Preparing your family trust for EOFY With less than a month to go before the end of the financial year (EOFY) rolls around, some important tasks need to be completed for family trusts. Discretionary trusts (often called family trusts) are the most common trust used in Australia and are generally created to hold and protect…

Managing risk when growing your business It’s a risky business being in business for yourself, so knowing how to identify and manage risk is an important part of running a thriving business. Anything that impedes a company’s ability to achieve its financial goals is considered a risk, and there are many issues that have the…

Finding grants to help your business Many small business owners are feeling the pinch after the tough years of COVID and high inflation, but receiving a business grant could be the helping hand you need. If you know where to look, some extra dollars from the federal or your state/territory government could make all the…

Whether you are selling your business because you have to, or because you are planning a well-earned retirement, it pays to step through the process carefully. In particular, if the sale isn’t handled correctly, you could find yourself receiving a hefty tax bill, as selling a business triggers capital gains tax (CGT). Don’t rush it!…

SMSFs: What happens if you exceed your super caps The rules around making some types of super contributions have been relaxed in recent years, so it’s worth exploring the different opportunities available to you before making a large contribution.i What are contribution caps? Given the tax-effective environment of Australia’s super system, there are annual limits…

9 tips for improving your profits There are many advantages to running a small business. You have the flexibility and independence to make your own decisions, you can turn your vision into a reality and then reap the rewards. However, there are financial risks and it can be difficult to make a profit, particularly when…

It can be easy to overlook your personal use of business assets when it comes to completing your business and self managed super fund tax returns but be warned, the ATO is taking an interest in this area. The ATO’s Small Business Random Enquiry Program found around 16 per cent of small businesses were either carelessly or…

Is your business running efficiently, or is it running off the rails? It is often said that small business owners are so busy working in the business that they don’t work on the business. But, with economic conditions softening, it is a good time to take action. According to the ATO, simple habits like managing your cash…

How a super recontribution strategy could improve your tax position Withdrawing part of your superannuation fund balance then paying it back into the account, known as a recontribution strategy, may sound a little strange but it could deliver a number of benefits including reducing tax and helping to manage super balances between you and your…

Retirement planning for small business owners When you run your own business a good retirement plan can bring real peace of mind. Read more about your options – and why it’s never too early to start. Planning your retirement When you’re busy running your own business retiring could be the last thing on your mind.…