Tag: business

Managing carried forward losses

You operate a company Your accountant set you up in a company and in recent years things have been pretty tough business wise so much so that the company has incurred significant losses. Your business partner who feels the business cannot afford 2 owners and who owns the other 50%, has asked you to buy them […]

Basics of Personal Services Income (PSI)

Basics of personal services income

How do the Personal Services Income Rules work? If 80% or more of the PSI comes from one source, the results test must be passed.  Otherwise, the business is not a PSB and the PSI rules will apply. If less than 80% of the PSI comes from one source, the business will be a PSB […]

Business succession planning

You’ve run your own business successfully and now it’s time for you to leave. What now? According to Forbes, succession planning has been defined as the number one responsibility of board members, however only 14% of directors had a detailed succession plan in place. A succession plan outlines who will take over your business when […]

Succession planning for business

For many business owners, the objective is to pass a profitable and successful business through to the next generation, but this is not something that simply happens and the planning you undertake for a business sale should be similar to transferring a business within the family group. If you are a business owner, you may […]

Cross Collaterisation

Do you have cross collaterised assets or do you know what it means? Cross collateralisation is where your lender has taken security over more assets than those that you have financed, this may be a taking security over your home for a business loan, or taking security over your entire business for a vehicle loan. […]

Experience counts, unless it doesn’t

The development of your business calls into your own experience together with those around you. The more experienced the advisor, the better, right? We recently assisted a family group where the professional advisory team had been in place for over 40 years, they had grown up together as a business colleagues and things started to […]

Outsider in your business

You’ve been in business for years and people identify it with you, but are you an outsider in your business. We assisted a friend who had been stepping away from his business for a number of years, focusing on other businesses and putting a large amount of control in his operations manager. Being an outsider […]

Succession planning for family businesses

For many business owners, the objective is to pass a profitable and successful business through to the next generation, but this is not something that simply happens and the planning you undertake for a business sale should be similar to transferring a business within the family group. If you are a business owner, you may […]

Finding the next big thing

A confession from the past, my mother went on holidays in 1996 and I was assisting her in the shop, in came a salesman with the newest stock, I was convinced that it would be the best seller ever and ordered 100 of these rings. Today she still has 99 in stock and keeps them […]