BUSINESS SERVICES

BUSINESS ENTITY ESTABLISHMENT

When establishing a business it is important to begin with the end in mind by considering both your business structure and future growth projections. Will you be a sole trader, partnership, trust or company? The choice will affect licensing requirements, how much tax you pay, your personal liability and your ability to employ staff as well as the amount of paperwork required. These factors all need to be taken into account. 

As your business grows or changes you may need to vary your business structure to bring in new partners or to protect your assets. At Perreemium we have extensive experience in establishing and changing business structures and our business services team will advise you on the advantages and disadvantages of each option and on the structure that will suit your current and future requirements. 

GST & BAS BUSINESS REQUIREMENTS

Businesses with a turnover of over $75,000 are required to register for GST. Businesses generally report and pay their GST quarterly or monthly. Perreemium have a team of dedicated professionals who can take the hard work out of reporting and lodging your business activity statement (BAS) so you can concentrate on your business rather than on paperwork. 

FBT (FRINGE BENEFITS TAX)

Businesses that provide certain benefits to their employees such as company cars, paid car parking and meal entertainment costs may be required to pay FBT. You can often claim an income tax deduction for the taxable value of the fringe benefit provided. Perreemium will advise you of the most advantageous way to package fringe benefits for your key employees and will lodge your annual FBT Return. 

PAYROLL TAX

If you are employing staff in Victoria and your monthly wages exceed a certain threshold (2015/16: $45,833 ) you are required to pay payroll tax. Perreemium can calculate the amount of monthly payroll tax payable and lodge your monthly returns. Indeed we have clients that outsource their entire payroll function to us. Speak to our business services team to work out a solution that fits your business needs.

ASIC OBLIGATIONS

Every company must ensure its Directors and Shareholders names and addresses are up to date so that ASIC's Company database is accurate. Perreemium can prepare and lodge all relevant forms with ASIC including the Company's Annual Return statement. Ask our team for more information on the requirements for the ASIC review.