Starting a Business
Made simple with M2 Corporate
Anyone can open a business, but not everyone can build a successful one. In this day and age of cutthroat competition, starting a business can turn into a disaster without proper assistance.
If you’re trying to figure out how to start a small business or a larger enterprise and want professional advice, you have come to the right place. M2 Corporate can guide you throughout the whole process and various aspects.
How to Start a Business in Australia
There is no shortage of new businesses popping up and disappearing almost overnight. Many underestimate the hard work and dedication required to make a successful business.
As you know, setting up a company is a complex endeavour that needs savvy professionals taking the lead. Learning how to set up a company in Australia is vital to your business’ success. At M2 Corporate, we can simplify the critical start-up phase of your business and lay a foundation for future successes.
How your company is structured will determine a number of things, including your tax position and profitability. We are here to make sure you are poised for success.
Our professionals will help you evaluate your business plan’s financial aspects and ensure you are on a solid path to success. We will do this in several ways, including planning your budget, helping you identify unexpected costs, and providing solutions to issues like insurance cover and IT.
We will call your attention to details that you may not have considered, such as:
- Tax and compliance issues
- Proper separating of business and personal finances
- Record keeping guidance
- Business Software
- Ensuring you are meeting government requirements and regulations
At M2 Corporate, our experienced team of professionals will work side by side with you to build the business you have always wanted. As we work with you to get your company set up, we will keep an eye on your future by making sure your company has room to grow and diversify as you see fit.
It is often assumed that trusts are for the ultra-rich of the world. However, setting up a trust is an efficient way to manage the assets of any business.
Contrary to what some believe, a trust is simply a business structure without a traditional owner or owners. The responsibility for managing, holding, and operating the trust assets for the beneficiaries falls upon the trustee.
Trusts are often complicated, but the experts at M2 Corporate have extensive knowledge regarding how to set up a trust. They will use their experience to put your business in the best possible position moving forward.
A trust setup is a popular way for you to protect your assets and ensure that others will receive what they deserve. Even though trusts can be expensive to set up and operate, one of the biggest plusses of creating a trust is how the assets are taxed. With a trust, the beneficiaries receive the company’s profits in a flexible manner. They must pay taxes according to individual tax rates, so the trust pays zero taxes.
Important Facts About Trusts:
- A trust is not a separate legal entity
- The trustee is legally responsible for the operation of the trust and is also legally liable for the debts of it
- A trust can only distribute gains, not losses
- Trusts must have their own tax file number (TFN) and ABN
- There are annual formal administrative tasks the trustee must undertake
- Trusts must register for GST if their annual turnover exceeds $75,000
- A trust must pay super for its employees
While it is easy to see the benefits you will experience for your company, learning how to set up a trust in Australia is rather complicated. M2 Corporate experts can assist you in setting up your trust so that you can use it to your business’s advantage.
Your company’s tax obligations are a significant matter that requires expert attention. M2 Corporate’s experienced team will make sure you remain in good standing with the ATO.
Our experts know how to save you money by using tax minimization strategies. We will ensure that you are not paying out more than you should. In some cases, our clients pay close to zero on income because we have a working knowledge of the tax codes. This means you are able to keep more of what you earn while still complying with the ATO.
Because we take the time to get to know you and understand your plans, M2 Corporate advisors can accurately forecast tax obligations coming in your future as well as speak with the ATO on your behalf.
M2 Corporate advisors stay on top of tax laws and obligations for nations across the globe. In addition to tax planning strategies, we offer solutions to various tax compliance requirements.
Our clients find this to be extremely helpful when they are venturing into the international realm of business where they may not have much experience.
Our tax specialists also help your business in its day-to-day operations involving tax strategies for payroll, Goods and Services payments, pay-as-you-go, and superannuation payments.
Tax legislation is complicated and is in a seemingly constant state of change. M2 Corporate advisors can use their experience to help you with many other tax-related situations. Our team can work with you in the areas of property taxes, research and development tax concessions, as well as your charity tax concessions.
You have spent years creating your portfolio. However, without adequate asset protection, the wealth you have spent years working to build is woefully unprotected.
In an era where frivolous lawsuits are commonplace, you simply cannot afford to be without an asset protection plan. Especially when you genuinely run the risk of losing everything due to questionable litigation.
A crucial part of asset protection is that it works within the confines of the law. There are no questionable practices such as illegal practices of hiding the assets, contempt, fraudulent transfer, tax evasion, or bankruptcy fraud. Your wealth is legally guarded by the various processes available to you.
M2 Corporate advisors frequently tell clients that the best time to create a plan for protecting assets is well ahead of any claims against the assets. Even if you do not see your wealth as massive, you have earned it and deserve to keep it.
The advisors at M2 Corporate have worked with hundreds of business owners to help decide which of the asset protection structures in Australia will have the most significant impact on the protection of assets. Often, misinformation causes havoc for business owners.
A common misconception is that the assets are safe by putting property in the name of a spouse or de facto partner. However, seizing property from a spouse is common.
One frequently used safeguard is the asset protection trust. The trust works because the trustee technically does not own the assets in question. They are managers of the trust on behalf of the beneficiaries. So, if a lawsuit comes against the trustee, the assets held in the trust are secure and cannot be subject to seizure.
Aside from baseless lawsuits, M2 Corporate provides business owners the asset protection strategies needed to safeguard against claims from creditors, taxation, bankruptcy, and attempted seizure of assets because of relationship breakdowns.
Even before your business is up and running, you need management in place to take on the challenges of operating a business.
M2 Corporate advisors can have you and your company ready to take on day-to-day activities because of the management accounting that took place in the early stages of your business.
Management accounting is crucial for long-term planning and short-term decisions. At its core, accounting management provides detailed reports giving financial information business owners need to make accurate and deliberate decisions. The experts in the field from M2 Corporate use financial information to help guide your business towards the goals you have in place.
Our management accountants weigh in on many vital facets of business, including:
- Evaluating the rate of return to help you decide if the time is right to make a significant investment or choose between several investment opportunities.
- Predict cash flow and make budget recommendations and trend charts based on findings. Business owners will use this information to make decisions moving forward to allocate resources so goals are achieved
- Gather insights regarding production costs and product availability to determine if the company should purchase ready-made products or if in-house production is a better option.
- Make forecasts that assist business owners in making decisions in the future. By spotting trends and interpreting company data, our M2 Corporate management accountants can show various potential scenarios brought by making business decisions
What Our Clients Say
Fairview Plumbing & Gas
We have used M2 Corporate from the get go with our small business which was established in 2012. We have received the most amazing support from Mace, Mario and all there staff and nothing but the upmost professionalism across the board. There knowledge in all aspects of not only accounting but business has saved us so much time and effort trying to outsource solutions for any issues we have encountered.
- Joel Fienberg - Fairview Plumbing & Gas
Mace and Lin are constantly searching for new ways to support my business. Their help is always efficient and friendly. So grateful to have them as part of my success team.
- Kylie Falconer - KX Pilates
Perth is OK!
The team at M2 Corporate have helped streamline our business financials so that we can spend more time doing what we do best.
- Luke Whelan - Perth is OK!
Great, we love M2, they are really helpful, highly professional, they genuinely care about my business, they want me to be successful, if I’m successful then they are too.
- Lifeskills Australia
M2 corporate have been great since coming across a couple of years ago. Whilst my business is only small they still have plenty of time for my needs and support is always available. I feel they always have my best interests at heart and will be there as my business potentially grows in the future.
- James Leeming
We’ve been working with Mace and the team at M2 for 5 years now. Lin, their bookkeeper is an absolute gun, and keeps the books up to date and shipshape! Mace and his team are amazing at responding to any questions we have, and often take issues completely out of our hands and return them resolved. M2 is an excellent asset to any business, and we are so financially better off because of them.
- Jessie McGarry
M2 Corporate and the whole team are fantastic. They are extremely professional helpful and no job is too big or small. I have referred many of my self employed and PAYG clients who have always been very impressed with their services.
I personally use their services for my annual tax compliance and they always get me great results along with providing clear, professional and detailed advice!
I would highly recommend using there services to any friends and family.
- Corey Pace
The business model or structure of your business should be determined right from the start. It is crucial, especially because the form you select has tax implications. You need the best in the industry to decide on which business entity to go for. It can affect not only the taxes you pay in the future but also who will invest in your company. Your business structure also influences your financial security.
You have different options for your business model, including sole proprietorship, partnership, corporation, and LLC among others. An accountant will help you identify the pros and cons of each, so you figure out the most suitable type for your business.
From legal protection to tax exposure to administrative simplicity, all these components are designed by the business model you go for while ensuring your business procedures comply with the rules and requirements set by the government.
Before you operate, you must know about your financial statements. These documents will explain to you the ins and outs of your business. M2 Corporate accountants will provide advice on the different aspects of your budget, including payroll and other payments.
The business budget is a part of your business plan that outlines how and where you will spend your money in a given period. M2 can steer you in the right direction, so you will understand what’s right for your business and where the funds should go.
We can forecast how much you can earn and plan the best for your revenue. Additionally, we will give you helpful advice on how you can track your expenses for every business activity you engage in, explaining the importance of certifying your business and personal expenses remain separate.
Every business needs investors to thrive. M2 Corporate can help you build your investor relations while guiding you on how you can retain them. We make it our goal to ensure that your investor relations objectives are met.
You can find investors in many ways, including chance encounters, meeting invitations, and years of press releases. Of course, you will require a good track record that will get you the deal you want.
No matter how you plan to win investors, the real challenge lies in how you intend to convince investors to commit their capital to your business. Our years of experience, however, speak for us, along with the number of clients we have served throughout our time in the industry.
About M2 Corporate
M2 Corporate is your local accounting firm. We offer a range of services to help businesses and individuals plan for the future, reduce their tax liability and maximize their wealth. Let us help you with all your accounting needs. We’ve got years of experience to draw from, so give us a call today!
Why M2 Corporate
We provide accounting and tax services to individuals, companies of any size, and small businesses. We specialize in providing our clients with expert advice on all aspects of business ownership and management. Our staff have a wealth of experience in accounting matters and can assist you with your financial affairs.