abbotts group logo
Close this search box.

Advice for business start-ups

Bringing a business idea to life is a complex and often overwhelming journey, and involves a significant amount of thought and planning. Before taking advantage of grant opportunities, determining the business structure or deciding on commercial premises, new start-ups should always seek professional advice.

The Australian government offers various start-up grants, at a federal, state and local level, allowing new businesses to access much-needed funding. While there are no government grants available for the specific purpose of starting a business, there are grants available for certain types of business activities, such as research and development (R&D). The Research and Development Tax Incentive was developed to support businesses to conduct R&D that they might not otherwise conduct by offsetting some of the costs of eligible R&D. The incentive encourages businesses to innovate because new technology and processes benefit business, the community and the broader Australian economy. 

Selecting the right location and premises for a business will depend on the products and services being sold, customer demographics and financial circumstances. Whether investing in property or leasing a commercial property, both have complicated tax implications that must be understood. Before making a decision or signing any legally-binding agreements, business owners should seek business advice. 

Determining which business structure is the most suitable will help save money in the long term and avoid the cost of restructuring as a business evolves and grows. With options such as sole trader, partnership, company or trust having various pros and cons to be explored. Restructuring can occur due to reasons such as asset protection, changes to business partners or modifications to the original business model. 

At Abbotts, if you have a business idea, we have the expertise to make it happen. We take a proactive approach to ensuring that your business is strategically positioned for success, right from the get-go. Get in touch to find out how we can provide the financial advice and assistance that your business needs to succeed.

Enquiry Form