skip to Main Content

Mate’s Advice?

Robert Dalton from Seriously Good Accounting, provided Enterprise Connections members with an interesting overview on the problems you can encounter if you only rely on information from a bloke at the pub.  ‘Mate’s Advice’ carries a high level of risk because the person giving the advice is rarely qualified to do so, and they’re usually basing their comments from another unreliable source.

Guiding principles used by Robert when discussing tax and corporate structures with clients include:

  • KISS – If you don’t understand why, don’t do it
  • Every person is an individual – one size doesn’t fit all
  • Base decisions on commercial considerations, not tax minimisation
  • Tax Law has been updated to close loopholes, so compliance is important
  • The ATO will catch up with you one day, they have the power to review all your financial information at will.

Robert’s message was clear. If you started up as a Sole Trader and your business has evolved to become more successful, there can be advantages in transferring your business to either a company or trust structure.

When considering a change of structure, it is vital to speak to an accredited Accountant about the options available to you.  There are positives and negatives to each, depending on your particular situation.

Robert specialises in providing support to small and medium-sized business and because Seriously Good Accounting is a full-service accounting firm, you can rest assured you will get the best advice for your individual circumstances.  To book some time to speak to Robert go to www.seriouslygoodaccounting.com.au

Back To Top