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Tax for Australians for Dummies, 2014 - 15 Edition by Jimmy B. Prince

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Chapter 12

Structuring Your Business for Maximum Gain

In This Chapter

arrow Structuring your business affairs

arrow Setting up as a sole trader

arrow Running a partnership

arrow Becoming a company

arrow Forming a trust

B efore you hang up your ‘Open’ sign in the window, you need to be aware of a number of commercial and taxation issues that are associated with setting up a business in Australia.

In this chapter, I cover the major taxation issues that come into play when you set up a business, particularly the administration concerns that you need to get right in order to comply with Australian income tax law. I guide you through the various steps that are associated with setting up your business and advise where you can get additional help to fulfil all your legal obligations.

Choosing a Business Entity

Before you can start up a business, you need to give serious consideration to how you structure your business affairs. You can legally structure your business in one of four ways: sole trader, company, partnership ...

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