Welcome to the Christmas Edition of Tax Tactics
With the weather continuing to warm up there is a definite excitement in the air that Christmas and New Year will soon be here. For many the lead up to the 25th December is a very busy time of year. However, it is important to do a little ‘financial reflection’ to ensure your finances are up to the challenge of Christmas and ready to support your goals into the New Year.
If you would like to come in for a chat about your goals prior to Christmas and the New Year, now is a great time to do so. Having these decisions made early and ready to go for the New Year can help reduce the stress of the season and give you peace of mind you are well placed to embrace future opportunities.
In keeping with the seasonal theme of giving and planning, the articles and topics included in this newsletter are:
- The future of the family business – Do you have a succession plan in place for your business? Whether a large or small business, contemplating what you want for the future of your business makes commonsense.
- The unique needs of small business owners – As a small business owner, your financial and tax advice needs are different to those of a PAYG employee. This article takes a look at some of the main issues to be considered.
- Pros and cons of gearing in SMSFs – Looks at your options if gearing in your SMSF.
- Giving the gift of compound interest – Sometimes the best gift you can give the kids is knowledge, so they learn to maximise what they have early in life!
- Tax planning check for businesses – In preparation for planning in the New Year, this tax planning checklist provides some food for thought.
If you would like additional information on any of the subjects focused on in this issue of Tax Tactics and how they effect to your circumstances, please contact Stature Accounting to make an appointment or send us an email at info@staturearw.com.au.
From all the team at Stature Accounting, we wish you and your family a happy and peaceful holiday season. It’s been our pleasure to help you with your tax and accounting advice in 2012 and we look forward to continuing to do so in 2013.
Regards,
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Jon McArthur
B.Com FCA MAICD
Principal & Chartered Accountant
Stature Accounting Pty Ltd |
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by Jon McArthur
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The first lesson most children learn about money is what they can spend it on – lollies, video games, the latest fad - but it’s a parent’s obligation to also teach them about managing their money. And the earlier we can teach them about the power of compounding, the more they will appreciate us.
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by Jon McArthur
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The main reason people go into business for themselves is quite simple – to have more control. For others, wealth creation is the main focus, although small business also brings with it the higher chance of failure and loss. Is the hard work and extra risk worth it?
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by Jon McArthur
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Since gearing in superannuation was allowed, it has proved to be increasingly popular among trustees. But it may not be the ideal strategy for every SMSF and it’s important to understand the pros and cons.
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by Jon McArthur
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To ensure continuity, a succession plan is absolutely essential for every family business. And this is regardless of whether the family runs a global empire, family farm or corner store.
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by Jon McArthur
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Each end of financial year brings a checklist of tax planning initiatives you should consider for your business.
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What's new?
Gloria Jeans Charity Golf Day
Mark Taylor and I were delighted with the opportunity to participate in the recent Gloria Jeans - With a Heart Charity Golf Day, raising funds for Special Olympics Australia. Along with raising funds for this very worthwhile cause we had the added bonus of getting in a round of golf (and our scores reflected this is not something we get to do often!)
As a silver sponsor, Stature assisted Gloria Jeans to reach their goal of raising $40,000 for Special Olympics Australia, which provides regular sports participation, training and competition for children and adults with intellectual disability – all year round.
It was our pleasure to participate in this event and since we had so much fun, we hope to do it all again next year!
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