New Company Structures

Capital Growth Partners provides advice and guidance with new business structures and registering companies.

When a company is registered under the Corporations Act 2001 ('Act') it is automatically registered as an Australian company. This means that it can conduct business throughout Australia without needing to register in individual State and Territory jurisdictions.

Businesses that are not companies (eg, sole traders and partnerships) are required to register their business name with the appropriate State/Territory authority (you can find a list on the Australian government's Business Entry Point site). However, this is not necessary if the business is conducted under the name of the person or persons involved; that is, first name and surname, or initials and surname.

We will guide you through the following steps:

Planning on your business structure Choosing a company name Determining if you will operate under replaceable rules or a constitution or a combination of both Obtaining consents - member(s), director(s) and secretary(secretaries) Completing and lodging the application form Getting a commemorative record of registration Acquainting you with your legal obligations

IAS

Australia was scheduled to adopt International Accounting Standards (IAS) from reporting periods beginning on or after 1 January 2005. In addition, the Australian Accounting Standards Board (AASB) has committed to harmonise Government Finance Statistics reporting (GFS) with Accounting Standards as a priority for the public sector.

Ask capital Growth Partners how this affects you.

BAS Returns

Advice to individuals, partnerships, trusts and companies on how to best prepare Business Activity Statements (BAS) is invaluable. The use of our skilled practitioners offers the opportunity to remove the confusion and reduce the work required when lodging BAS to Australian Taxation Office (ATO).

Fringe Benefits Tax

An often misunderstood matter of compliance, Capital Growth Partners provides a full advisory service on FBT

Tax is payable by employers who provide fringe benefits to their employees or to associates of their employees. This is the case whether or not the employer is the actual supplier of the benefit (for example, where the benefit is provided by an associate or under an arrangement with a third party).

If you provide a fringe benefit to your employees or to associates of your employees (typically family members), you may have a fringe benefits tax liability. This is separate from income tax and is calculated on the taxable value of the fringe benefits provided. Even if you are exempt from income tax, you may still have to pay FBT.

You may well need our advice on:

Common fringe benefits Common exempt benefits Registering for FBT FBT returns and payments Public benevolent institutions (PBIs) other than hospitals Public and not-for-profit hospitals Religious institutions, practitioners and others Non-profit companies and live-in residential care workers What organisations are eligible for a rebate? Reportable fringe benefits

General Advice - Tax Planning

General Tax

Businesses

GST

Businesses are required to charge GST at the rate of 10% on goods and services that they supply to customers. The GST payable is included in the price paid by the recipient of the goods and services. The supplier must pass on this amount of GST to the Tax Office.

If the recipient of goods or services is a business, it will normally be able to claim a credit for the amount of GST it has paid, provided it holds a tax invoice. This credit -called an input tax credit is offset against any GST which the business itself charges on goods and services it has supplied to its own customers.

The net effect is that businesses charge GST but do not keep it, and pay GST but get a credit for it. This means that they act essentially as collecting agents for the tax. The ultimate burden of the tax falls on the private consumer of the goods and services, as this person gets no credit for the GST he or she pays.

Capital Growth Partners provide advice and service in:

Registration for GST Who is obliged to pay GST Returns and tax periods Refunds

Income Tax Returns

Our practice offers general and specialised taxation advice and prepares taxation returns for individuals, partnerships, trusts, companies and superannuation funds that are lodged through the ELS system with the Australian Taxation Office (ATO), Australian Securities & Investments Commission and Australian Prudential Regulation Authority.

With access to international tax specialists, our tax consulting divisions offer a broad range of tax advice including corporate tax, international transfer pricing, personal tax effectiveness and indirect taxation including sales tax, payroll tax, research and development and GST. We produce a range of publications designed to keep you up to date with the latest tax changes and how they will affect you.

Company Joint Venture Individual & Sole Trader Trust Partnership Super’ Funds

ASIC

The Australian Securities & Investments Commission enforces and regulates company and financial services laws to protect consumers, investors and creditors.

ASIC has regulated financial markets, securities, futures and corporations since January 1991. From 1998 we became responsible for consumer protection in superannuation, insurance, deposit taking and, from 2002, credit. We report to the Commonwealth Parliament, the Treasurer and the Parliamentary Secretary to the Treasurer.

Business law is a labyrinth of compliance issues and matters. They are in many instances presided over by ASIC.

Your company

Starting, running, closing your company Lodging changes to company details ASIC forms Get a corporate key

Financial services

Homepage Licensing Compliance Relief Disclosure Training

Corporate finance & markets

Get a corporate key Financial services Auditors Financial reporting Markets Takeovers Fundraising