What are the secrets to good business management?
Every small business owner will agree that it’s easy to get bogged down in the day to day processes and problems involved in keeping a business going, and forget the bigger picture! It is hard to find the time, or even to know how to start to manage the business at a higher level, to
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“Super” Wealthy for SME Owners
We often get asked by our clients: What should I do to minimise tax? Do I purchase an investment property or buy shares? What structure do I invest under for long term wealth creation, for my retirement and to gift to family members? The short answer is there is no one size fits all. It
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Business Structuring – Making your business work for you
One of the most important decisions any business owner will make is how to structure it. Whether the business is just starting out, in a period of growth, well established or at exiting stage, deciding on the right structure is an essential part of running any business. The best structure will depend on the type
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Working for yourself? If so did you know you are wearing at least three hats!
Over my many years of working with business clients, I frequently meet with new clients who describe their business structure the same way. Husband and wife working in their own business, both are Directors and both are Shareholders. Does this sound familiar? It is a very simple structure but what clients don’t realise is that
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The Yin and Yang of Business Exit Planning
Most business owners are aware of the importance of having a plan before exiting their business. However, unexpected life events such as poor health or a marriage breakdown could mean that an exit from the business may be required earlier than anticipated. This can give rise to a number of questions: With a number of
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The work Christmas party
It’s not quite Christmas time yet, but most businesses will be in the process of thinking about the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies to these activities. There is no separate fringe benefits tax (FBT) category for Christmas parties and
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How your bank calculates a business risk
Just like you, banks are in business – and they don’t succeed by making bad deals. When they consider your loan application, they’re calculating the financial risk of entering into an arrangement with you. Let’s break it down. What the bank considers For the bank, financial risk comes down to whether you can repay your
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How much do we need to retire?
The question of how much a person needs to have saved before confidently launching into their retirement years very much requires an individual answer. The more the better may seem to be an obvious response, but then again each one of us lucky enough to reach the brink of those golden years will feel a
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Superannuation contributions ‘work test’ for over 65s
Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”. The work test requires a member to have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days
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Personal services income: an overview
It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company. The allure of course is the lower tax rate that these can secure, rather than at the top marginal tax rate that an individual would generally wear.
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