Rejuvenating A Business
Businesses need to regenerate “start-up energy” to unlock growth, to rejuvenate the business. Businesses that have “planned growth” can be great places for managers and team members to work at grasping the opportunities for personal development and growth that a...
Developing Succession Planning Strategies
Developing a list of questions to consider, as part of a succession plan review, will assist in the determination of a succession panning strategy for a business. The key questions to be answered could include: What do you want to achieve from the business? Are you...
Five Smart Business Decisions To Make Before EOFY
The end of the financial year is an exciting time and a time to introduce fresh new business ideas as well as implement well-tested, but perhaps forgotten, sound business management principles. As it comes closer, there is no better time to think strategically about...
End of Financial Year Checklist for SME’s
With the end of financial year fast approaching, business owners should be focusing on end of financial year tax and accounting procedures which include: Ensure that BAS lodgements and super guarantee (SG) contributions are accurate and up-to-date. Where your business...
2015 Year-End Super Planning Strategies
These are the common end of year super strategies that need to be considered in the lead up to 30 June. Concessional (tax deductible) contributions The maximum concessional superannuation contribution limits for the 2014/15 year are: - Individuals aged 50 and over on...
Should a SMSF have an Individual or Company Trustee?
Admitting new members When a new member joins an existing fund that person must either become an individual trustee, or become a director of the company trustee. It is much easier to appoint a person as the director of a company than it is to make the person an...
How to Create a Social Media Policy for Employees
What is a social media policy? A social media policy provides a standard of acceptable behaviour for employees in their professional and personal use of social media. Social media is an increasingly important tool for SME businesses to market their products, connect...
Holding Assets in a Family Trust v SMSF
There is a tendency currently for family trusts to be overlooked in favour of self- managed superannuation funds (SMSFs) as a way of managing wealth. Yet family trusts have a number of advantages over SMSFs that shouldn’t be ignored, and can be used in conjunction...
How Business Structure Impacts on Small Business CGT Concessions
Introduction One of the most valuable assets that a small business owner may ever own in their lifetime is none other than their interest in their business. Such an asset can often be subject to large capital gains tax (CGT) upon the sale of the business by the owner....
Capital Gains Tax – Update
If you’re planning to sell your business, capital gains tax is an enormous issue. The Australian Tax Legislation includes some generous capital gains tax concessions. However, they are also complex. The first test relates to income. If the business’ income is less...