Business Structure & Setup Advice

Helping small businesses start strong since 1997 – from the leading Australian Small Business Accounting Firm & Women’s Regional Professional in 2023 & Australian Regional/Suburban Accounting Firm in 2024

Starting a business is an exciting milestone – but choosing the right structure from the beginning is crucial to your success. At Palfreyman Chartered Accountants, we specialise in helping business owners across the Hunter Valley region and throughout Australia set up their business with the right foundations for long-term growth, compliance and protection.

Whether you are launching a vineyard venture, equine service, trade business, health clinic or professional consultancy, we offer expert advice tailored to your goals, industry and future plans. 

Which Business Structure is Right for You?

There is no one-size-fits-all when it comes to business structures. Each option comes with different tax obligations, legal responsibilities and operational flexibility. We will help you choose between:

Sole Trader

  • Simple & lower-cost set up
  • You control the business and keep the profits
  • You are personally liable for business debts
  • Suitable for low-risk businesses or those just starting out

Partnership

  • Two or more people share ownership
  • Income is shared between partners
  • Partners are jointly and severally liable for debts
  • Useful for shared ventures or family businesses

Company (Pty Ltd)

  • A separate legal entity from its owners
  • Limited liability for directors/shareholders
  • More complex to set up and maintain
  • May offer tax advantages as your business grows

Trust (Discretionary or Unit)

  • Provides asset protection when using a corporate trustee
  • Allows for flexible income distribution subject to ATO rules
  • More complex structure with legal and compliance obligations
  • Common in farming, property and family businesses

We will walk you through the pros and cons of each, and guide you through the registration processes. This includes obtaining your ABN, TFN (if a setting up a separate entity), and setting up the right structure with ASIC and the ATO. 

Your Obligations - Covered From the Start

Setting up a business isn’t just about picking a structure. We make sure you start compliance and stay on track, with advice on:

  • Required when your turnover exceeds $75,000 per year
  • We will help you register and set up proper systems to manage BAS obligations
  • Mandatory if you employ staff (including apprentices), unless you are an “exempt employer”
  • Workers Compensation also applies if you are running a trust structure with a corporate trustee, and you are a working beneficiary (even if you aren’t an employee)
  • We assist in registering with the right insurer and staying compliance with NSW WorkCover laws
  • We help you ensure you are meeting obligations for staff and contractors
  • We guide (or can manage) you on paying employee super, STP reporting, and setting up compliant payroll systems
  • All businesses are liable for Long Service Leave
  • Businesses in industries like building, cleaning and security have special “portable” provisions with the Long Service Corporation
  • We will assess your industry requirements and handle registration, if possible
  • We will help you secure your business identity online and offline, including business name, your domain, and ASIC notifications

Local Insight

We know the Hunter Valley and its industries

Custom Advice

Structures tailored to your goals

Full Support

From setup to ongoing compliance

Ongoing Support & Tax Planning

Be Informed
We will help you understand your ongoing compliance obligations.
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Strategic Tax Planning
We will work with you to minimise tax with smart structuring and planning
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Ongoing Review
As your business grows, or you bring more people into it, we will monitor your structure and be ready to adjust it to align with your new business goals better.
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Future Planning
Thinking forward? We will make sure you have a plan in place for succession, or be ready to prepare your business for sale as you invest in your own future.
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The Australian Construction Industry Forum has for the last seventeen years engaged the accounting services of Palfreyman Chartered Accountants, and we greatly value their services. We have found the staff to be knowledgeable, caring, highly efficient and very helpful. Their expert understanding of MYOB has been much appreciated by our small office team, and the preparation of accounts for auditing has been outstanding.
Dr James Cameron
Dr James CameronExecutive Director of the Australian Construction Industry Forum
After becoming dissatisfied with the services of another accounting firm, we looked around and found Palfreyman Chartered Accountants. We had a consultation with Simone, finding her very professional and met the friendly team at Palfreyman Chartered Accountants. Safe Act Pty Ltd working with Palfreyman Chartered Accountants, has found good communication with only a phone call away, not waiting for a call back. Palfreyman Chartered Accountants was able to point us in the right direction for positive growth and relieve the pressure of financial reporting.
Gregory Allen
Gregory AllenPrincipal Advisor, Safe Act Pty Ltd
Before launching our small business we turned to Simone, who advised us and structured the whole framework of the operation. She has provided a wealth of information and guidance and worked very hard to keep us on track. We could not have managed without the support of Simone and her team.
Noel HarrisonDirector, OOSHcare Pty Ltd
I feel comfortable and confident with the team at Palfreyman’s. They are a lovely, bright group of people. I have needed some very unusual advice and Simone and her team have helped beyond my expectations. I’m more than happy to recommend Palfreyman Chartered Accountants for business establishment and accounting advice.
Our Village Project / CoWork Space
I would like to thank Simone from Palfreyman Chartered Accountant for her time in helping me establish Hunter Hands of Hope. She is amazing, such a genuine, gentle and kind hearted soul.
Melissa GontierFounder, Hunter Hands of Hope
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Let's Build Your Business on Solid Ground.

We are proud to support hard working small business owners with practical, local advice you can trust. Whether you are a startup or restructuring an existing business, our experienced team will ensure you are set up for success from day one. Fill out the form below to request an appointment with one of our accountants or advisors. 

Ready to get started? Book a consultation today and let’s get your business structure right – for now, and for the future.