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About Geoff Gartly

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So far Geoff Gartly has created 81 blog entries.

Product development and keeping your products or service new

By |2025-03-05T10:03:25+11:0005/03/2025|Categories: Blog, Business growth|Tags: |

  Product development and growth are essential for any business. A product in your business has a lifecycle and a potential use-by date. Keeping it vibrant in the market requires continuous effort, creativity, and passion. Take a moment to evaluate your products; have they been around for a while? As the years go by, even the most popular items you have been selling can lose their sparkle and appeal. That's why it's essential for small business owners to rejuvenate their product offerings bi-annually. My father was the accountant for Hills Industries, and I, too, worked there as a student, [...] READ MORE

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Superannuation Contributions and deadlines

By |2025-02-21T11:35:42+11:0021/02/2025|Categories: Blog|

It is important to understand the timing of superannuation contributions and when and how they are recorded in the Fund. One of the most common ways an SMSF grows its capital is through contributions made by its members. As you age, fund members focus more on boosting super as this attractive investment vehicle is built and established for your retirement. These contributions can be in contributed by cash, electronic transfers, or other financial instruments. Understanding when a contribution is considered to be made is essential for SMSF trustees to ensure compliance with superannuation laws and tax obligations. This is especially [...] READ MORE

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Transferring XRP to your SMSF

By |2025-01-23T07:54:28+11:0023/01/2025|Categories: Blog, SMSF|Tags: , , |

With Trump's era now in full swing, crypto  such as XRP is enjoying growth. We have had a few queries lately about moving the client's crypto from their own name into a family trust or SMSFTransferring cryptocurrency, such as XRP, into your Self-Managed Super Fund (SMSF) can be a strategic way to align your digital assets with your retirement goals and manage capital gains. However, it requires careful compliance with Australian Taxation Office (ATO) regulations and documentation. Here's how to approach the process in a compliant and seamless manner.The first step is to ensure that your SMSF’s trust deed allows [...] READ MORE

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Running a B n b using Your SMSF

By |2025-01-08T16:39:24+11:0008/01/2025|Categories: Blog, Estate Planning, small business, SMSF, Trade & construction|

Many ask if it is possible running a B n B using your SMSF? The allure of a coastal property. The sound of waves crashing, stunning sunsets, and the potential for lucrative rental income and capital growth. These are all good reasons to invest in coastal real estate. If you have a Self-Managed Super Fund (SMSF), you might wonder whether such an investment could fit within your retirement strategy. The short answer is yes, but with a few critical hurdles to navigate. The Vision vs. The Rules Picture this: a charming beach house listed as an Air BnB, earning a [...] READ MORE

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Carry Forward Concessional Contributions Tax Planning Strategies for 2025

By |2024-12-31T10:20:16+11:0031/12/2024|Categories: Estate Planning, Services accounting for small business, SMSF, Taxation|Tags: , |

Carry Forward Concessional Contributions can assist in your tax planning strategy for 2025 . As a small business owner, navigating the tax landscape can save money and help you grow your financial future. One area worth exploring is carry-forward concessional contributions. This tax strategy enables you to boost your retirement savings while potentially reducing your tax liability, especially for those in their 50s who have not had sufficient cash flow to contribute in the past. We also use the strategy for those one of big tax bills, such as capital gains, that can sometimes help dilute your tax bill. What [...] READ MORE

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Investing in Cryptocurrency by my SMSF

By |2024-12-07T12:35:51+11:0007/12/2024|Categories: Blog, Estate Planning, SMSF|Tags: , , , , |

Investing in Cryptocurrency by my SMSF is becoming an attractive option for many. With the growing interest in cryptocurrency as an asset class, many SMSF (Self-Managed Superannuation Fund) trustees are exploring the potential of digital currencies like Bitcoin and Ethereum to diversify their portfolios. While Crypto can be an exciting investment, managing it within an SMSF has unique challenges and compliance requirements. Cryptocurrency investments in an SMSF environment raise issues such as trust deed considerations, compliance, storage methods like cold wallets, and how to sell crypto assets effectively. Whether you're just starting or looking to refine your approach, these insights [...] READ MORE

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How to Enhance your business Value before Selling: The Ultimate Checklist

By |2024-10-30T21:17:44+11:0030/10/2024|Categories: Blog, Business growth, Exit Planning|

Business owners who enhance your business value before selling put themself in the optimised position for success . But they also face their most significant financial decisions of their business career before going to market for sale. we know that a well-prepared business can sell for 3-5 times more value than one rushed to market. A complete selling checklist helps owners maximise their business value and attract qualified buyers. The more time you spend enhancing your business value the better result you will get. Business owners can learn valuable steps to boost their business value before selling or putting their [...] READ MORE

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Trust Vs Company – what is the difference

By |2024-10-11T10:22:04+11:0010/10/2024|Categories: Blog, Services accounting for small business, small business, Taxation|Tags: , , , |

  A Trust vs Company is a decision many business startups need to consider Choosing the right business structure is crucial to impacting your company's operations, taxation, liability, and future growth. Family Trusts and Companies (typically Proprietary Limited or Pty Ltd companies) are two popular structures. We stress that Family Trusts are for family affairs but suitable for non-family ownership where two non-related partners enter business. Trust vs. Company: Each entity has advantages and considerations, and don't be surprised if the best structure is one of each. Here's a comprehensive overview to help you make an informed decision:What is a [...] READ MORE

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Early access to smsf superannuation when facing business stress

By |2024-09-25T13:00:43+10:0024/09/2024|Categories: Blog, Exit Planning, Services accounting for small business, SMSF|Tags: , |

It might be tempting as a business owner to take early access to smsf and superannuation.  As the economy gets tough for many small business owners, keeping the doors open can feel like a tightrope between survival and financial disaster. With this in mind business owners who also run their own SMSF are faced with these pressures, and it's tempting to access these funds. This may lead some to consider early access to smsf superannuation using the benefits of their Self-Managed Super Funds (SMSF) to keep their small business going.However, before considering this, you must grasp the serious legal and [...] READ MORE

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How to set a tradie charge out rate

By |2024-10-05T14:14:02+10:0008/09/2024|Categories: Blog, Services accounting for small business, Trade & construction|Tags: , |

How do I calculate and set my tradie charge out rate? Your charge out rate can influence if you make a profit or a loss in your trade business. There are traps to be aware of when setting your rate. Be careful not to underprice, but do not overprice unless your strategy is high-end! It's hard to get the balance right. Reviewing your charge out regularly is also important to maintain profitability. Here a couple of industry charge out fallacies Charge out rates are all the customer worries about when engaging with your services I should set the same [...] READ MORE

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Negotiating an ATO Payment Plan

By |2024-10-05T14:14:16+10:0014/08/2024|Categories: Blog, Taxation|

Defaulting on  ATO payment plans If you have an ATO debt you can’t pay upfront, you can arrange an ATO payment plan. This is an agreement between you and the ATO where you agree to pay off your tax debt over time in instalments. In return, the ATO agrees not to use its debt collection powers against you. Getting into a payment arrangement with the ATO is one thing. Keeping the payment arrangement on track is a different story. We have listed just some of the ways your payment plan can default. Payment not being received on time This might [...] READ MORE

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July 2024 Newsletter

By |2024-07-31T18:35:14+10:0001/07/2024|Categories: Blog|Tags: , , , , , , , , , |

Our July edition features pieces on:   Division 293 tax – will you be caught? The fine line between property development and “merely realising an asset” The CGT main residence exemption concessions are very useful The secret life of TFNs Can I add to my super pension? VIEW NEWSLETTER Contact us on 03 9597 9966 if you have any questions relating to matters raised in any of our Client Newsletters.

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Business social media platforms

By |2024-09-23T18:59:32+10:0013/06/2024|Categories: Blog, Business growth, News for you|Tags: |

Which Social Media Platforms Should Your Business Use? As part of your growth and marketing strategy, you need to get your business noticed on business social media platforms. With more than half the world on social media, no business can ignore the importance of being online. Social media strengthens your connection to your target audience, builds a better brand reputation, and opens the door for new sales. Of course, it’s worth noting that there are a lot of social media platforms out there – and not all of them will be relevant to your company. Being successful with social media marketing [...] READ MORE

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Rapid business growth

By |2024-09-23T18:32:20+10:0021/05/2024|Categories: Blog, Business growth|

The Pains of Rapid Business Growth Here is a problem most business owners would love to have! Imagine facing the prospect of your business growing too quickly, making you almost unable to keep up with the pressure of customer demand. Perhaps you have envisioned expanding to another location. You may also consider expanding interstate, increasing staff, or moving into a larger premises or factory. Is this a good situation to have or not? Good growth vs. Bad Growth needs to be identified and managed. Many small business owners fail to realise that rapid business growth can result in specific [...] READ MORE

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Turn Your Small Business Goals & Dreams into Achievements!

By |2024-09-23T19:01:17+10:0017/05/2024|Categories: Blog, Business growth|Tags: |

To make small business Goals, Write them down and make them happen. Are you a small business owner with big aspirations? I am, too, but when I set my business goals, they were so secret that I couldn’t remember them. Sharing your goals can only happen if they go from head to paper. It’s time to step beyond daydreaming and take decisive action. By writing down your goals and committing to a clear plan, you’re not just setting a course for your business but taking control of its destiny. This act of empowerment can transform your business from surviving to [...] READ MORE

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2024 tax planning questions frequently asked

By |2024-05-01T10:53:42+10:0001/05/2024|Categories: Blog, News for you, Services accounting for small business, SMSF, Taxation|

Questions 2024 tax planning from our clients Here are some of the hot 2024 tax planning questions we have received this year about tax and 2024 tax planning. Please let us know if we can help you in any way. What are the changes in Australian tax rates for the year 2024? In 2024, the Australian Government will implement legislated tax cuts to ease the cost of living for taxpayers. Starting from July 1, 2024, these cuts will lower the 19% tax rate to 16% and the 32.5% tax rate to 30%, affecting all 13.6 million Australian taxpayers. What are [...] READ MORE

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Proactive tax planning Accountant help

By |2024-04-07T12:10:31+10:0007/04/2024|Categories: Blog, Business growth, Services accounting for small business, Taxation|Tags: , , |

Working with a proactive tax planning accountant can deliver great tax-saving results. Small business tax planning is crucial for managing your finances effectively. You should implement smart tax strategies. That's why our clients like working with a proactive tax planning accountant. We can help you to maximise your savings, reduce tax liability, and improve your financial position. Proactively planning your taxes will help you legally minimise the tax you owe and optimise your financial resources.Effective tax planning helps you manage cash flow more efficiently. By understanding your tax obligations in advance, you can plan for upcoming expenses and ensure sufficient [...] READ MORE

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Do I need an SMSF Trustee succession plan?

By |2024-03-17T22:00:53+11:0017/03/2024|Categories: Blog, Estate Planning, SMSF|Tags: , , |

Creating a robust SMSF trustee succession plan is critical for Self-Managed Super Funds (SMSFs) managed by aging trustees. An effective succession plan ensures the smooth transition of control and management of the SMSF when the original trustees are no longer able or willing to manage the fund due to age, health, or other reasons. A trustee succession plan must encompass preparation, clear communication, and legal compliance. Understanding SMSF Trustee Succession SMSF trustee succession plan involves preparing for the future management of the SMSF, ensuring it continues to operate effectively and complies with Superannuation Industry (Supervision) Act 1993 (SIS Act) requirements. [...] READ MORE

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How To Maximize Your Profit for Your Business

By |2024-03-12T22:36:19+11:0012/03/2024|Categories: Blog, Business growth|Tags: , |

To maximize your profit is not that hard. It would be best if you focused on a few changes in your business. Running a business allows your creativity to thrive. You are in charge and can make decisions that push you out of your comfort zone. Making a profit is one of the most important business operations.When you make more than you spend, you are technically making a profit. Even a small profit is worth celebrating, so look at our short guide on maximizing your profit when running a business. How to maximize your profit and run a successful business [...] READ MORE

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Super Contribution Caps 2024-25

By |2024-09-23T19:20:52+10:0023/02/2024|Categories: Blog, SMSF|Tags: , |

Good news for the Super contribution caps 2024-25 have been released. The government has announced that from 1 July 2024, the standard  superannuation concessional contribution cap will increase from $27,500 to $30,000 Concessional superannuation contributions are any contributions paid into your superannuation that receive a concessional (or lower) tax rate. These contributions are contributed from earnings that have not yet been taxed. Concessional contributions are sometimes referred to as before-tax contributions. Of course, in some circumstances, you may be able to contribute more in that year than the cap. Use the carry-forward rule if your super balance is less than [...] READ MORE

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Divorce and your Business

By |2024-02-23T14:45:08+11:0022/02/2024|Categories: Blog, Dispute management, Estate Planning|Tags: , , |

Navigating the Challenges and Moving Forward Divorce and your business. It can be a difficult and emotionally challenging process, and when a small business is involved, it adds another layer of complexity. A failed marriage may not directly cause a business to fail; it can significantly impact the business. Let's explore where husband and wife work daily together in the business and where the wheels fall of the marriage. The intersection of personal and professional lives can create unique challenges for couples who decide to end their marriage while still running a business together. According to the website Marriage.com, it [...] READ MORE

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Why Managing Your Profit Margin is Crucial for Business Success

By |2024-02-21T11:59:23+11:0021/02/2024|Categories: Blog, Business growth|Tags: , |

Profit Margin vs Markup can be calculated and result in different outcomes  Profit margin and markup are separate accounting terms that use the same inputs and analyze the same transaction yet show different information.  Both profit margin and markup use Revenue and costs as part of their calculations. The main difference between the two is that a profit margin refers to sales minus the fee of goods sold, while markup is the amount by which the cost of good increases to get to the final selling price. Profit Margin needs to be healthy Understanding these two terms can help ensure that price setting is [...] READ MORE

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SMSF for Property development ventures and your SMSF

By |2024-02-13T17:31:03+11:0030/01/2024|Categories: Blog, Estate Planning, SMSF|Tags: , |

SMSF for Property development undertaken by an SMSF can be undertaken. We however strongly recommend seeking advice.ATO has issued a warning about relates to the use of SMSFs to invest in property development in a manner that inflates the profits earned by the SMFSs when compared to the capital the SMSF commits to the venture. Can my SMSF invest in a property development? An SMSF can as part of its investment strategy invest in property ventures. This is provided the investments are entered into on a genuine arm’s-length basis. As trustees, you should document your strategy including a risk analysis [...] READ MORE

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Gifting assets to a family trust

By |2024-09-27T15:08:02+10:0030/01/2024|Categories: Blog, Estate Planning, Taxation|Tags: , , |

Gifting Assets to your Family Trust or transferring property to a trust protects your investments and assets by placing them in a Trust Environment! Let's explore why you would transfer a property into a Trust or just give money to your Trust! There are many opportunities for this. For a start a Family Trust is great for tax planning. Many of us establish a Family Trust for asset protection and to ensure our assets are correctly passed on to the next generation. Your Family Trust should be the hub of your investments allowing for flexibility and control of your family [...] READ MORE

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Selling my commercial business property!

By |2024-02-12T16:09:36+11:0010/01/2024|Categories: Blog, Exit Planning, Services accounting for small business, SMSF|Tags: , , |

How do I sell my commercial business property? When selling your business, your business operations and HQ are an essential and strategic part of your business. Most businesses operate from a premise of some sort, so when it comes to exit planning, your decisions on what to do with your business premises is equally important as one of the essential items that require serious discussion and planning. When it comes to planning, the first thing to do is to review how and what you use your office, factory shop, etc., as part of the business on a day-to-day basis. For [...] READ MORE

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Geoff Gartly, Chartered Accountant, SMSF specialist, Business Exit Planner and Certified Business Valuebuilder Advisor, has over 35 Years of experience working with large and small businesses in accounting.

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|  Privacy Policy & Website terms and conditions
| Complaints Policy |  Financial Services Guide

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