Visiting your accountant is good for your health...... In a somewhat surprising finding, business owners who regularly visit their accountants tend to have lower rates of anxiety. However, accountants are feeling the pressure as mental health issues among their SME clients soar. Mental health for small business, as an issue, has almost reached epidemic proportions. More than 90 per cent of SMEs report that engaging with their accountant significantly lowers their anxiety. Accountants nationwide are increasingly becoming a sounding board for the mental stresses facing business owners, alongside their financial concerns. The simple act of speaking with someone outside of the business, yet who understands the everyday stresses of operating a business, is increasingly becoming a lifeline for many business owners.
Aussie tricked out of more than $19m in scams........
In the eight months to September, Australian investors have lost more than $19 million to scams, with male investors copping more than two-thirds of the pain.
According to figures from the Australian Competition and Consumer Commission (ACCC), male investors have lost more than $12 million to scams in the 2017 calendar year to September while female investors have lost just over $6 million.
In August alone, $3.95 million was lost, with the lion’s share coming from phone scams ($1.6 million) or social networking ($1.6 million).
Age Pension – So many Rules…. Australia is obsessed with creating them
From 1 July 2017, the Age Pension age effectively increases to 65.5 years (from its current 65 years)until it reaches age 67 from July 2023. Your Age Pension age is the age at which you are eligible to apply for the Age Pension, and this will depend on your date of birth. Australian residents born on or after 1 July 1952 and before January 1954, will have an Age Pension age of 65.5 years. Anyone born before July 1952 has an Age Pension age of 65 years (although women before 1949, have a younger Age Pension.
Five steps to wealth creation...............
1. Consider using a budget tracking tool
2. Think about your mortgage repayment plan
3. What about borrowing money to invest in property or shares?
4. Try to give extra to superannuation
5. Chat to an accountant about tax variation schemes
The Labor Party’s proposed plan to tax distributions from family trusts will see fewer incentives for small businesses to go into operation, reducing job growth across the country, according to one small business owner.
Earlier this week, Labor announced that it was seeking to tax a minimum of 30 per cent on trust distributions to individuals.
Trusts were a valuable tool in attracting entrepreneurs to set up business because it gave them a chance to minimise their tax obligations, while providing asset protection and an avenue for business succession.
These are the entrepreneurs that are building businesses in the country and creating employment and there has to be some incentive to be taking on that risk.
t comes down to the fact that many small businesses don’t make profits for [many] years and when they do start making profits, they get a chance to stream the income through the family and minimise the tax and hopefully put some money away for super but they get hit by rules changes like this.
These changes that would negatively impact “genuine Australian small businesses”.