who was the new kid on the block back in my fathers day and the rest of the team has always provided us with great service and we thank the whole team for their support over the years.
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Congratulations Munro’s… on your 50th year celebration.
It has been a pleasure working with you, since we opened our business 8 years ago. In particular, Ben Paul has been supporting us for the whole journey so far and we can highly recommend his expertise & friendly service.
Geoff, Doug & Yvonne Harwood
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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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Drew has been exceptional. Very knowledgeable, easy to understand, timely with his responses, he came in to bat for us when we needed someone to do that. Highly, HIGHLY recommend.
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Drew and the team at Munros have managed our tax for the past 4-5 years. Drew has the expertise to resolve all our queries and always provides excellent service. We would highly recommend Drew and team.
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Thanks Mike and the team for making it easy to process my personal tax and for answering all my questions and concerns around CGT.
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Munro’s have been our accountants, both for business and personal, for 50 years. During that time we have been really happy with the work done for us. The personel have always been professional, welcoming and efficient form the person at the front desk who greets you, to the people who handle your work.
Congratulations and best wishes for the future.
PS It does help that Simon supports the right footy team but he is not as good at tipping as he is at accounting!
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Munros was really helpful in listening to my situation and taking their time in pointing me to the right direction for my complex tax matters. I high recommend their services!
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One of the best decisions we made was switching our accounting services to Munro’s. Especial thanks for Saul and Brian for their extensive knowledge, understanding our business requirement, goals and most importantly keeping us compliant. Extremely happy to engage with this organisation and team.
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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
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Accountant Drew was very helpful with a detailed insight to capital gains tax and reset period shall we sell our property. Drew contacted five minutes after I enquired to the office and followed up with this assessment
The tax tribunal has said that a common-sense assessment applies when considering the varying number of factors and even conflicting circumstances when determining if a house is someone’s main residence. In your case, the Bunbury house may have become your main residence for that short eight week stay if you moved a great deal of personal belonging there. However, a common-sense assessment likely suggests it did not become your main residence (at least on the facts that I know). If it didn’t become your main residence, then the maximum period you can claim the property as your main residence for the period since 2018 is 6 years. I.e. 2018-2014. For the period 2024 onwards, the main residence exemption cannot apply. You could, however, move back in and re-establish it as your main residence and then move out and rent again, which would restart the absentee rule. However, you still would not get the main residence exemption for the period 2024 to the time you moved back in because the maximum 6 years has expired for this current period of absence.
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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.
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Perth WA 6000