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NEWS - PLANNING
SMEs find budgeting to be useful: survey
Despite frequent criticism about their usefulness, operating budgets are regarded as useful for planning according to new research released by CPA Australia. A survey of 335 Australian small to medium enterprises (SMEs) found 98 per cent of respondents use budgeting, with most regarding it as beneficial.
The survey also revealed that organisations generally spend almost half an annual period preparing a budget for a future fixed period, but that this process is helped significantly by information technology.
Never too early for tax planning
Old-fashioned tax schemes have faded over the past few years but there are plenty of ways to cut a tax bill without attracting the ire of authorities. The art of tax planning is alive and well, even if the end-of-financial year hyperactive scramble for tax-driven financial products has died. It might only be March but anyone who leaves tax planning much longer is likely to miss out on the chance of a healthy return.
Succession planning for small business owners
Small business owners who are aged over 50 will soon have access to specialist succession planning and retirement advice, following the launch of a new grant by the Australian Government.
How to retire and pay no tax
There are many good reasons why you should pay lower taxes in your retirement years, maybe even the lowest taxes in your life. Not only is your gross income likely to be less than previous years but there are numerous strategies that help cut tax to next to zero once people quit work.
The perfect planner
Faced with the brave new world of super choice and an increasingly complex array of investment products, it is more important than ever to find a financial planner who is right for you.
How to retire at 50
Got $140,000? Then you can retire at 50 and live happily off an ordinary bank account until you can get your superannuation at 55. Early retirement is not a pipedream if you plan it carefully and make the most of every concession the government has to offer.
Add real mileage to tax savings on your car
Salary packaging your car is a common strategy but it's not always the smartest option. There are other ways to cut costs not only on your own vehicle but those of your family as well.
10 rules to make you rich
There are remarkable similarities between a campaign to improve your personal wealth and a serious diet and exercise program. Both require lots of discipline and some fundamental rules that most of us ignore until we realise they can change our lives.
Divorce tips to ease the financial pain
A few basic rules can save you a fortune when you and your spouse split up.
12-point action plan to take the sting out of divorce
For those contemplating divorce, the following advice will strengthen your position and help short-circuit complications.
Making the perfect pitch
PowerPoint slides are fine, but they won't make a persuasive speech; technology will only get you so far, and if you lack the confidence or "voice" to stand and deliver a compelling presentation, then it's time to sharpen your performance.
Independence guidelines beefed up
Two of Australia's leading accounting bodies have amended the requirements of their professional independence statement to help the practical implementation of Clerp 9 corporate law reforms.
Too few SMEs plan for succession
Accounting firms plan to capitalise on small to medium-sized businesses as their baby boomer owners move into retirement over the coming decade.
If things go wrong make a plan
A few months ago, Greg Cromwell, the strategic director of Bush Branding& Marketing, noticed turnover at the business wasn't going up.
A guide to protecting your assets
It's a fear that many people share. The thought of a forced sale of your most valuable assets - particularly your family home - to pay debts arising from a business failure, or from being sued for professional or business negligence, or damages from some other unexpected event.
How to be rich in retirement
Nobody wants to retire poor, but saving as much superannuation as possible does not guarantee a comfortable lifestyle when you eventually trade in your briefcase for a deckchair.
Passing on wealth
Many people devote their lives to the accumulation of wealth, but put little thought into how they pass it on to the next generation. But financial assistance for children - especially when they are still financially dependent - should be an integral part of what is described as estate planning.
Websites that maximise sales
The biggest mistakes small businesses make when they put up a website is failing to consider where it fits into the overall strategy and then not reviewing its performance once it's online.
Phone up for discounts
With most of the SME market now using broadband, and more smaller companies realising they can negotiate prices on their telecommunication services, price differences between the different phone carriers are vanishing.
How to make your bonus grow
It's bonus time again. With big players such as Macquarie paying out theirs at the moment and staff at other Australian companies expecting payouts after the end of June, one of the key questions is: how should you take it?
How to cut your tax
As the 2003-04 financial year swings into its final quarter, smart investors will be reviewing their finances for tax planning and tax management opportunities, well in advance of the annual income tax reckoning that June 30 brings.
7 steps for a good resume
Nodding your head complacently? Then this is precisely the time to reevaluate your resume. You need to know just how much you've accomplished so that you can be the one person in the company who does get the raise you deserved six months ago.
Strategy vital for the long haul
Small- to medium-sized enterprises that plan to grow over the next year and sustain that growth for the long term better have a comprehensive strategy to ensure they are around well into the future, advisers warn.
Accumulating wealth
Unless you inherit or marry money, or are incredibly lucky playing games of chance, there is only one sure-fire formula for becoming financially wealthy - or at least financially secure. It starts with a conscious decision to implement a savings discipline where you spend less than you earn.
Smart plans for retirement
Barring a miracle, returns on retirement investments are likely to disappoint investors again this year. The average fund manager may eke out enough of a return over the remaining weeks of the financial year to produce a positive number, but it won't be enough to offset the losses of the previous year.
How allocated pensions work
Allocated pensions are most popular among self-funded retirees. They are flexible income streams offered by large financial institutions and work much like retail managed funds.
Finding the right structure
Whether you are considering starting a business, or buying an established one, it is essential to do some early planning to avoid unnecessary tax liabilities, stamp duty costs and exposure to other liabilities.
Planners push self-regulation
Financial planners have changed tack in an attempt to repair their poor image and avert the threat of new laws and heavier intervention by regulators.
Family businesses face up to succession
Succession planning and staffing are the biggest issues facing family businesses.
Friends buying homes together
With home ownership near impossible without a joint income in many capital cities, and increasingly difficult in other metropolitan areas, young singles - tired of paying a small fortune in yearly rents while waiting for their knights in shining armour to appear - are buying property with friends, family and co-workers.
The company car too expensive?
Want to avoid many of the costs and problems of running the company fleet by asking employees to return their cars and take additional cash in their salary? You are not alone.
Investment property boom over
The Reserve Bank of Australia yesterday warned residential property investors that the long-running boom was about to end because of rising vacancies and falling rental yields.
The truth about trusts
Ask a financial adviser whether trusts are a legitimate financial structure, and they will invariably say yes.
Investors wake up to promoters
Wary of the Tax Office, well-informed taxpayers are steering clear of exotic tax-driven products, not investing without product rulings and seeking commercial investments endorsed by independent researchers.
The pros and cons of a partnership
Deciding to become a partner in a new retail business that has the hallmarks of financial success can be intoxicating, particularly if the potential profits outweigh the normal weekly wage.
New insurance to help SMEs protect IP
A specialised form of insurance has emerged to protect companies forced to defend their intellectual property in court. Patent protection insurance is designed mainly for small to medium-sized companies who are likely to lack the deep pockets needed to fund a prosecution of IP infringement or to defend such a claim.
Divorce unmasked
This year about 100,000 Australians are likely to grapple with the consequences of divorce and fight for a decent share of marital assets amid emotional distress.
Planners exposed en masse to privacy legislation
The advent of the Privacy Act will have a particularly noticeable impact on Australia's financial planners who, by definition, routinely deal in sensitive, private information about the affairs of their clients.
Planning for redundancy
Being made redundant or pressured into early retirement rank high on the stress scale, on par with a major illness or injury and serious marriage problems. It's even worse when the loss comes emotion-charged, such as the very public collapse of Ansett Airlines. Adding to the emotions of shock, loss and helplessness are the tax and superannuation repercussions linked to redundancy.
Succession plans take care of business
If the main asset of a family dynasty is a business - which is often the case - it is vital to seek expert advice about passing wealth down the line.
Patent profits often missed
Small to medium-size enterprises are at risk of missing the latest wave of change sweeping through the corporate sector - the boom in the number of organisations that are patenting their methods of doing business.
Defensive strategies pay off for conservative investors
Investors who opted for a conservative approach were rewarded last year due to solid returns from defensive assets such as bonds and listed property.
Franchising - a unique way of owning a business
Franchising is a unique way of starting a business because it offers a combination of starting a company from scratch and working for a corporation. Regardless of the type of franchise, franchisees pay an initial fee for the right to use the system's business model and brand. Franchisees must adhere to the business model, but run the individual locations themselves.
Retiring early
More Australians are chasing the dream of early retirement, but only those with a finely tuned investment strategy are likely to save enough money to live 30 to 40 years beyond age 50 without working again.
Taking some pain out of divorce
While the new rules on the splitting of superannuation assets in the event of divorce won't apply until the end of this year, they will dramatically simplify the process. The division of assets on divorce can be a very emotional issue - on a par with dividing up an estate when there are disputes between potential beneficiaries - so a relatively clean way to do this should be welcomed.
Plenty of problems for the unwary
Buying off the plan might allow you to pick up a brand new apartment built to your taste, while deferring stamp duty and benefiting from returns created by capital appreciation.
Share options: a tax burden for young firms
Tax relief remains one of the chief concerns of entrepreneurs, despite an acknowledgement that the burden has been lightened by the Federal Government.
New privacy laws to stretch business resources
Businesses around Australia are in the final stages of preparing for the new national privacy laws that take effect on December 21.
Less rental demand
Sydney is running out of renters and Melbourne and Brisbane investors should take note. The demographic analysis that underpins the sweeping claim applies to every city in the country.
Tougher new patent laws
The Government has emphasised its commitment to investment in Australia's research and innovation capabilities. However, the cost of innovation continues to increase and, particularly for small businesses, this expenditure needs to be justified by at least the possibility of capitalising on their successes.
Redundancy package caution
A recent survey of blue chip Australian businesses by the outplacement firm Lee Hecht Harrison found that 87 per cent of businesses that have recently downsized are planning further job cuts in the next 12 months.
Going part-time
Employees who are made redundant or forced into early retirement often have no choice but to opt for part-time work. For a growing number of employees, this may be a situation they face sooner rather than later, as employers respond to a slowing and uncertain economy and seek ways to cut costs.
Work ethic is the key to franchising
Australia has become a nation of chore outsourcers: gardening, cleaning, sewing, parenting, plumbing, dogwalking, deflea-ing, cartridge-changing ... with no end in sight to franchisors' ability to come up with an ingenious idea.
Tax reporting: it's time to decide
Small businesses now have just under a month in which to make a crucial decision that will affect the size of their tax bills.
How to manage your portfolio now
Every day for a week after the terrorist attacks on the World Trade Center and the Pentagon, MLC Investments was buying into the Australian and US sharemarkets.
Tips to accumulate retirement wealth
People building wealth for retirement often have two broad types of income they need to make important decisions about: salary or business income, and investment income.
How to hit the target market
Recently, Belgiovane Williams Mackay collected the Australian Television Awards trophy for effectiveness. The campaign, for TDK, features posters and TV ads with people who have evolved with bigger than normal ears and strange square eyes. It has certainly been described as memorable and creative, not to mention weird and in some cases repulsive.
No need to tie up cash in computers
With the changes to computers since their introduction in 1940, now practically every business needs computers to compete in the marketplace. However, with various leasing options open to businesses, the question is, do we lease or do we buy?
The benefits of avoiding fringe benefits tax
Flexible employers can make it cheaper for workers to get technology at home by including it in their salary packages and taking advantage of fringe benefits tax exemptions.
A good business plan can be vital
Some small businesses are required to draw up a business plan as a necessary evil if they want to solicit funding from banks, venture capitalists or other potential financial backers.
Financial planners likely to get a reprieve
The Federal Government looks set to give a reprieve to the tax-avoidance crackdown for the financial planning industry, as the Prime Minister, Mr John Howard, indicates the legislation could impose a hefty compliance burden on some small planners.
Pre-nuptial law yet to be tested
Property settlement after a divorce can tear a family business apart, especially if the husband or wife is forced to sell their interest in the business to pay out their spouse.
Potential Risk for Investors Claiming Capital Losses on Shares
In the lead-up to June 30, many investors frantically sell their shares at a loss only to quickly acquire them again for the new financial year. Investors are urged to be warned that the ATO might apply Part IVA of the Tax Act - the general anti-avoidance provisions - to stop you claiming a capital loss.
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