The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for being incredulous.
Read MoreTopics: Superannuation, Retirement Planning, Accountability
As accountants, we like our clients to think ahead… even on a 3 to 10-year timeframe. A major part of this is Succession Planning. Where Succession Planning is concerned, clarity brings opportunity… and the risks of “getting it wrong” can be significant.
Read MoreTopics: Retirement Planning, Business Planning
Business owners (especially those who are operationally involved) try to ensure managers’ goals are aligned with their own. If they are aligned, the prospects for the business are much more attractive because everyone is pulling in the same direction. Ideally, everyone should have ‘skin in the game’ so that livelihoods are tied to the success of the business.
Read MoreTopics: Retirement Planning
Selling your business might be far from your mind right now. Perhaps you just started and/or it’s going fabulously well. Don’t fix something that’s not broken, right?
Read MoreTopics: Business Evaluation, Retirement Planning, Business Planning
There are many benefits to being a small business owner such as being your own boss, leading a team and the ability to give back to your community. A well-funded retirement account, though, is not one of these many benefits. Most of us believe that, when the time is right, we will sell our business and easily transition into retirement on the earnings generated from the sale. It’s certainly an appealing scenario. To pull it off, however, takes years of preparation and careful planning. This succession planning can be broken down into three categories – people, systems and finances.
Read MoreTopics: Business Improvement, Retirement Planning, Business Planning
