RECAST - Digging with Accountants - Tax Issues for Mining Consultants

RECAST - Digging with Accountants - Tax Issues for Mining Consultants

From Resourceful: Stories from the Site by Resources Unearthed

January 4, 2023 · 47 min · Episode 24

About this episode

This episode discusses key tax issues for mining consultants considering setting up a consultancy.

This episode is a recast from the Queensland Business Hub discussing tax issues that mining consultants should consider. A common career pathway that many mining professionals contemplate is setting up a consultancy. This could be for a variety of different reasons but it is important to understand some of the key tax issues that may apply in this scenario. In this episode, Craig Barry and Scott Lindeblad discuss two important tax issues - setting up a structure to trade through and the different tax issues and opportunities that might apply. One of the first considerations for anyone looking to start a new consultancy is whether to set up a trust or company, or whether to trade as a sole trader. Craig and Scott discuss a number of items to evaluate when making a decision about structure, including cost, purpose and commercial reasons. They discuss different structure types and the importance of working with an experienced accountant, lawyer or business advisor throughout the process. A lot of the decision making around structuring centres around the current circumstances, but also understanding future plans and expectations. There are a variety of issues to consider, including…

People in this episode

Guests: Craig Barry, Scott Lindeblad

Topics covered

  • tax issues
  • mining consultants
  • consultancy structure
  • income splitting
  • superannuation

Keywords

  • consultancy
  • trust
  • company
  • sole trader
  • case study

Mentioned in this episode

Places: Queensland

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