1BD Financial Restructure

I restructured 1BarDesign Pty Ltd quite a bit at the start of this year (2014), and though finalising it all took until mid March, it's really been worth it. Everything is easier to understand and requires less paperwork now, which is great.

First of all; my motivation for this was that I found I wasn't getting a lot of value out of my previous accountants, and the structure they had set up seemed needlessly complicated. It was all set up when I had little to no idea what I was doing when it came to money, and ended up expensive to maintain and very time-consuming at tax time. I also wasn't getting paid superannuation, which would be a big deal if left much longer than it was.

If I were a more cynical man, I'd infer that this was to make me rely on their accounting each year... but we'll avoid speculation here :)

I changed accountants from a CBD Middle-Class-Personal type accountant to a Suburban-Small-Business type accountant and they seem much better matched to my needs. As a bonus, they are much easier to get to if I need to drop off documents. They're also happy to sort my personal and company tax return as needed, and there's no more silly extraneous structure; just me and a single company.

In my case at least, this was a big win; we'll see how long the honeymoon lasts, of course!