Your Business Can Be The Best Super You Could Ever Have!
Many small business owners plough every dollar they make back into the business and why wouldn’t you when the business is doing well. If your business is making 10, 15 or even 20% return every year; it makes huge sense to invest back into your business.
Like any good investment that produces good returns and grows in value, there is one major problem when you are ready to sell it… And that is the tax. At least in super when you retire at age 60 or so the money can be all tax free.
Now imagine if you had a business that you have been building and one day you sell it for a large amount of money and you thought you beauty…”I got heaps of money to retire on” but then your accountant lets the air out of your bubble and tells you how much tax you are up for. Bummer, all those years, all that sweat equity and you have to give the taxman a stack of money.
It does not have to be that way; your business could be the best super you ever had! You and your partner could sell the business for as much as $3,000,000 and pay no tax at all. So imagine the picture, you’re ploughing all this money into the business because it’s giving you awesome returns each year and when you sell it, the money is all yours. It can’t get better than that. And all you have to do is structure it correctly at the beginning to take advantage of multiple tax exemptions’ and relief measures that could be available to you if you have structured yourself correctly.
If you have not discussed how to structure the business with your accountant, I think you really need to if you want your business to be your super.
I certainly, believe that all serious business owners who have an intention of growing their business and then selling it, it’s worthy of a discussion.
Conclusion
Many businesses are transitioning to outsourced bookkeeping or accounting services as a more cost-effective, efficient and viable alternative to an in-house bookkeeper or accountant. The cost of outsourcing your bookkeeping and accounting makes it easier to budget and helps remove the burden of hiring, managing, retaining and training staff.
We can help alleviate some of the stress from having to hire a bookkeeper by serving as your outsourced advanced bookkeeping and accounting department. Our outstanding client service is provided by our dedicated team of a bookkeeper, staff accountant and business coach that do all the heavy lifting for you whilst providing you with the expertise your business needs to run smoothly, improve cash flow, increase profits and provide you opportunities to build your wealth and lifestyle.