You must make a binding death benefit nomination to maintain control and certainty over who will inherit your superannuation assets after you pass away. Contrary to what you may think, your will does not automatically control the payment of your death benefits. If you do not make a binding death benefit nomination, your super trustee…
The financial climate of the future is uncertain, but it’s one that you need to be prepared to face. Ensuring that you are financially in a better position to face this uncertainty can be done by your own means or by working with an advisor to help manage your money. A handy tip for ensuring…
SMSFs can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. Carrying on a business through an SMSF does have restrictions that other businesses do not have, such as entering into credit arrangements or having overdrafts. SMSF trustees…
Small businesses entitled to refunds of GST may not be aware of the four-year time limit on claiming those refunds. Your entitlement to a GST credit ends four years from the due date of the earliest activity statement in which you could have claimed it. GST refunds are claimed under the indirect tax concession scheme…
In a digital world full of disruptors, change is the new norm. Businesses that fail to keep up with technological advancements and let go of opportunities are kicking themselves in the foot. Although technological change can be intimidating for small business owners, there is no running from it. An increasing amount of customers are turning…
The last day to lodge a tax return to the ATO if it is not being completed by a registered tax agent or with an extended deadline is the 31st of October. Someone else can assist you with completing your tax return, but only in the following circumstances: A family member or friend can help…
Simply put, marketing your services should consist primarily of four steps: Informing as many people as possible of your existence Leading them to develop an interest in your services Persuading them to meet with you Move from client enquiry to client engagement Here is a simple ten-point strategy for achieving these objectives: Emphasise Persuasion Making…
If you find yourself unhappy with your current bank, you may be looking to move across to a different bank. This could result from rising interest rates, lower fees with the other bank, or better perks associated with the other bank. You will need to consider many things before you break up with your bank…
Throughout the financial year, there may be periods where your business finds itself facing a recurring problem with its cashflow. Small businesses with cash flow issues may find themselves more at risk of failing or suffering significant financial hardship – during these critical times in the business landscape, this is not an ideal situation. Cash…
Superannuation may not be the first thing that springs to mind as a self-employed individual, but just like how looking after your tax and business expenses benefits you, superannuation is an important subject to consider. While you don’t need to pay super to yourself, it might help you feel more secure about your finances during…