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- ATO ANNUAL REPORT
- How The Cloud and Automation Make Business Management Easier
- Avoiding the Wealth Creation Con Artists
- Why Business Owners Should Think Like Futurists
- Buying Property? Why You Should Care About Interest Rates
- Buying property through SMSF – what are the rules?
- 4 reasons to consider refinancing your home loan
- Big data for small business
- Does your super fund provide enough life insurance cover?
- HIFX - INTERNATIONAL PAYMENT EXPERTLY DONE
- Succession plan basics for small business
- Budget Alert – Should you put in place a Transition to Retirement strategy?
- FBT 2016 - WHAT YOU SHOULD KNOW
- How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.
- Transfer of Business Assets & Private Company Shares
- Financial Future Checklist
- Matters to Consider Before Setting Up an SMSF
- 6 Things that Work Better in The Cloud
- Can better inventory management improve business performance for Manufacturers?
- Should you register for GST?
- 5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners
- 5 Reasons for Cash Flow Problems in Small Businesses
- Key man insurance, who do you need to insure?
- Finance options for buying a car
- Buying A Business? 5 Red Flags to Watch Out For
- Should You Take Your Small Business National?
- Upfront costs when buying a home and how you could save
- Insourcing vs outsourcing vs co-sourcing
- 7 Useful Web-Based Software Programs for SMEs
- Saving Tax Through Successful Loan Structuring
- Buy/sell agreements - do you need one?
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- New Work Tax Exemption (WTE) granted to SMSF Members
- YML Finance – LOOK at these loan Interest Rates…
- New Tax Relief Introduction – Parliamentary Bill 2019
- Australian Immigration Visa Changes from 1st July 2019
- Single Touch Payroll (STP) Phase 2: What Your Business Will Have to do to Comply and How YML can Help
- Land Tax Surcharge and You
- YML Insight April 2015
- Tax Liabilities to be reported to Credit Agencies
- Insurance in your Superannuation Policy
- Business Process Improvement
- Intelligent Process Automation (IPA) is here to stay
- Carry forward your unused Concessional Contributions
- 2015 Federal Budget Report
- Business Valuation
- Skilled Nominated Migration (190 Visa) – Live & Work in NSW
- YML Insight June 2015
- Prepaying Interest
- Superannuation Contributions at EOFY
- Financial Year End Planning
- It’s time to apply for a Director Identification Number (DIN)
- Small Business Cyber Security
- Australia’s Company Tax Rate lowered to 25%
- How Business Process Outsourcing can bring value to your customers through technology
- Economic Stimulus 2021 – Latest Government Incentives – What can your business receive?
- Equity Crowd-Funding
- Low and Middle Income Earners – Tax Offsets
- Mortgage Insurance
- RBA Cash Rate Reductions - What it means for your Loan
- Insurance in Super
- Gift or lend to your child?
- GENERAL SKILLED MIGRATION (GSM)
- Proposed Superannuation Guarantee Amnesty – Have you correctly paid your staff super?
- How RPA and Bots are making Employees happier
- It’s time to apply for a Director Identification Number (DIN)
- Super Guarantee – What Happens When You Get It Wrong
- Business Process Outsourcing – Take the Technology View
- The Importance of Estate Planning
- Transfer Balance Caps and what they mean for your Superannuation and Succession Plan
- PRINCIPAL-AND-INTEREST VS INTEREST-ONLY
- UPDATE YOUR WILL
- SAFE HARBOUR FOR DIRECTORS OF STRUGGLING COMPANIES
- COVID-19 and Estate Planning – Your Will
- Why wait for interest rates to go up before considering a fixed interest loan from 1.89% p.a.?
- ATO is Auditing Rental Property Expense Claims
- JobKeeper 2.0 – Extension 1 and Extension 2
- How a Mortgage can improve your Financial Position / How a Mortgage can grow your Wealth
- Cryptocurrency – What are the Taxation Implications?
- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- 2020-21 Federal Budget – Update
- Economic Stimulus 2022 – Latest Government Incentives – What can your business receive?
- UPDATING SMSF TRUST DEEDS
- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
- ACT NOW – YML can help you with Phase 2 Single Touch Payroll (STP)
- CONTRACTOR vs. EMPLOYEE – EMPLOYER OBLIGATIONS
- FBT
- Economic Stimulus 2022 – Latest Government Incentives – What can your business receive?
- RPA for VEHICLE FLEET MANAGEMENT
- CRYPTOCURRENCY
- Using your Equity to Lower your Rate AND to Invest
- TRUST DISTRIBUTION IN 2018
- TAX PLANNING
- Superannuation Guarantee – Quarter 2 Late Payments Due and New 2022 Threshold Removal
- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
- Bookkeeper Service – Why does your business need it?
- AUDIT INSURANCE – ATO Increasing Audit Activity in the Areas of Income Tax and Supe
- 5 Everyday Examples of IPA in Practice
- Transferring asset ownership to a SMSF is an in specie contribution
- Deed of Variation – NSW Surcharge Land Tax
- Deed of Variation – NSW Surcharge Land Tax
- Is Your SMSF Investment Strategy Compliant?
- GST on Property Transactions has changed from 1 July
- INVESTMENT LOANS – IS IT WORTH TAKING OUT PRINCIPAL + INTEREST at 3.89% RATE*?
- GLOBAL TALENT SCHEME – Get the expertise your company needs…
- Business Intelligence (BI) in Small Business
- It’s started – Single Touch Payroll (STP)
- CAR LOAN – HERE’S AN OFFER
- Should you pay principal + interest on your investment property?
- Over 65? Downsize your home to contribute to your super!
- NEW Skilling Australians Fund (SAF) Levy
- Limitations to the Superannuation Death Benefit
- Did you know YML Group offers CFO Services?
- Trust Distributions – Draft Section 100A – What you need to know?
- JobKeeper 2.0 – Extension 2 Commencing Soon
- It’s time to apply for a Director Identification Number (DIN)
- NSW State Budget 2020-21 – Economic Stimulus Packages
- Do yourself a Service – Partner with YML’s Bookkeeping Service and be ready for FYE 2022
- Would your business withstand one of its key people falling ill or dying?
- Superannuation Guarantee Amnesty – Self-Correct your past Super Guarantee Liability
- Be ready before refinancing or applying for a new loan
- Non-Residents and SMSFs – Tax Alert!
- Managing your Money through this Crisis!
- Proposed Partner Visa Changes – NEW Two-Step Process
- YML Insight – Special Edition COVID-19
- Divorce Order – Self-Managed Superannuation Funds (SMSF
- FBT 2020 – What do you need to consider?
- Annualised Salaries – New Rules from 1 March 2020
- ATO Increased Audit Activity – Including JobKeeper
- JobMaker Hiring Credits – Explained
- Economic Stimulus Package – JobKeeper Payment
- Superannuation and Pension Payment Changes
- Should I ‘fix’ my home loan?
- Economic Stimulus Package – Small Business Grants
- Working with Remote Staff – Business Process Outsourcing
- HR in the Australian Hospitality Sector – Specialist Service Available
- ATO Payment Arrangements – Avoid Overseas Travel Ban
- Australian Director Identification Number (DIN) – Introduction
- Refinance and get up to $4k bonus OR renegotiate with your current lender?
- JOBKEEPER INCENTIVE – ENROLMENT REQUIRED 30/04/20
- GOVERNMENT INCENTIVES UPDATE
- Taxable Payments – New Compliance for Couriers and Cleaners
- Superannuation Guarantee Amnesty 2020
- Government announces Changes to the Working Holiday Maker Programme
- NEWS! CGT Main Residence Exemption to End for Foreign Residents
- EOFY Removal of Main Residence CGT Exemption for Non-residents
- YML Insight July 2015
- Economic Stimulus Package Updates
- Land Tax NSW – Have you registered? Will you pay a surcharge?
- BUY / SELL Insurance – What is it and how can it help your business?
- YML Insight August 2015
- Working from home: What deductions can you claim?
- CBA has increased its 4-year Fixed Rate – Is now the time to fix your loan
- COVID-19 – Rent Moratorium + Financial Support
- Applying For A Mortgage Is No ‘Walk in the Park’
- NEW Superannuation Contribution Caps from 1 July 2021
- MyGov – What is it and how do you apply?
- SMSF – Would it suit you?
- Cryptocurrency – What are the Taxation Implications?
- Small Business – Fees & Charges Rebate – Up to $1500
- Economic Stimulus Package – Small Business Grants
- Small Business Instant Asset Write-Off : NOW up to $25,000
- POWER BI - BUSINESS DATA TOOL
- Employees : Time and Attendance Platforms
- When are Superannuation Pensions available to Younger People?
- COVID-19 – Travel Bans and Exemptions
- Australia’s Federal Budget 2021-22 – What’s new and what’s in it for you?
- Australian Taxes Payable as a Foreign Resident
- COVID-19 – Workers Compensation and JobKeeper
- Car Loans - In your Business or Personal Name?
- Funding to help small businesses re-open after COVID-19
- Is it time you outsourced your business processes with YML?
- Digital Automation supporting Remote Work
- The Importance of Estate Planning
- Superannuation Increases – Trust Members + Contribution Caps + Guarantee Contribution Base + Pension Caps – from 1 July 2021
- Is your lender charging your SMSF a KILLER interest rate?
- Property Development – Deed of Partition and Transfers (NSW)
- Buying Property through your SMSF
- FBT 2019 – What’s new?
- Tax Time Checklist for Individuals
- Single Touch Payroll – NOW Mandatory for ALL Businesses
- Economic Stimulus Package Updates
- Should I leave my savings in the offset or in the redraw?
- Virtual Bookkeeping at your Service
- Splitting your Superannuation Contributions with your Spouse – A Way to a Better Retirement for Couples
- Tax Planning and Restructuring to suit your Business
- Economic Stimulus 2021 – Latest Government Incentives – What can your business receive?
- Federal Budget 2019 – Immigration to Australia NEWS
- Superannuation Contribution Laws are changing – Boost your Retirement Savings from 1 July 2022
- NOW is the time to consider your Year-End Super Contributions
- Economic Stimulus 2021 – Latest Government Incentives – What can your business receive?
- Federal Budget May 2016 - Superannuation and Social Security
- Buy your own Premises NOW – Business Loans at 2.45% per annum
- Federal Budget 2014-15 Update
- NOW is the time to re-look at your SMSF loan’s interest rate
- Federal Election 2019 Outcome – What it means for you
- Deduction of Interest on Vacant Land – Draft Ruling
- STP – COMPULSORY Cloud-based Payroll Reporting
- 2022 Year-End Tax Planning – Our Tips
- AI and RPA changing the Future of Work
- SuperStream Deadline for Small Employers
- Superannuation Year End Considerations Continue!
- YML Insight February 2015
- Happy NEW Financial Year – ATO Changes Update
- Economic Stimulus Package Updates – JobKeeper 2.1
- Does your SMSF have an investment strategy?
- Business Process Outsourcing (BPO) – Remote / Offshore
- YML Insight March 2015
- General Outsourcing Services provided by YML
- How to get on top of your finances post COVID-19
- Other Topics
- RPA
- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
- WORK RELATED CAR EXPENSES - WHAT'S LEGAL?
- WHAT IS THE BEST WAY TO PAY OFF YOUR DEBTS?
- Business Protection Insurance
- Aiming to Make a Final Non Concessional Superannuation Contribution for 2016? Be Careful!
- Getting Organized and Planning Effectively This EOFY
- New Withholding for Non Residents
- Four Per Cent Stamp Duty Surcharge for Overseas Investors Buying Residential Real Estate in NSW
- Co-Sourcing: An Alternative To Out-Sourcing
- What Small Business Expenses Can You Claim?
- Israeli Tax of Trusts
- New Superannuation Rules
- YML Group App - Coming Soon
- Obtaining a Business Skills Visa
- Quick Tips to Pay Off Your Mortgage Sooner
- FBT on Christmas Gifts and Tax Deductibility of Christmas Parties
- Changes to the Assets Test for Centrelink Aged Pensions from January 1st 2017
- Why You Should Consider Co-Sourcing for your Business
- Is It Worth Fixing Your Loan?
- Co- Sourcing
- Shareholder's Agreements
- Tax
- Who will your successor be?
Will your successor be a family member, a business partner or someone external to the business? It’s important that the potential successor is provided with appropriate training and given a reasonable time period to learn the main aspects of the business. - What is your exit strategy?
Will you retire altogether or continue to be involved on a part-time basis? If the latter, what will your involvement entail and for how long? - What are the financial considerations?
What is the current market value of the business? What is the minimum sale price required and who will receive the proceeds? Are there any retirement payments required for retiring owner/s and what are the terms? If you are in a partnership and you plan to arrange a buyout, what is the value of your share? - Will there be any key personnel changes?
If you have employees, you may need to reshuffle key personnel. It’s important to write a clear job description for each position, including the skills, qualifications and training required. You should also list who you expect to be in the position, or if it will be vacant after the reshuffle. - What registration transfers are required?
Consider ABN, GST, domain names, intellectual property rights, licenses, permits, subscriptions, memberships and so on. - What are the legal and tax requirements?
Documents will need to be drawn up dictating the terms of the succession and contracts may need to be modified or new ones drawn up in the event of the succession. Also consider what taxes are payable in the event of a transfer or sale. - What are the partnership arrangements?
Do you have a buy/sell agreement in place? What are the terms? Will the remaining partner/s buy your partnership share or will it be open to external partners or family members? - What are the insurance implications?
What insurance policies do you currently hold in the event of disability, death or injury? How will the proceeds be distributed? - What are the risk factors?
What are the risks to succession and what contingencies do you need to put in place?
Succession plan basics for small business
Even if you’re not planning to retire for many years, it’s still important to have a strategy for exiting your business. According to a recent report undertaken across more than 1,200 Australian SME businesses, 35% of business owners have no ultimate exit plan.
The importance of a succession plan
Let’s face it – nothing in life is permanent and one day your life as a business owner will come to an end. This may be due to retirement, but other factors to consider are ill health, accident, death or simply because you’ve decided to move on to something new. A well-structured succession strategy helps mitigate a wide range of risks and ensures, among other things, the future stability and success of your business. While all succession plans vary in complexity and objectives, there are some key questions all business owners should consider.
Think of business succession as a process rather than an event and take action now with a view to the longer term. YML Chartered Accountants can help you develop a robust succession plan that will help ensure the long-term success of your business.
Sources:
https://www.scottishpacific.com/images/pdf-files/2015-Scottish-Pacific-SME-Growth-Index.pdf.pdf
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