business company ABN

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fullout
Member
@fullout
Join Date: 2003
Post Count: 233
May 21, 2003 - 1:23 pm
when starting up a company and applying for ABN, do we need to pay? And from that company we can get tax deductions?
can i do it online
willi
Participant
@willi
Join Date: 2002
Post Count: 186
May 21, 2003 - 1:48 pm
Just briefly the set-up costs of setting up a company are around $1000 plus accounting fees. There is also the ongoing fees associated with companies as they have to loge tax returns annually which are around $550 (all costs depend on acocunt)
In regard to TAX reductions, you sure can. That is one of the biggest benefits of having a company. As you can deduct a lot under a company structure, that individuals can’t. However companies are not allowed to claim the CGT benefits such as 50% reduction that individuals are..
Hope this sheds a little light..
Pete
…Beware of the dreamtakers…
willi
Participant
@willi
Join Date: 2002
Post Count: 186
May 21, 2003 - 1:51 pm
Check out some other posts such as
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=1359
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=1172
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=1217
They deal with the costs/benefits a bit…
Pete
…Beware of the dreamtakers…
trueblue
Member
@trueblue
Join Date: 2003
Post Count: 142
May 22, 2003 - 1:27 am
There are two issues here, one corporate & one tax. To buy a cheap shelf co in Victoria, try http://www.feest.com.au 0r 03 95331488
To register for an ABN, you need to go to the Tax website http://www.ato.gov.au.
Costs of the company is capital & not tax deductible.