Case Study: Business Mentoring & Tax and Compliance
A solopreneur running a service based and ecommerce business leveraged external tax and business planning expertise to successfully repatriate to Australia and achieve sustainable growth across both businesses.
Tracey Smith is a sought after digital marketing strategist and business automation specialist who works with a range of clients across Australia and New Zealand. Not willing to rest on her laurels, Tracey also runs a profitable ecommerce business on the side, taking her solopreneur credentials to a whole new level.
When she found herself needing to repatriate from New Zealand to Australia, she searched for a reputable accountant to help her manage tax and the complexities of moving internationally as a business owner; she knew this was a skill set she lacked.
Tracey engaged the help of Sally Knight (Cumulus) to help handle the tax implications of repatriation. This included:
- Determining the most appropriate operating structure
- Establishment and registration of operating entities with ASIC
- Obtaining a tax file number and where necessary registering for GST
- Clear understanding of implications of Australian tax law on business operations
Following the quick and smooth realignment from New Zealand to Australia, Tracey believed she needed an extra set of hands to sustain her businesses beyond tax. Tracey explains;
“In terms of business planning, I can look at someone else’s plan and immediately see where the gaps are, yet not so much for my own business. Being immersed in my business all day, I like to have someone I can run ideas past.”
Retaining Sally Knight and the team at Cumulus, Tracey utilised their expertise to give informed advice and provide commercial perspectives on various business decisions Tracey needed to make.
“Business decisions have to take into account tax implications. You can have a great idea but tax law might scupper it. Sally (Cumulus Accountant) is wired into tax and understands how we do things. I like that she knows where we are at and keeps us top of mind, especially when she emails ideas of information about considering a new market to tap into, for example.”
Tracey’s story is a compelling reminder that being a solopreneur doesn’t mean you have to work alone. Thanks to her collaboration with Cumulus, Tracey was empowered to focus on her passions which allowed her two businesses to flourish. When you have the right people in your corner, anything is possible.