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ITP Qld
Business
Companies,Trusts & Partnerships

Companies, Trusts & Partnerships

Our experienced team provides tailored solutions to ensure compliance, optimise tax positions, and minimise liabilities. From structuring advice to detailed tax planning and lodgement, we support your business every step of the way.

Book a Business Appointment

Benefits of using ITP

Super competitive Pricing and Value Adds
All Year Support and ATO Representation
The latest tax knowledge for every industry and circumstances
Income monitoring, so you know when it’s time to register for GST.
Bookkeeping software available
Bookkeeping services
Understand taxation rulings regarding all the abovementioned entities
Special Professional Privileges like extensions with the ATO
Multiple ways to lodge with ITP: In-Office, Virtual, Phone or Online
Sharing best practices to keep you more organised and (ATO) audit free
Online resources such as ITP’s Receipt Capturing APP, Tax Calculator, Blogs
Free LiveChat on our website

Setting Up

When setting up your business with ITP Qld, we require:

Sole Trader:

  • Personal TFN
  • Personal details, full name, d.o.b, address etc
  • Small fee for New clients

Company:

  • Director ID – ITP can explain how to obtain
  • Company name – 1st choice
  • Additional company name – 2nd choice
  • Share structure required
  • Personal details for: Shareholders, Directors, Secretary, Appointor
  • Registered office address

Trust:

  • Personal details for: Beneficiaries, Trustee (individual or company), Settlor
  • Advise distribution of income and capital to the beneficiaries
  • Preferred name

Partnership:

  • Personal details for: each partner
  • Place of business

Documentation to Share

  • Bank statements
  • Credit card statements
  • Online bookkeeping software access ‘preferred’
  • Digital receipts through bookkeeping software ‘preferred'
  • Receipts if no digital copies
  • Prior year return if new to ITP, including financial statements
  • Interim financial statements if available
  • Company Register, signed Directors declaration.
  • Trust Deed, signed Statement of Distribution
  • Partnership Agreement if available

Deductions

ITP offers guidance on eligible expenses, depreciation, and specific industry-related deductions. Understanding these provisions helps entities optimise their tax positions, ensuring compliance while maximising potential savings. Some deductions may include:

  • Accounting costs
  • Advertising and promotion
  • Bank fees and charges
  • Cleaning and rubbish removal
  • Depreciation
  • Donations
  • Electricity
  • Fuel and oil
  • Hire of plant and or equipment
  • Home office
  • Home occupancy
  • Insurance
  • Interest charges
  • Lease payments
  • Materials and supplies
  • Motor vehicles
  • Postage
  • Printing
  • Protective clothing
  • Rent on land and or buildings
  • Repairs and Maintenance
  • Replacements
  • Salaries/wages – superannuation
  • Start up Costs (Accountants, Lawyers, Legals, Agencies)
  • Stationary
  • Telephone
  • Travel and accommodation

Next Steps After Lodging

  • Typically, most entities will have an amount to pay back to the ATO after lodging your businesses annual, quarterly or monthly statements.
  • ITP can assist with payment plans with ATO and your PAYG obligations
  • ITP can assist with possible change in status, adding GST registration and possible business structure changes

ITP can provide:

  • ATO pay slips so you can start paying off your bill as soon as possible.
  • End of year Trust financial statements
  • End of year Company financial statements
  • Provide documentation for loan applications, including current and prior ATO Notice of Assessments, Business Tax Returns and financial statements.
  • Assist with completing business forms
  • Assist with payment plans to pay off ATO liabilities
  • Chat about best business structure for current and future status
  • Software Business packages, with monthly payments
  • Payroll, including setup

Frequently Asked Questions

How are trusts taxed?
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Trusts themselves are not taxed; instead, the beneficiaries are taxed on their share of the trust's net income. However, the trust must lodge a tax return.
What are the tax advantages of setting up a company?
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Companies benefit from a lower tax rate on profits, ability to carry forward losses, and eligibility for various business-related deductions.
What expenses can be deducted by a partnership?
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Partnerships can deduct operational expenses, salaries to employees (but not to partners), rent, utilities, and depreciation of assets.
Are there specific deductions available for companies in certain industries?
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Yes, certain industries may have specific deductions available, such as R&D tax incentives for technology companies or fuel tax credits for transport companies.
How does a trust claim deductions for expenses?
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The trust claims deductions on its tax return for expenses incurred in earning its income, such as management fees, maintenance costs, and other allowable expenses.
Do partnerships need to lodge a tax return?
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Yes, partnerships must lodge a tax return, but the partnership itself is not taxed. Instead, partners include their share of the partnership income in their individual tax returns.
What records must be kept by companies, trusts, and partnerships for tax purposes?
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These entities must keep detailed financial records, including income, expenses, asset purchases, and distributions or allocations of income.
Can a trust distribute income to beneficiaries tax-free?
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No, beneficiaries must include trust distributions in their taxable income and may be liable for tax on these amounts.
What types of deductions can companies claim?
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Companies can claim deductions for business expenses, employee salaries, superannuation contributions, depreciation, and specific industry-related expenses.
What are the main differences between companies, trusts, and partnerships?
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Companies are separate legal entities, trusts are arrangements where a trustee holds assets for beneficiaries, and partnerships are associations of individuals or entities conducting business together.
What are the tax implications of different business structures (e.g., sole trader, partnership, company)?
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The tax implications vary depending on the business structure chosen. Sole traders report business income and expenses on their personal tax return, while partnerships and companies have separate tax obligations. Each structure has its own considerations regarding tax rates, deductions, and compliance requirements.