Self managed super funds (SMSFs) can offer their members many benefits, but one that’s often overlooked is their potential as a multigenerational wealth creation and transfer vehicle. Family SMSFs are relatively rare. According to the most recent ATO statistics (2022-23), the majority of SMSFs (93.2 per cent) have only one or two members.i Just 6.6 per cent have…

If you are considering disposing of a property, it’s important to understand the implications so that there are no surprises when your tax bill arrives. As with most investment assets, when you dispose of an investment property generally you are liable for capital gains tax. Capital gains tax (CGT) is levied when you make a…

With the cost of doing business continuing to squeeze the bottom line, careful cash flow management has never been more important. Not only is the ATO paying extra attention to timely payment of tax debts, but once the new payday super rules commence, many small businesses will no longer have access to one of their…

What happens to a self managed super fund (SMSF) when a trustee dies or becomes mentally impaired? While these are circumstances that many of us would rather not think about, some time spent planning now could make a big difference to you and your family later. Australia’s 620,000 SMSFs hold an estimated $933 billion in…

A catchy business name, a trustworthy brand and an engaging website or social media presence are all vital to any small business. But don’t underestimate the effect of the business structure. Choosing whether to operate as a sole trader, company, partnership or trust depends on many factors including cost, the size of the business, whether…

The tax cuts introduced from July 1 and other changes may mean it’s time for a review of your current tax, super and investment strategies to make sure you’re maximising the benefits. Under the changes, the previous 19 per cent tax rate reduces to 16 per cent, while the 32.5 per cent rate drops to…

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!…