Financial Planning For Small Business Owners

Financial Planning For Small Business Owners-76
Have you ever thought about how the business would survive if you were unable to work for an extended period of time, or if you will have enough savings to live comfortably when you retire?What about if a key person or partner was to leave or die?

Have you ever thought about how the business would survive if you were unable to work for an extended period of time, or if you will have enough savings to live comfortably when you retire?

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The death of a key person or partner could potentially destroy a business or force remaining partners to sell if an agreement is not in place.

If you’re a small business owner, doing your personal and corporate books can be doubly taxing.

Cash flow and access to funds when income fluctuates is a major consideration for people who are self-employed or small business owners.

A plan must be created to identify what is needed for ongoing expenses, what should be done with surplus income, and what options are available for your particular needs.

This means you must allocate funds to ensure you will have enough savings for your future.

Did you know almost 25% of small business owners in Australia had no superannuation at all in 2012, according to research conducted by the Australian Super Funds Association (ASFA).Discovery and Business Analysis: We embark on a discovery period to fully understand your business and identify areas for financial opportunities.Evaluate Corporate Structure: We will work with your CPA and attorney and evaluate the effectiveness and benefits of your corporate structure.Savings in tax payable by increasing contributions each year can have a huge impact on your retirement when you consider the effects of compounding interest over a working life.Estate planning is a topic a lot of people put off.You may be paying too much tax currently, or you may be required to pay Capital Gains Tax (CGT) on the total sale of the business if it is not structured to meet your needs.Superannuation contributions can also play a role in reducing the amount of tax paid while contributing to your retirement savings.Optimizing Retirement Plans for You and Your Business: We will help identify different types of retirement plans that make sense for your business and what their potential benefits are.Types of Retirement Plans May Include: Finalize and Implement: We will communicate with your CPA and attorney to help implement the appropriate strategies.Depending on your situation and risk profile, we can advise on a structured portfolio which will meet your needs and give you access to funds when you require it.This is an added benefit when compared to superannuation as withdrawals must comply with a condition of release.

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