Tax Planning Starts Now

There are 5 key things all business owners must consider right now. Some of them are brilliant wealth creation ideas. Please read on…

30 June will be here before we know it. Let us help you get the most out of the upcoming months.

Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If we all leave your tax planning until the end of May and early June, quite frankly there may not be enough time to do anything significant to legally reduce your tax.

So, for 2017, our invitation to you is to start now with your tax planning.

5 Key Tax Planning Strategies

Over the next five weeks, we will send you one email per week covering one of our five key tax planning strategies. These are:

  1. The Secrets to Tax Planning

  2. Last Chance for big super contributions

  3. Why use a “bucket” company?

  4. Why use a SMSF?

  5. Trust Distribution Resolutions before 30 June

So, keep an eye out for our emails over the next 5 weeks, and we’ll outline in detail for you how to save $ and at the same time grow your family’s wealth in a low-risk manner.

How our tax planning service works

1     First, we request from you details of your expected income and business profits for the 2017 tax year (1 July 2016 to 30 June 2017). This includes all:

  •  wages / employment income
  • interest, dividends and rental income received

  • business profits / losses; and

  • any capital gains / losses you expect to make.

Based on this information, we estimate your taxable income and your tax payable before any tax planning strategies. For example, we may calculate (based on your information) that you have a taxable income of $100,000 for 2017. This would result in $26,832 tax and Medicare levy payable.

2     Secondly, we discuss all your tax planning options. Some of these may be things to do in your business, and some of these may be investment / wealth creation options.

 

3     Third, we provide you with a report that explains in plain English the tax planning strategies we recommend and exactly how much tax you will save.

 

4     And finally, we provide you with an easy-to-follow action plan to ensure that both you and we can do everything that needs to be actioned before 30 June.

Contact us today to get started!

Don’t wait until June, now is the time to have a chat to us.  

General advice disclaimer
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.]

Merry Christmas from the team at Vision Financial Group

Merry Christmas

From the team at Vision Financial Group, we wish all of our clients and business associates a very Merry Christmas.  We thank you for the support throughout 2016 and look forward to working with you all again in the future!

We would like to remind everyone that our office will be closed from close of trade Wednesday 21st December and we will re-open Monday 9th January.

Don't leave your tax planning to the last minute

The biggest changes to super in a decade – how to capitalise now!

Major changes to tax and superannuation have just been approved by the Government in early December 2016.

These are the biggest changes in the last 10 years. They are significant. 

Most of these changes will take place on 1 July 2017.

That’s why we need to start planning ASAP with you.

The expert Vision Financial Team have spent the past 3 months creating a number of cutting edge and brilliant strategies to help you.

Maximise Super Contributions – Large amounts now for possibly the last time

While you might not be flush with cash now and able to put large amounts into superannuation, it’s important that you’re aware of what is possible to maximise your super balance and how to reduce your tax.

The following changes occur from 1 July 2017:

The tax deductible super contribution cap decreases to $25,000 per year from $30,000 per year for up to age 49 or $35,000 per year for age 50 to age 75, after passing a work test if over 65.  

The non-tax deductible super contribution cap decreases to $100,000 per year (provided your super balance is less than $1.6 million) from $180,000 per year.

You may have a once-off opportunity to make a non-tax deductible contribution of $540,000 before 30 June 2017 into super, depending on prior year contributions if any. 

We need to meet and consider your overall personal and family circumstances, and then we can design for you the most tax effective super contributions you can make prior to 30 June 2017.

Other General Tax Planning Strategies

Of course, we’ll consider all the usual 2017 General Tax Planning options for you at the same time.  There are many strategies to consider!

Action Plan

Contact Vision Financial Group TODAY to book in your initial 2017 Tax Planning Meeting with us.  Phone 07 4951 7900 or Email enquires@visionfg.com.au.

Imagine what you could do with your tax saved!

 

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.]

 

Advantages and Disadvantages of Buying a Business

Advantages

 Buying an existing business offers a sense of security because you have a good idea of what you’re getting for your money. 

Existing customers and goodwill

An established business will generally come with existing customers, clients, suppliers and staff.  This eliminates much of the effort and expense needed to generate goodwill, branding, advertising and hiring staff. 

Expenses and finance

The business is already operational and stock is already on hand, so your initial expenses would be minimal and you can quickly generate a cashflow.  If you need to obtain finance, it may be easier because the business has a proven track record. 

Training and assistance

First-hand experience is valuable and the previous owner and employees remaining with the business are best placed to give you the training and assistance you need. 

Disadvantages

An existing business does not come with a guarantee of future success!

Goodwill may not last

There’s a risk that customers and clients may leave when the business changes hands.  Staff may wish to leave too and you may have to pay their entitlements, such as long service leave.  The departure of the owner may have a negative effect on the business, so you can’t necessarily guarantee the profits.

Reputation

The business may have a bad reputation or have made a poor impression in the past – this might prove difficult for you to turn around.

Premises and equipment

The premises may be inadequate and the equipment or stock may be out dated or in need of replacing or repair.

Action Plan

Thoroughly research the business!

For expert advice on buying a business, make an appointment to talk with your accountant, solicitor or business adviser.

Contact Vision Financial 07 4951 7900 or email enquires@visionfg.com.au to make an appointment