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News, Advice & Information.

SMSF update – member declaration required by 30 June 2017

The ATO has released guidance for SMSF members and trustees effected by the 1.6 million balance cap with a member declaration required by 30 June. The member declaration is to give permission to the trustees to commute any balances over $1.6 million into accumulation account. A pension computation request form and trustee minute is required. The ATO release is below for information. http://law.ato.gov.au/atolaw/view.htm?docid=%22COG%2FPCG20175%2FNAT%2FATO%2F00001%22   To make it valid; Must be completed before July 1, 2017; Must be in writing; Must be accepted and acknowledged by the Trustees of the Super Fund before July 1 this year; Does not have to...
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Have You Prepared Next Year’s Financial Forecast?

With the 2017/18 financial year only a couple of months away, many SME businesses will start the year without a well built 3-way financial forecast.   Why Prepare A Financial Forecast? As we go into the new Australian financial year for FY18, are you equipped with a robust financial forecast for your business? A financial forecast or budget is the essential pathway between the goals and objectives in the business plan and the ultimate business goals of management and the business owner. …But this task is often neglected, only addressed from a profit & loss perspective or not subsequently used effectively...
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Too many companies are missing out on the R&D tax incentive

We’re exceptionally fortunate to be living in a country that prides itself on the potential of its people and takes active steps to support that talent in their business endeavours. The research and development tax incentive, arguably Australia’s premium government business incentive, is one of those active steps. However, there is a problem. Unfortunately, too many businesses in Australia simply aren’t aware of the significant cash flow benefit they could be adding to their business by making use of the tax incentive. According to Lior Stein, Director at Rimon Advisory, around 60 per cent of its clientele simply didn’t know...
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Buy/Sell agreements and succession planning

Businesses who fail to plan for death or serious illness of a principal may live to regret it! Imagine this – one of your co-owners falls seriously ill and needs to exit the business. Can you pay them out? How will you plan for the future? If they die, you could be in business with their spouse. Is that OK? Considering how unpalatable this prospect is, it’s surprising that more businesses don’t plan for death, continuing physical or mental incapacity or even a short-term absence. It’s called succession planning, and it’s not as hard as it sounds. Sole trader/practitioners If...
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Why startups need to avoid an “eyes on the prize” mentality

I have seen one big similarity between startup founders and a certain behavioural tendency of university student – compartmentalisation. If you were anything like me all I wanted to do in uni was pass the subject, never hear about it again and hit the town with my friends – to stick the subject in a compartment somewhere in my mind where if I ever needed it again I would need scuba diving gear to go and fish it out. The journey of a startup founder can at times be like the view out of an F1 driver’s cockpit in the...
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