When you’re considering setting up a company, it’s essential to be aware of the specific legal and tax requirements involved. These include lodging an annual tax return with the Australian Taxation Office (ATO) to report your company’s income, expenses, and investments. This information helps the ATO determine your tax obligations.
At TMS Financials, we support you through every stage of establishing and managing your company. We help ensure your business adheres to the Corporations Act and ATO guidelines, from registering your company and acquiring an Australian Company Number (ACN) to handling your ongoing business structure and compliance needs.
Our aim is to help your company fulfill its legal and tax duties so you can concentrate on expanding your business. We handle the complexities of legal compliance, enabling you to focus more on your business operations and growth.
Why choose TMS Financials?
Company Registration and Structure Guidance
Legal Compliance
Director Identification Number (DIN)
Lodge your Trust Tax Return with TMS Financials
We’re an Australian tax accounting firm with 30+ years of experience serving business owners and investors. Our reputation for reliability and exceptional client service is built on providing accurate financial advice and asset protection. We remain committed to serving our clients with integrity, professionalism, and quality, and have the expertise to help you succeed.
TMS Financials is online now
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INDUSTRY ASSOCIATIONS
TMS Financials is a proud member of the following
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Eng Sivieng
Principal of TMS Financials
We strive to build long-term relationships with our clients and to be a trusted advisor for all their financial needs.
Registered Office and Annual ASIC Statements
Steps on How to Register a Company with TMS Financials
Propose a Company Name
Obtain a Director Identification Number (DIN)
Register with ASIC
Create the Company Constitution
Apply for TFN, ABN, and GST
Open a Business Bank Account
Why Setting Up a Company is Beneficial
In terms of taxation, companies benefit from a consistent corporate tax rate, which can be lower than the progressive personal tax rates faced by sole traders as their income grows. This company structure can potentially provide substantial tax savings as the business develops.
Furthermore, a company structure allows for more flexibility in terms of growth and exit strategies. Unlike sole traders, companies can issue shares to attract investors, facilitating capital raising efforts. Transferring ownership is more straightforward since the company is recognised as its own legal entity. This setup not only makes it easier to raise funds but also simplifies the processes of transitioning or exiting the business.
Advantages with partnering with TMS Financials
Protection from Personal Financial Loss
Potential Tax Benefits
Establishing a company also entails significant responsibilities. Directors and officers of the company must adhere to specific regulations under the Corporations Act to ensure legal operation. They’re required to act in the best interests of the company, and failure to meet these obligations can lead to penalties from the Australian Securities and Investments Commission (ASIC).
These points illustrate that while setting up a company with TMS Financials can provide considerable financial protection and potential tax advantages, it also demands diligent management and strict compliance with legal requirements.
Next step is to contact TMS Financials
Book a free financial health review to see the difference we can make in your financial future.
Disclaimer
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Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!
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