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More about Business Structures

Choosing the correct business structure is not a simple decision to make. Careful thought must be given to the future direction of the business and your family. Consideration must also be given to asset protection issues and income tax minimisation strategies based on the income tax laws in force at the time. I say this point in particular, as changes to income tax laws can cancel out the advantages of your chosen structure, although these changes do not occur often. From my personal experience as your small business tax accountant, I can assure you that I have seen many clients end up paying much more tax than they needed to, all because they did not take the time to get sound advice from a trusted professional before taking the leap into a small business structure. A little bit of planning and research in the beginning can make a big difference in the end.

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