News
Business Intuition Is Not Bullsh!t
Our multi-millionaire clients all have five things in common. If you plan to boost your bank account to seven or eight figures, read on.
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Death and Small Business CGT Concessions
They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.
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Death and Small Business CGT Concessions
They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.
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Clothing Deductions Hung Out To Dry
The ATO says that clothing claims are up nearly 20 per cent over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain the basis for how the claim was calculated.
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Small Businesses Can Get Into Trouble
Imagine you have put all of your life savings into buying a business. You spend years dedicating your heart and soul towards it. You listen to financial advice and take every measure to do the right things. Still your business is failing. The figures are wrong. It's heart wrenching. Our advice? Let it go. ASAP.
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Your Income is Your Number One Asset
When starting out in small business, you have to take 100 per cent responsibility for the income you’re going to generate. That means you need a defensive strategy in place for your income.
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Two Directors is Wrong, Wrong, Wrong
I will give you a second strategy for asset protection in business. This one is really simple.
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When Can You Take Your Super?
The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund – even if you change your mind.
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