Category: Business Succession

Buy/Sell Deeds explained

WHY HAVE A BUY/SELL DEED? A Buy/Sell Deed is an agreement between the owners of a company or unit trust that upon the death or permanent disablement of a director or key person associated with a shareholder/unitholder, that shareholder/unitholder must transfer its shares to the remaining shareholders in exchange for...

2017 Federal Budget Summary

Click here to view our budget summary as at 9 May 2017 Key measures from last night’s budget include: Individuals aged 65 or older will be able to make non-concessional (after-tax) super contributions of up to $300,000 from 1 July 2018, using proceeds from the sale of the family home....

Life insurance and its many uses

Life insurance can ensure your family’s financial security in the event of your sudden death. It is a contract pursuant to which the insurer promises to pay a beneficiary you nominate an agreed sum of money upon your death. Usually, you would own your own policy and nominate your spouse,...

Do you have a shareholders agreement?

CONSIDER THESE COMMON ISSUES What would happen to your company if you or your business partner became so ill that one of you could no longer work – or worse still, died? Would you still be paying dividends or making distributions of profit to that person even through he or...

Starting a new business

Before starting a new business, the first thing that you need to consider is the structure of the entity to operate the business. There are numerous options to choose from, such as: sole trader; partnership; company; and unit trust. This is when it can pay to get good accounting/taxation, financial planning and...

Wills with testamentary trusts – why you need one

WHAT IS A TESTAMENTARY TRUST? A Testamentary Trust is simply a trust established by a person’s Will.  As opposed to more “simple” Wills, where beneficiaries receive the benefit of any gift personally, with a Testamentary Trust, the beneficiaries receive the benefit of the gift but rather than having it legally owned by them...

What does an enduring guardian do?

An enduring guardian is a person appointed to make decisions about your health and lifestyle for periods in which you are incapable of making such decisions for yourself (for example if you have dementia, are in a coma, are unconscious following a car accident or suffer from some other mental...

The importance of financial planning to business

THE IMPORTANCE OF FINANCIAL PLANNING TO BUSINESS A sound financial plan is the backbone of any successful business. Having a successful business all comes down to planning and financial planning is one of the key areas that must be addressed from conception for a business to thrive and expand. As...