Exit Plan: How a Succession Plan Can Save Your Business (and Protect Your Family)

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How to create an ongoing legacy using a private ancillary fund

A number of our clients have recently established their own Private Ancillary Funds (PAFs). A PAF is a charitable trust that gives grants to eligible charities over time. It’s controlled by a company as trustee, and the board is usually comprised of family or friends. However, every PAF must have at least one independent director. …

Taking Cover: 5 Types of Business Insurance You Should Consider

Whoever said, “You can never have too much insurance” obviously never had to pay the premiums. Still, there’s no denying the fact you need it to protect your business and its assets. So you probably have building and contents, public liability and public indemnity insurance. But what else should you get cover for? What else …

Why Every Business—Regardless of Size—Needs a Cash Flow Forecast

There’s a saying in business, “You can go broke making a profit.” And another, “Cash is king. Profit is theory.” As you know only too well, you don’t pay rent, meet payroll or pay your bills with profit. You pay them with cash. A business can make a lot of sales, have a book full …

Are you ready for SuperStream?

SuperStream

Are you ready for the SuperStream? From 1 July 2015, all employers are required to provide contributions and relevant data electronically to all superannuation funds, including SMSFs. This will provide a consistent and more efficient process for receiving contributions, improve data quality and simplify the employer’s obligations What is SuperStream? SuperStream is a government reform …

The Most Common Mistake Business Owners Make When Structuring Their Business

As a business owner, there are plenty of things you need to manage, and two of the most important of these are assets and risks. In other words, building your wealth and protecting your wealth. There’s no point building a lot of wealth if behind the scenes you have things structured in a way that …

5 areas you need to review before your next financial report

The Australian Securities and Investments Commission (ASIC) has released its financial report ‘hit list’ for the June 2015 reporting season. And once again they seem to be targeting the usual troublesome areas. While many of our clients no longer fall under ASIC’s reporting regime, these focus areas are a timely reminder to boards and management …

4 ways entrepreneurs and small businesses are budget winners

With another federal budget handed down recently, we’ve hand-picked four items that will most likely affect how much tax your business will pay. Please note these items have not been passed through the senate and are only proposed changes at the date this article was published. Faster depreciation for small businesses being businesses with turnover …