For insurance underwriting companies setting up in Australia, there is a lot to think about and get right at the start to ensure the business can cope with the heavy accounting and compliance burden levied on the industry by both federal and state authorities.
Dan McGrath - Director at WLM Accounting - provides practical guidance to the key tax and accounting issues to consider:
What's in this guide?
- Structuring your business for Australian resident owners and foreign business owners
- Tax considerations for insurance underwriting agencies
- Accounting considerations, such as trust account reconciliation
- Accounting systems available in Australia for integration with Insurance Underwriting Agencies
- How to obtain an Australian Financial Services License (AFSL) or become a Corporate Authorised Representative (CAR)
- Annual audit requirements for AFSL holders
- Employee tax compliance considerations
