Talking Cents

Having recently spent some time with an elderly client and the frustrations experienced in dealing with some rather complex financial affairs that they have built up over their lifetimes, caused me to stop and ponder just how many small business men and women consider the long term effects of the decisions they are making today. From my experience as a tax accountant in Surry Hills and being apart of the IPA, the pertinent factors that I believe you should consider include:-

· Having adequate life and income protection insurance to protect your income and your family if tragedy ever strikes.

· Keeping your will up to date and reviewing it on a regular basis. Especially if company shareholdings and stakes in family trusts are involved. You certainly don't want the tax man or an outside third party to benefit from all your hard work.

· Planning for retirement well before you get there. You want your affairs to be kept as simple as possible in later life so that your children and perhaps even grandchildren aren’t left with a tangled web of entities to deal with.

· Ensure that there is a second signatory to your bank accounts. If not, it can cause serious grief issues for your family in getting access to your accounts if this is not handled well.

· Succession planning is essential for any small business to ensure that the business survives you and lives on for the benefit of the remaining shareholders and other stakeholders as well.

 

Seeking out the advice of a trusted solicitor and tax advisor and planning for your safety and financial security before you think you need to is a great way of being able to know that should the worst of events happen, your family will be taken care of and not be left to deal with years of court cases, trying to unravel your intricate web of entities. Not only that, but it makes the whole notion of easing into retirement a reality when the time comes to wind back and enjoy life.

As your small business accountant, I am here for any questions you may have in regards to this and am able to help you sort out your financial situation to benefit your future.