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What You Need to Know Before Starting an SMSF

Are you one of the many Australians who are looking beyond industry and retail superannuation funds for a better long-term outcome regarding your retirement savings? Then you may be interested in starting your own self-managed superannuation fund (SMSF). You probably already know that superannuation is an excellent vehicle for saving for retirement. It offers generous tax incentives to encourage people to think ahead, rather than relying on the aged pension. Establishing your own fund means making your own investment decisions,

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Start Getting in Shape for the New Financial Year Now!

All over the world, we celebrate New Year’s Day as the time for making resolutions to change things in our lives. With a new financial year starting on 1 July, perhaps we should begin a new tradition by using this date as an opportunity to make financial resolutions. For business owners, it could serve as a “reboot” to existing plans that have lapsed or an incentive to start this financial year in better shape than the last one. Strategic Focus

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Basic Financial Skills Essential for a Business Owner

There is no shortage of entrepreneurs in Australia who have a great idea or product, and the ability to create a “start-up” business to bring their creation to the market. According to a recent survey however, many of these fledgling businesses will not exist beyond 1 to 2 years, largely because their owners lack basic financial knowledge. Early Stage Business Failures due to Lack of Financial Understanding The survey also found that this lack of knowledge differed across a demographic

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Will You Have a Tax Plan in Place Before 30 June?

As the end of the financial year looms closer, business owners and managers should be gearing up for the extra tasks involved in getting their accounts in order, ready to present to their accountants. However, they should also have been working with their accountants to develop a tax plan, well before this part of the year. Tax planning is a process with the potential to reduce a tax liability legally, but only if it is approached in a proactive, purposeful

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