Facepalm

The biggest mistakes made by new businesses

By | Starting a business, Strategy | No Comments

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…

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5 things your accountant should be doing for you besides your taxes

By | Business Improvement, Starting a business, Strategy, Tax Planning, Taxation | No Comments

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…

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Stop - Winding up an SMSF

Winding up an SMSF – Sydney Morning Herald Article

By | In The Media, SMSF, Superannuation | No Comments

The advantages of an SMSF can be significant, but as your circumstances change an SMSF may no longer appropriate. David McKellar, Director of Allied Business Accountants, was recently interviewed by Alexandra Cain in relation to why and how SMSF’s are wound up. Her article, including comments by David, was published in the Sydney Morning Herald. http://www.smh.com.au/money/super-and-funds/selfmanaged-super-can-be-more-work-than-its-worth-20140710-zsyy1.html

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Tax Time

Year End Guide: Superannuation Contributions

By | Superannuation, Tax Planning, Taxation | No Comments

Superannuation is a highly tax effective environment, where income is taxed at a maximum tax rate of 15% and capital gains, where the asset has been held for over 12 months are only taxed at 10%. In circumstances where the fund is paying pensions to its members, both income and capital gains can be completely tax free. Further, business and certain individuals may be entitled to a tax deduction for contributions made to complying superannuation funds. As a result, superannuation is a significant tax planning…

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Dividends & Distributions

Year End Guide: Distributions and Dividends

By | Strategy, Tax Planning, Taxation | No Comments

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…

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The Secrets of Self-Managed Super Funds

By | Investment, SMSF, Strategy, Taxation | No Comments

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…

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Federal Budget Summary

By | SMSF, Taxation | No Comments

Below is a summary of the key Budget measures announces in last nights Federal Budget. Please dont hesitate to contact us if you any questions, or would like to know how the measures may affect you. PERSONAL TAXATION Budget Repair Levy – 2% from 1 July 2014 on income over $180,000 The Treasurer announced the introduction of a Budget Repair Levy, which will apply for three years from 1 July 2014. This temporary levy will apply at 2% for income over $180,000 (only levied on the excess)…

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Benchmarking

The Case for Benchmarking

By | Business Improvement, Strategy | No Comments

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….

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Eliminate Tax on Investment Income – SMSF Borrowing Strategy

By | Investment, SMSF, Strategy, Taxation | No Comments

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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