The reserve bank decided to keep rates on hold at 4.75 per cent despite recent news that inflation was running higher than expected.
It’s good the Reserve Bank have decided to wait and see if the higher inflation is temporary thanks to recent disasters and seasonal factors, rather than attack it with another interest rate rise.
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Considering taxation in the early stages of a start-up is important to long-term success. Generally, when starting up a business, the most immediate concern to new entrepreneurs is profitability, with taxation somewhat near the bottom of the priorities list.
Financial and tax advisors recommend incorporating taxation issues into start-up thinking, especially into the company structure, systems and procedures that are put in place in order to ensure smooth business flow and keep open options for the future. It is important to build some flexibility into your plans and take a long-term view as much as you can.
Here are the top tips for entrepreneurs:
1. Structure the business appropriately from the outset. A lot of Clients trade using company structure for a few years and then decide to sell the business. Problem: They don’t have a great tax structure or that, if they want to change it, it will cost them a lot of money, because if it is put into a new entity it is likely to incur costs such as stamp duty and capital gains tax.
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