What Made You Feel Good Today

[JETURBO]

What is it you do rab ?

[MattyP]

He cracks beers

[Rab]

Lol Matty - I do

 

I set up companies, trusts, super funds etc - basically if the date the company is registered is prior to 1st of July then the accountant can use this years figures to make the tax for the year better (and other reasons, but that's the simplest one I can think of)

 

I get lots of people who've been slack all year realising that they need a company registered before tonight hits midnight.

 

It's not as big a deal as it was before the GST came in as people look at their tax positions throughout the year now, but there's still a huge influx before June ticks over

[JETURBO]

What's the typical costs/effort in setting up a company from scratch to trading ?

[Rab]

Government disbursement for registering a company is <$500

 

To fulfill all ASIC and corporate compliance etc you also need to have registers, minutes consents, share applications, constitution and other items as well.

 

Most who do it themselves fill out the government application, pay the fee and ignore the rest.

 

What I do is the registration and provide everything else that's required - all the proper documentation etc

 

Basically give the clients a product that is legit, rather than something that can come back to bite them later

 

Sort of like the difference between a generic tune and a dyno tune

[JETURBO]

Good way of putting it mate haha 

 

so its always worth seeking someone who really knows what they are doing when it comes to these things 

 

is this a fairy unique market you're in or do many companies/people offer this service to the market place ?

what actually is it you sell yourself as because I dare say it's some funky title hey ?

[Rab]

Best to get proper advice to start with when setting up the structures - involves more than just the tax issues mentioned.

Corporate protection, income distribution, asset protection, as well etc.

Setting up the correct structure of companies, trusts, super etc at the beginning can remove a lot of doubt and jeopardy.

 

Term for the business is "Shelf Company Provider"

Years ago it'd take up to a month to get a company registered, so we'd register a heap and keep them on the "Shelf" to transfer over to clients when required.

 

eg - if you were going to buy a property on the weekend and needed it to be under a corporate structure you'd pick up one of our Shelf Companies Friday arvo and be ready to sign contracts.

 

These days I can get a company registered almost immediately so there's not as much call of pre-registered companies although I do keep a supply on hand for clients who need something backdated.

 

Most of the clients are accountants - for them to be doing it themselves it'd be taking them away from their core business (spending time doing stuff that isn't billable or part of their field), have to put on another staff member to focus on the area and require them to keep up to date with any changes or developments that is at a total tangent to their main work.

 

Some will order 1 every 8 months - not worth it for them to gear up to be able to do it themselves. 

Others will order 10 a week - short of hiring an extra staff member and ensuring they are current on everything it's not worth them doing it themselves.

Also makes it easier for them to pass the costs onto the client if they have an invoice from us with a properly presented folder.

 

 

[JETURBO]

Interesting stuff Rab !

[Rab]

It's really not

 

Why do you think I'm on the forum all day

 

[.Stripes.]

NSX at the golf course this morning...wonder where he fits his clubs...