Home Forums Starting your journey Best structure for my side projects Reply To: Best structure for my side projects

#1224409
Paul – FS Concierge
Moderator
  • Total posts: 3,117

To add context to my post above.

First of all, [USER=53375]@bb1[/USER] is entitled to his opinion.

Kudos to him.

The advise around what structure to use should be quality – no questions.

Completing returns is easier than ever today and will continue to become closer to a commodity than a service in future.

This lowers the value of accounting services in line with market forces that affect them.

I had an Accountant charge me $4400 for a Trust Return and a 2 x personal returns. The company registration was a few hundred at the time.

My total income at that time was $45K and my business was failing. My Accountant advised me to keep the company structure, even on my income.

I concluded that loss of Accounting fees were at issue.

Next. My last Accountant (who bought the firm I was with) created a loan structure for my company without advising me or giving me options. This resulted in among other things, the Accountant charging way more fees. My new Accountant will try and un-pick this and I will have to come up with un-budgeted money to remit the ATO.

New Accountants I consulted suggested Accounting Fees may have been the agenda.

OP has a side business producing 10-20K. ANY non-incompetent Accountant dealing with small business regularly will be able to give decent advice in my opinion so choosing one at a lower price point is prudent, again, in my opinion.