What should I look for when choosing a business accountant?

Look beyond basic tax compliance. The right accountant should understand your industry, offer proactive tax planning, and communicate throughout the year. Key factors include qualifications such as CA or CPA, experience with businesses of your size, cloud accounting capability, advisory services such as structuring and cash flow forecasting, and a genuine interest in your growth.

How can my business legally reduce its tax bill in Australia?

Legitimate tax minimisation starts with getting your structure right and reviewing it as circumstances change. Key strategies include maximising deductible superannuation contributions, timing income and expenses across financial years, the instant asset write-off for eligible purchases, claiming the R&D Tax Incentive where eligible, and salary packaging to reduce FBT. The most effective approach is working proactively throughout the year rather than after 30 June.

What is the best business structure for tax purposes?

There is no single best structure. It depends on revenue, growth plans, owners, asset protection and succession intentions. A sole trader is simple but offers no asset protection. A company pays a flat 25% rate for base rate entities and provides limited liability. A trust offers flexible distribution and a 50% CGT discount on assets held over twelve months. Many businesses use a combination such as a trading company owned by a discretionary trust.

Can my SMSF buy commercial property?

Yes. An SMSF can purchase commercial property including offices, warehouses, retail premises and business-use rural land, and lease it back to a member's business at market rent. Income and growth accumulate at a 15% tax rate, or nil in pension phase. The property must satisfy the sole purpose test, be acquired at market value, and any lease must be on arm's-length terms. A limited recourse borrowing arrangement can fund the purchase.

When should a business change accountants?

Common signs include an accountant who only contacts you at tax time, no regular management reporting, a business that has outgrown their expertise, missed deadlines, or paying for compliance without strategic value. The transition is straightforward, since your new accountant handles the record transfer and the outgoing accountant is professionally obligated to cooperate.

How do I plan an exit strategy for my business?

Start three to five years before you intend to exit. Key steps include a realistic valuation, clean financial records, reducing owner-dependency, reviewing structure for tax-efficient sale or succession, understanding CGT implications including small business CGT concessions, and identifying buyers or successors. More than 70% of family business transitions fail, often because planning starts too late.

Accountants North Sydney - Chartered Tax & Advisory

Q: What does a virtual CFO do and does my business need one?

A virtual CFO provides the strategic financial leadership of a full-time CFO without the cost of a permanent hire. Services include cash flow forecasting, budgeting and variance analysis, KPI reporting, financial modelling and board-level reporting. Businesses with revenue between $2 million and $20 million often benefit most.

Chartered accountants in North Sydney

Based on the Lower North Shore for more than twenty years.

Our office in James Place is a two-minute walk from North Sydney Station and the Victoria Cross Metro, with the Sydney CBD one stop away across the bridge. For business owners on the Lower North Shore, that means tax planning, structuring and advisory conversations can happen face to face, around your schedule, without a trip into the city.

We work with clients across the North Sydney CBD and the surrounding suburbs, from Crows Nest, St Leonards, Milsons Point and Kirribilli through Neutral Bay, Cremorne, Mosman, Artarmon and Chatswood, as well as CBD-adjacent businesses that want a senior accounting relationship without CBD overheads. Many of our longest-standing clients started as local startups and have grown into multi-entity groups, with the relationship scaling alongside them.

If you are comparing accountants in North Sydney, the practical questions are usually the same. Who will actually do the work, how quickly do they respond, and do they understand businesses like yours. At Prime Partners the answer is a partner-led team of chartered accountants, working on the same Xero-based systems we recommend to our clients.

Industries we work with in North Sydney

The North Sydney commercial precinct is dominated by professional services, technology and consulting, and that is reflected in our client base. From our North Sydney office we act for:

Professional services firms. Legal, engineering, recruitment and consulting practices in North Sydney and St Leonards.

Technology and software companies. Including startups claiming the R&D Tax Incentive.

Medical specialists and allied health. Practices around the St Leonards health precinct.

Property, construction and trades. Businesses across the Lower North Shore.

Executives and families. In Mosman, Cremorne, Neutral Bay and Kirribilli with investment structures, trusts and SMSFs.

Growing multi-entity groups. Local businesses that have scaled into more complex structures over time.

Your work is handled by senior people, not passed down the line. The partners and chartered accountants you deal with day to day are based here in the North Sydney office.

Meet the team

Frequently asked questions

Answers for North Sydney businesses and families.

A chartered accountant has completed additional postgraduate education and professional examinations through Chartered Accountants Australia and New Zealand, beyond a standard accounting degree. CAs are held to higher professional and ethical standards, carry professional indemnity insurance, and must complete ongoing professional development. For businesses, that means your accountant has the training and oversight to handle complex tax structures, provide strategic advisory services, and represent you in dealings with the ATO. At Prime Partners, all of our senior team hold CA designations.

Look beyond basic tax compliance. The right accountant should understand your industry, offer proactive tax planning rather than just lodging returns, and communicate regularly throughout the year rather than only at tax time. Key factors include professional qualifications such as CA or CPA, experience with businesses of your size and complexity, technology capability across cloud accounting platforms like Xero, advisory services such as business structuring and cash flow forecasting, and a genuine interest in your growth. A good first step is a face-to-face meeting to assess whether the relationship will be collaborative and forward-looking.

Legitimate tax minimisation starts with getting your business structure right, whether that is a company, trust or combination, and reviewing it as your circumstances change. Beyond structure, key strategies include maximising deductible superannuation contributions, timing income and expenses across financial years, taking advantage of the instant asset write-off for eligible purchases, claiming the R&D Tax Incentive if you conduct eligible research activities, and structuring salary packaging to reduce FBT exposure. The most effective approach is working with your accountant proactively throughout the year rather than reviewing these options after 30 June.

There is no single best structure, since it depends on your revenue, growth plans, number of owners, asset protection needs and succession intentions. A sole trader structure is simple but offers no asset protection and is taxed at personal rates. A company pays a flat 25% tax rate for base rate entities and provides limited liability, making it suitable for businesses retaining profits for growth. A trust offers flexible income distribution among beneficiaries and a 50% CGT discount on assets held over twelve months. Many established businesses use a combination, for example a trading company owned by a discretionary trust. Getting this right early avoids costly restructuring later.

A virtual or outsourced CFO provides the strategic financial leadership of a full-time chief financial officer without the cost of a permanent hire. Services typically include cash flow forecasting, budgeting and variance analysis, KPI reporting, financial modelling for growth or acquisition, and board-level financial reporting. Businesses with revenue between $2 million and $20 million often benefit most, since they are large enough to need strategic financial oversight but not yet at the scale to justify a full-time CFO salary of $200,000 or more. If you are making decisions about expansion, funding or exit without clear financial modelling, a virtual CFO can add significant value.

Yes. An SMSF can purchase commercial property, including offices, warehouses, retail premises and rural land used for business purposes, and even lease it back to a member's business at market rent. This is one of the most powerful SMSF strategies available, since it allows your super to fund your business premises while the rental income and capital growth accumulate in a tax-effective environment at a 15% tax rate, or nil in pension phase. The property must satisfy the sole purpose test, be acquired at market value, and any lease must be on arm's-length terms. A limited recourse borrowing arrangement can also be used to fund the purchase.

Common signs include an accountant who only contacts you at tax time and offers no proactive advice, a lack of regular management reporting or cash flow analysis, a business that has outgrown your accountant's expertise such as needing international tax or SMSF services, missed deadlines, or a sense that you are paying for compliance work without strategic value. The transition process is straightforward. Your new accountant handles the transfer of records and the outgoing accountant is professionally obligated to cooperate. Many businesses find that switching to a more advisory-focused accountant pays for itself through better tax outcomes and financial clarity.

Start planning at least three to five years before you intend to exit. Key steps include getting a realistic business valuation, ensuring your financial records are clean and up to date, reducing owner-dependency by building a management team, reviewing your structure for tax-efficient sale or succession, understanding the CGT implications including the small business CGT concessions if eligible, and identifying potential buyers or successors. More than 70% of family business transitions fail, often because planning starts too late. Your accountant should be involved early to model different exit scenarios and their after-tax outcomes, whether that is a trade sale, management buyout or family succession.

Accounting & advisory services from our North Sydney office

Every Prime Partners service is delivered from our North Sydney office.

Business accounting & tax advisory tax returns, BAS, payroll tax and proactive tax planning

Accounting clean-up & financial rectification rebuilding books and records you cannot currently rely on

Business structure review companies, trusts and multi-entity group structuring

Business growth & expansion advisory cash flow, KPIs and finance frameworks for scaling businesses

Business succession & transition advisory exits, management buyouts and family succession

External Finance Team & Virtual CFO Xero Platinum Partner, management reporting and CFO-level oversight

Private client advisory personal tax and structuring for executives and families

SMSF administration & tax services establishment, compliance and investment strategy

At the Moments That Matter our advisory framework for the decisions that shape ownership and wealth

R&D Tax Incentive advisory fixed-fee R&D claims, ESOP, ESIC and EMDG support

You can browse the full range on our accounting and advisory services page. We also have an office in Orange NSW serving the Central West region, with particular expertise in agribusiness and primary production.

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