A healthy body demands routine checks and examinations. So does a healthy, thriving business. No matter what stage your business is in, to keep it going you must check its systems, pay attention to any ailments and prevent early death. For the newborn business, the goals and system checks are relatively simple. Merely staying alive [...]
David, the sole practitioner of a legal firm, found that his revenue had stagnated and he was consistently facing cash flow problems. David was jolted into action by a frank conversation with his accountant. The accountant asked him how many hours he worked in his firm each year. The lawyer estimated approximately 2,000. The accountant [...]
Ensure you avoid these 4 common breaches. (A breach occurs when a fund fails to comply with the Superannuation law). • Loans made to related parties • More than 5% in-house assets (related party investments, with some exceptions) • Assets not held in the correct name • Documents requested by auditors were not provided When [...]
Self-managed super funds (SMSFs) allow people to control their own super investments for their retirement. If you set one up, you’re responsible for running it in accordance with the law and reporting to the ATO on its operation. Benefits of a SMSF include: Control over your investments. More investment flexibility. Lower fees on average than [...]
Tax planning is not the same thing as doing your taxes. Planning requires a broad view of business finances over the long term. And it’s not just what you save today or this year that matters, it’s what that tax saving will be worth to you years from now as your assets grow. Here are [...]
