Whilst it is morbid to think about, it is vital business owners have a plan in place for what will happen to the business if the owner dies. The considerations you need to make in this situation are like the considerations you would have in place for exiting your business, however there are a few other important areas that need to be addressed in the case of the business owner’s death.
Treasurer Jim Chalmers has delivered his third Budget, prioritising boosting private sector investment to “fund and finance the future”.
The Australian Tax Office (ATO) has outlined its focal points for this tax season. These areas mirror focus areas from the previous year however, they should still be regarded as important to ensure correct compliance.
Financial problems can come up quickly, unexpectedly and often through no fault of our own. With the cost-of-living continuing to take its toll, the number of people finding it difficult to repay their loans is increasing.
The idea of entrusting anyone, let alone financial planner, help you with your finances can certainly get the nerves racing. We’ve all heard the horror stories (yes, even us) about people who have lost their life savings due to dodgy advisors or bad advice.
The Australian Tax Office (ATO) confirmed this month that the superannuation thresholds for 2024 will increase. These adjustments equate to nearly a 10% rise in the allowable super contributions. The raised thresholds also benefit low-income earners by increasing the earnings limit for qualifying for the $500 co-contribution payment.
In 2007, The Government amended legislation to allow Self-Managed Super Funds (SMSFs) to borrow for property investment, with the caveat they met certain compliance regulations. Prior to this SMSFs were not allowed to borrow money due to the sole purpose test, a requirement set out by the ATO to ensure all activities of super funds are for the sole purpose of providing retirement benefits.
Having a loved one go into aged care, or needing to go into aged care yourself, is an emotional time for everyone involved. One of the last things you want to be thinking about is how much it is going to cost. While the government provides support through various programs and subsidies, understanding how to navigate the costs associated with aged care can be daunting and often confusing.
Succession planning should be a core part of your business strategy. It’s a fundamental aspect of ensuring the long-term sustainability and growth of any business. Unfortunately for many business owners, they fail to consider it until it’s too late. Understanding the timeline for succession planning is crucial for all business owners.