While adapting business operations and transitioning to new ways of working is paramount for business owners, unprecedented pressure on finances and cashflow can highlight the risks business liabilities can impose on a business owner’s personal affairs. ‘What if’ your personal assets were at risk from potential creditors or litigation? Here we shine the spotlight personal…
Your accountant should be planning strategies to improve your business, tax and personal outcomes months in advance, not just doing your tax return. Even if ‘you’re not their biggest client’ your accountant should be working proactively for you. Tax savings are made through planning, not hoping. If you don’t have a handle on your tax…
Like many business owners, you have spent years fully invested in your business, personally and financially, and as you nudge closer towards retirement, you may be starting to worry about your super and life after business. If you are selling your business, CGT concessions could help you boost your super.
As a business owner, it’s likely you have spent many years building a solid business, but perhaps you have shown less discipline when it comes to paying yourself a regular salary, contributing to super and investing for your future. If you are considering building personal wealth for your life beyond business ownership, we can help.…
If you want to make the most of tax efficiencies or avoid an unexpected tax bill you might need to change the way you think about tax – Tax planning should start in July. Business owners commonly pay more tax than they need to by leaving their tax planning until the last minute. You can…
Your accountant is most likely your greatest business asset, and yet one which is often underutilised. As a business owner, you trust your accountant to efficiently prepare your tax and annual statements, tax returns (individual, company and/or SMSF) and BAS. However, if you limit your accountant’s input to tax and compliance services, you could be…
The very nature of being a business owner or director puts you in a position of risk, and without advice, your personal (and business) assets could be at risk. Even if you have a Company business structure or other entities such as trusts in place, as a director you can still be subject to personal…
If you have a niggling feeling that your business set up may not be in your best financial interests, it’s probably time to review your structure.