Future Advisory - Accountants in Australia

 Family trust, company, or sole trader — which business structure suits you best? Compare the real pros, cons, and tax implications for Australian business owners. Picking a business structure in Australia feels a bit like choosing a coffee order at a Melbourne café with a 12-page menu — there are plenty of options, they all look appealing, and making the wrong call is going to cost you. The three most common structures Australian business owners land on are sole trader, company, and family trust . Each one plays differently when it comes to tax, liability, and long-term wealth building. Here's how they actually stack up. Sole Trader: Simple, But Limited The sole trader structure is the easiest to set up and the cheapest to run. There's minimal paperwork, no separate tax return, and you're in full control. It's the default starting point for most freelancers, tradies, and small operators just getting off the ground. The catch? You and your business are legally the same ...

How to Avoid FBT on a Company Car : If you’ve ever looked into giving yourself or an employee a company car, you’ve probably stumbled across three dreaded letters: FBT – Fringe Benefits Tax. It’s one of those tax rules that can trip up even the most well-meaning business owner. But the good news? There are a few smart, legit ways to avoid or reduce FBT on your company car – without ending up in hot water with the ATO. Let’s break it down. Wait – What Is FBT Anyway? FBT is a tax that applies when an employer provides a non-cash benefit to an employee – like the personal use of a company vehicle. If you (or your team) are using the business car to commute, run errands, or head to the beach on the weekend – that’s private use. And that’s where the tax kicks in. But not all car use is treated the same. With the right setup, you can avoid paying more than you need to. 1. Stick to Work-Only Use The simplest way to steer clear of FBT? Don’t use the car privately. That means: The car stays o...

 Starting a business is exciting – but before you dive into branding, websites, and invoices, there’s one boring-but-crucial decision to make: what type of business structure should you choose? It’s more than a formality. Your business structure shapes everything – from how much tax you pay to how much risk you take on. And while it’s not set in stone forever, getting it right from day one can save you stress (and money) down the line. Let’s break down the four main types of business structures Aussie small businesses use – and the pros and cons of each. 1. Sole Trader – The Classic Start-Up Move The sole trader setup is the go-to for many first-time business owners. It’s simple, cheap, and gets you trading fast. Why it works: Quick to register and easy to manage You’re in complete control of decisions Minimal reporting requirements The catch? You and the business are the same legal entity – so if something goes wrong, your personal assets (like your car or hous...

 If you’ve ever received an email from an accountant or scrolled through LinkedIn and seen “CA” next to someone’s name, you might’ve thought, “Is that just for show?” Spoiler: It’s not. In fact, those two little letters – CA – mean a whole lot in the world of accounting and business advice. Let’s unpack what “CA” actually stands for , why it matters, and how it can impact your business. First Things First – What Does CA Stand For? CA stands for Chartered Accountant , a professional designation given to accounting experts who’ve been through some pretty intense training. In Australia, CAs are members of Chartered Accountants Australia and New Zealand (CA ANZ) – a professional body that holds its members to high standards in terms of education, ethics, and experience. To get the CA title, an accountant needs to: Complete a relevant university degree Join the CA Program (a serious postgrad commitment) Gain at least three years of mentored work experience Continue learning even after...

 Parental leave is a life-saver—literally giving you time and space to bond with your new bub without sacrificing income completely. But when Centrelink’s involved? Well, let’s just say it’s not always a smooth ride. Whether you’re expecting, adopting, or managing a growing team, understanding parental leave through Centrelink is essential. So, let’s clear up the confusion and answer the real questions people are asking, Future Advisory-style—clear, friendly, and a little bit cheeky when needed. What Does Centrelink Actually Offer? Centrelink runs the Paid Parental Leave (PPL) scheme , giving eligible working parents access to government-funded income support when they take time off work to care for a newborn or recently adopted child. Here’s the lowdown: 20 weeks (or 100 days) of paid leave at the national minimum wage (currently $882.75 per week before tax). Available to both parents , with flexible options to split the leave. You can spread the leave across two...

 Ever get that sinking feeling when another acronym lands in your inbox—ATO, BAS, PAYG, and now... PTX? If you're running a business, you're probably juggling everything from hiring and paying staff to keeping the books in check. And then, just when you think you've got it sorted, payroll tax comes knocking. Don’t stress—we’ve got your back. Let’s unpack payroll tax in plain English, explore how  PTX Express  makes compliance easier, and show how we at Future Advisory can help you stay ahead of the game. Payroll Tax in a Nutshell Payroll tax  is a state government tax on wages paid by businesses over a certain threshold. It’s calculated based on your total wage bill—including salaries, superannuation, commissions, bonuses, and even payments to some contractors. Each state sets its own thresholds and rates. For example: Victoria : Threshold = $700,000, Rate = 4.85% Regional Vic : Lower rate of 1.2125% applies NSW, QLD, SA, etc. : All with different rules Sound confusi...