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Business Owners Need Specific Solutions

As a business owner, you’re lucky! 🍀

Fortunately, business is a great way to generate income and reduce your taxes. Especially if you can turn your business into a passive investment.

The reason why business is such a good investment, is that governments help out a lot. The government likes to create jobs and businesses create jobs, so there are literally thousands of tax breaks for businesses and business owners.
Owning a business has many benefits, as long as you have the right strategies in place.

 

🍀 Building your wealth as your core business strategy.

We would start with the formation of the business and that starts long before you are in the business with a business plan. Once the business is established a annual review and strategic financial and wealth building planning is designed to help focus and fast track outcomes.

If your business is already up and running t’s not too late. Looking at the 5 Point Business Owners checklist will help you determine what startegies to put in place to protect you and your business.

 

💰 ‘5 POINT’ WEALTH PROTECTION CHECKLIST

The following 5 Pillars of Protection essential for you, your family and your business to protect your wealth:

Business owners

1. BUY/SELL AGREEMENT FUNDING
If you are in a business and one of the owners was to die or become disabled have business succession arrangements (with sufficient funding) been made to ensure a smooth handover of ownership? If not you could have just inherited your ex business partner’s spouse telling you how to run your business!

2. KEYPERSON COVER
If you as business owner (or another keyperson) dies or becomes disabled, have sufficient insurances been taken out to protect your business from a decline in revenue/profits and also to enable the business to meet its ongoing financial commitments (eg loans/overdrafts/creditors or leases)?

3. BUSINESS OVERHEADS
If you were unable to work in your business for a year, could you continue to pay your ongoing business expenses (eg loan repayments or rent. Leasing costs, utility bills)?

4. INCOME PROTECTION
If you were unable to work for 3 months, or longer, because of an accident or illness, could you meet your lifestyle expenses (eg. loan repayments, rent food, education, clothing, entertainment without a regular income

5. LIFE/TOTAL AND PERMANENT DISABILITY (TPD) COVER
Would your current insurances, including those within super funds be enough to pay off your personal debts (eg mortgage, car loan, credit cards) and keep your family comfortable for the rest of their lives?

 

🤔 If you answered NO or UNSURE to any of these please book a call to discuss here and also recieve a complimentary ‘Wealth Check’ consultation to ensure you are completely protected.

 

⚠️ The 3 Simple Mistakes Costing Business Owners Money

 

💸 Mistake #1:

Not knowing what type of business structure or entity is right for your business now and in the future, because it can change over time. Your business structure affects your business’ taxation, liabilities and even your future exit opportunities.
So, understanding the differences and choosing the right one is absolutely crucial.

💸 Mistake #2:

Not planning for your ideal exit. As a business owner, what do you plan to do with our business? Will your children or employees take it over some day?
If you’re going to sell it, how should you structure the sale to maximize your success and reduce tax liability? And perhaps this is this your retirement plan?
Each of these exits requires a different strategy and you need to start thinking about it long before you leave your business so you can maximize the value of your company.

And finally,

💸 Mistake #3:

Not paying yourself the right way. Many business owners and entrepreneurs I see aren’t taking their income the right way to maximize their goals and limit there tax liability. Having the right payment structure in place can help you accomplish all of that while avoiding raising red flags with the tax office that could lead to painful tax audits.

So, if any of these mistakes sound familiar – or spark the need for a conversation — I’m here to listen and help you take action, so you can focus on your business.

 

If you have questions about what we have discussed here or you’d like to personally speak with me about what’s going on, phone 08 7111 0022 or you can simply book a chat here.

Arthur Panagis
Author, Founder, Wealth Coach and Financial Strategist

B.Bus (Accountant)
Grad Dip (Financial Planning)
Professional Certificate in Self Managed Super Funds
ASX Listed Equities Accreditation
Tax (financial) Advisor

 

REMEMBER, action is power!

💪 We want to make the rest of your life the best of your life.

– Head Office –
Suite 2, 148 Greenhill Rd,
PARKSIDE SA 5063
Ph – 08 7111 0022
Email – info@fmgws.com.au

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💪 OTHER WAYS WE HELP BUSINESS OWNERS

SUCCESSION PLANNING IS IMPORTANT

  • Buy/Sell Agreements and Funding – to protect business ownership.
  • Estate strategies – to distribute wealth to loved ones as per your wishes.
  • Small business tax concession strategies – to maximize tax benefits available when selling your business and investing wisely and appropriately.

If you need help, a simple chat might be all it takes. Reach out to us anytime on PH: 08 7111 0022 or book a chat here

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