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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Business - 3 min read
No two businesses look the same, so your business structure needs to be personalised to your unique situation. Are you a sole proprietor or do you have a partnership? Is yours a family business? How will your business structure influence your personal finances (family circumstances, mortgage, retirement, etc.)?
Asset protection should be an essential part of your business structure. Your business should have enough assets to cover its loans so the owners’ private assets are not at risk. If your assets are not protected, you could lose enormous sums of money when faced with a downturn or business crisis.
Your business structure should also ensure that assets aren’t controlled by the owner of the business. This is especially important in the face of bankruptcy, divorce, or other personal financial issues.
Your business could be losing more money to capital gains than is necessary, and in the long run, these losses could mean you have less money for wages, marketing, cash flow, working capital, and other business necessities.
If your business structure makes capital gains, it can be useful if the business can access the discounts and concessions made possible by the CGT legislation. Some of these discounts and concessions include general discounts, the use of past capital losses, and CGT small business concessions. Check with your adviser to find out which options are viable for your company.
Some business structures are more complicated than others, and it’s important to find out if your administrative burden could be lessened. When you reduce your administrative burden, you’ll save money on salaries, consultants, accountants, and legal fees. These reductions can free up your funds for more proactive business pursuits like research and development, training, or marketing.
If you’re concerned your business structure could be losing you money, reach out to us. Our business experts are skilled at finding ways to help organisations keep more of their money instead of wasting it on ineffective structures and policies.
For insight into the current state of your business' health, try our Healthy Business App by clicking below:
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
Business - 9 min read
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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