A Self Managed Super Fund (SMSF) can have some big advantages over regular superannuation, and for people who really want to take control over their financial destiny, it is seen as the ideal choice. The benefits to running an SMSF are many, but if you were to narrow them down to a “top three”, you’d…
No matter what your purpose or reason for travelling overseas, it’s essential you plan your finances carefully. Not just to ensure you have adequate finances to fund your trip, but also because your journey – whether it’s temporary, extended or permanent – might have tax implications and can otherwise affect your financial future. Travelling on…
A self managed super fund (SMSF) can be a great way to run your own superannuation investments and retain control over assets and decisions. However while there are a number of upsides for the right clients when it comes to running a SMSF, one of the downsides is that you – as the trustee – are completely responsible for the fund. This can become a little more complicated when there are changes to existing legislation, so it’s vital that you always remain aware of the rules and any amendments that occur. With the Federal Government’s budget repair strategy, there have been a number of key changes in the 2015 tax year that should be noted.
A financial plan is a component of a business plan that serves more than just one purpose. The projections made determine the viability of a business, making it the essential part of any loan or venture capital application. Investors need to know they can get a return on their investment, and banks need to know that loan repayments can be managed. In essence, the financial plan becomes the reference against which you monitor your business’s performance. So how can you develop a financial plan for your small business?A financial plan has three major sections:
- Income statement
- Cash flow projection
- Balance sheet