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Everyone should have a will, but when you’re running a business, it is especially important to ensure that the business and your family are protected. Make sure you’ve got quality wills, powers of attorney, testaments to trusts, deeds of mutual wills, or whatever else you may need.
Once you’ve set up all this paperwork, review it every few years. Situations and assets change, and it’s important to ensure those additions are captured in your will. Do it right the first time. You’ve got to get it all done and do it properly and then just go, “Right, breathe, my family’s looked after if something goes wrong here from all levels.”
Most businesses do not claim anywhere near what they’re able to claim legally. These businesses don’t get advised on maximising legal deductions through their business year-in-year-out. Again, finding a good accountant will help ensure you are claiming everything you are legally allowed to claim.
Small businesses making less than $10 million a year, especially, have a lot of options for how to legally claim more tax deductions. This can make a big impact on your taxable income for the year.
If you are guilty of any of these, maybe you even already knew it was something that needed to be handled, great! Today is the today. In the short term, now is the perfect time to seek appropriate advice and the appropriate advisor so you can put whatever strategies in place before 30th of June to minimise taxes this year. Claim what you’re legally able to claim. In the longer term, it’s time to start thinking about your situation and finding the right advice to ensure you’ve got the best asset protection, whether your assets are owned as best way they can for asset protection, whether your structure has got the most tax minimization and flexibility.
Ultimately, your business is a vehicle to generate cash. So the most important thing is to have the right structure in place for asset protection and tax minimization and efficiency and effectiveness. Finally, have a strategy in place to create wealth long-term for you and your family. At the same time as you’re doing all that, make sure you’ve covered up on all the downside in your business. Review all your insurances, business and non-business. Make sure you’ve got the appropriate powers of attorney in place. Review your estate planning and will.
There is no such thing as ‘too early’ when it comes to financial planning. It’s just as important – if not even more so – to plan ahead and take control of your finances at the start of your career, as it is when you’re mid-way through or close to the end of your working life. Often, people take more interest in their finances when they have accumulated a few assets or they’re about to make a big decision, such as buying a practice or retiring. But the earlier you begin planning, the better off you’ll be in the long-run.
The first step is to take time to review where you are now and what you want to achieve. You need to create a financial snapshot of your current position, so that you can put the right measures in place to help you reach your goals. To create that snapshot, ask yourself: what benefits do I already receive? What assets do I have? What investments do I have? What loans do I have? What income protection do I have?
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