The trend of Australian businesses looking offshore for the best talent reflects a wider idea – the country’s new entrepreneurial class has an innately global outlook. That is bringing a change in perspective for many executives engaged in otherwise traditional roles.
So you have been working at ‘[insert name here] Probe’ as the tech lead for the last three years and another day there and you will strangle someone. You have a plan. You and your mate have developed a killer idea to address a problem that has never been tackled by technology. It is pure genius – scalable, disruptive, investor worthy and there is a readymade market. So you develop a prototype and the two of you are exhilarated by the prospects to take it to the next level and turn this into a real business.
You quickly realise that to turn this into a real business will require working with strategic and experienced advisors. You will immediately need a tax accountant and commercial lawyer who understands tech, startups, deal flow and transactions. So you sit down with your trusted tax accountant and put together the ‘Ten Commandments’ for your startup:
What makes a good accountant for a start-up? A lot of them seem to be very focused on the corporate end of town.
This is a question I often get asked, usually framed during initial client meetings when clients are going through a filtering or interviewing process of their key advisors (usually accountants and lawyers).
Let’s move away from the vague term ‘good’, and let’s talk about effective, efficient and ethical.
Firstly, your ideal advisor needs to be an effective advisor. This usually means that they already operate in the start-up/technology/particular industry space, know the laws, consequences, pitfalls and issues.
I’m weighing up whether to launch my own business next year but there seems to be a lot of coverage at the moment about the tax and red tape burden that Australian businesses face.
Is the tax regime, in reality, that onerous for new businesses? If so, how can I best cope with compliance?