WA Financial Planner Takes Top Honour

Jason Featherby, Director of Knight Financial Advisors, has been recognised as one of the top 50 most influential financial advisers by Financial Standard. The list, which curates financial advisers who have made an enormous impact in their community, was released earlier this month. To be considered, a financial adviser must have a focus on community building, honing their skills by …

Smart ways to save tax before 2017 EOFY

One reporting season over and another looms! Review now to make the most of tax benefits. Whether you’re running a business, a super fund or both, the clock is ticking towards the end of the financial year. Taking time to check through a few critical items now can make a big difference to tax deductibility and maximisation of superannuation benefits …

Could your business survive an unfortunate event?

What would you do if the worst happened to your business partner? After you have consoled their partner, overcome the shock and had a good cry your thoughts will turn to your business investment. You have both invested a lot of time and money into your business; if your business partner is no longer there who gets their share of …

What’s going to happen to your business?

The Exit Planning Institute reported that more than two thirds of all businesses are owned by baby boomers and that more than 80% of these business owners intend to retire from the sale of their business within the next 10 years. Unfortunately less than 30% of these business owners have done anything about documenting their succession and retirement plans and many …

Monitoring your net worth

How do you think you have gone the last 5 years? Have you been working really hard but don’t seem to see where your money is going? Do you think you are getting ahead in life or running on the spot? Worse still is your financial position deteriorating? Your net worth is what’s left over when you add up all …

What is your business worth?

If I asked you today what your business is worth, what would your answer be? If its ‘umm’ or ‘err’ don’t worry you’re not alone! Many business owners do not know the true value of their business even though it is a critical prerequisite to making major business decisions, entering into new transactions or even funding retirement. This is where …

Upcoming ATO compliance targets

It always pays to be aware of the ATO’s focus areas for tax compliance, as ATO taxpayer reviews can be draining on your resources and any non-compliance however unintended, can result in costly penalties and interest. The ATO have recently released a publication entitled ‘Building Confidence”, which outlines its key areas of upcoming compliance focus across all taxpayer groups. Privately …

End of financial year: SMSFs

The compliance requirements for SMSFs are extremely stringent, and it is important for trustees to be acutely aware of their responsibilities. Of course, we are here to help you, but you should always aim to have a robust understanding of your SMSF’s reporting requirements. Withdrawing minimum pension SMSFs that do not distribute minimum pensions to members who are in pension …

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2015 Federal Budget Announcements

The 2015 Federal Budget has proposed a number of tax incentives for small businesses. A small business is an entity that is operating a business with an annual turnover of less than $2 million (when aggregated with the turnover of associated entities). Key changes announced include: From 1 July 2015, the corporate income tax rate for small business companies will …

Surviving the run up to June 30

A lot of valuable time and energy gets poured into getting your paperwork in order and making sure that you’re minimising your tax bill as much as possible. The good news is that there is still time and with this checklist you can feel confident that you are on top of your tax: Get on top of your records If …