In Australia, there are four basic business structures: sole proprietorship, partnership, company, and trust. Each person’s tax obligations are different.
You can alter the structure as your firm develops or evolves; none of these structures are binding.
It’s critical to comprehend the obligation of each structure because your decision could have an impact on how much tax you pay, what obligations you have as a business owner, and what continuing expenses there are.
Speak to an accountant, tax expert, lawyer, or other business advisor about your unique circumstances if you require guidance or assistance choosing a business structure.
