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The Pty Ltd Business Structure Explained

How you tell someone has a company in their structure, is the letters “Pty Ltd” at the end of the name. For instance, our own structure is Inspire Accountants Pty Ltd. So we've got a company within our own structure. There are two tax rates. The first one is 30% and that was around for years and years but now it has changed over the last handful of years, where 30% is for non-businesses or investment companies (passive investments) The tax rate at the moment for small businesses under the threshold is 26% tax and if you compare it to the highest rate of an individual, it is a lot less. If you earn $100K in profit in either of these structures, you can easily see that using a company would save 17% or more. It's a cool way to save a heap of tax just by using that different structure. We call this a small business concession or the small businesses concessional tax rate for the company. GST can apply in any of these entities and in terms of tax planning for a company, we do get a lot more flexibility. A company like a Pty Ltd company is a separate legal entity, it has separate assets and is considered as separate for legal purposes then the director running the company. So, on a surface level, if your company gets sued, you do have a layer of protection between your personal assets and the company's assets. Register to our next event at https://info.inspire.business/worksho... ------------------------------------------------------------------------------------------------------------------------------------- If you need to speak to an Accountant about a Australian tax and accounting, book a ZERO cost strategy call at https://inspire.business/chat. Want to learn more? Check out our webinar replays FREE on https://learning.benwalker.com by selecting "Free Preview". Download a FREE PDF copy of our best selling book "Cashed Up" where you'll learn the 7 smart financial decisions of a Cashed Up business so you can pull more MONEY, TIME and HAPPINESS. https://inspire.business/book/ Take the FREE Cashed Up test - Discover your cash score and increase your ability to pull more money, time and happiness from your business. https://info.inspire.business/cashed-... For more content follow us on; Facebook -   / inspireca   Instagram - https://www.instagram.com/benwalkerca... LinkedIn -   / benwalkerca