Businesses

Things you should know about your entity structure

Sole Trader

Not compulsory to pay superannuation
Not required to have work cover
No asset protection
No income streaming available

Pty Ltd Company

Compulsory to pay superannuation on all wags and director fees
Compulsory to have a work cover insurance policy for all wages, director fees and sole trader contractors that total more than $7,500 (not including apprentices).
Pay ASIC fees of $212 annually and notify of any changes with 14 days.
Asset protection and income streaming available (conditional)

Family Trust with Corporate Trustee

Not compulsory to pay suppuration on trust distributions
Compulsory to have a work cover insurance policy for all trust distributions to working beneficiaries, wages and sole trader contractors.
Asset protection and income streaming available (conditional)