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An individual taxpayer can also operate a business. Individuals are qualified to claim income tax deductions that relate to their income. Trading as an individual is the simplest and cheapest business structure to establish, but in high risk industries where you are liable to be sued, your personal assets may be at risk. A company is a legal structure that separates ownership of a business and business riches (and business debts) from the individuals who own the company. The owners of these shares own the company. If anyone person owns more than half of the issued shares they will handle the company. The shareholders in a company can be any type of entity (individuals, trusts, companies, superannuation funds). The issue price is the amount that the initial shareholders (and any succeeding fresh allotments by the Company) are required to contribute in order to receive up their shares. A company can carry on business and is subject to income tax on its asses sable income less allowable deductions. There is also the cost of preparing financial accounts and income tax returns. Any group of entities (individuals, companies, trusts) can together form a partnership for the purpose of earning income or carrying on a business. All income is distributed to the partners and each partner includes their share of the net partnership income in their own income tax return and they pay tax at their own rate. A plain partnership is effortless to establish and is not costly to maintain, however is does not generally yield limited liability protection to the owners. A believe is established when a person (called the settler) gives an amount of money to another party (the trustee) to grasp in trust for a nominated person or group of people (called beneficiaries). The rules of the believe are set out in a legal document called a believe deed. The trustee can be a company or individuals. A discretionary believe is one where the income of the believe is distributed to the beneficiaries at the entire discretion of the trustee. It is plausible for a person to specify in their will that they wish to have a believe established upon their death. Trusts have a similar set up cost to that of companies. A superannuation fund is a notable type of trust, established to provide retirement benefits for members. If a fund has less than 5 members it can elect to be a self managed superannuation fund (SMSF). The accumulation phase during which time members are accumulating funds through employer and or employee contributions together with the gain on those funds. During the accumulation phase, contributions that have been made by an employer or member contributions for which a tax deduction has been claimed are taxed in the fund at the rate of 15. Because we aim to be hands on with our clients, we plan, organism and structure your Company Taxes throughout the year with a review in June.
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