When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time. Client calling time out business? The tips and traps But it’s no use ignoring the inevitable, as one day you will leave the business – whether through pursuing another career, retirement, or even due to health reasons. It’s important to know what’s involved, and having a succession or exit plan can…
From poor business planning to dropping the ball on your cash flow forecasts, we reveal a range of common mistakes your new business needs to avoid. It’s a confronting fact that most new small businesses fail within the first five years. This, in large part, is due to a lack of proper planning, poor business structure and the absence of professional business advice. While it’s natural for new businesses to focus on creating a quality range of products or services in order to attract and…
If your accountant is just a tax-time paper pusher, you are missing out on a range of opportunities to grow your business. In addition to filing your tax return and BAS statements, your accountant should be acting as a trusted advisor, delivering valuable advice across business functions to help improve your profits, reduce your costs and streamline your business. Your accountant should be available to you year-round, know your business inside out, and offer regular advice that assists you to improve your profits and grow…
Approaching the end of financial year presents a unique opportunity for small business owners to plan for and take action to minimise the income tax payable for that financial year. However, having said that, there are also many considerations that need to be taken into account to ensure that the decisions made are effective and have the desired impact As many small businesses operate using a company or trust structure, this article explores some of the considerations as well as some important requirements when making…
Self-managed super funds (SMSF) can be beneficial to securing your financial independence. But is a SMSF the right option for you? What is a SMSF? Self-managed super funds essentially present a do-it-yourself approach to managing your superannuation. SMSFs can be single member, or comprised of up to four members. Members of a SMSF also act as trustee or director of a corporate trustee, and together, the trustees control and and invest the funds assets. Trustees of SMSFs assume responsibility for the overall investment strategy, subsequent…
Benchmarking is key to revealing the critical actionable insights that will boost your business performance and increase your profits. What is benchmarking? Albert Einstein said: “Insanity is doing the same thing over and over again and expecting different results.” This is as true in the business world today as it was for Einstein in science decades ago, yet many business owners are guilty of clinging to the same old operational processes and management strategies that consistently fall flat in the modern economic environment….
Superannuation is the most tax-effective vehicle for investment. Either taxed on earnings at 15 per cent, or for those funds that are paying pensions to their members, a superannuation fund’s earnings become tax free. The problem however, is that the government knows all too well how concessionally taxed superannuation has become, so it has limited the amount that individuals can contribute to their concessionally taxed superannuation funds. As a result, many people have significant investments outside of superannuation that are taxed a higher individual marginal…
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