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About Geoff Gartly

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So far Geoff Gartly has created 75 blog entries.

Can I Live in SMSF Residential Property upon Retirement?

By |2023-11-20T16:46:31+11:0008/10/2023|Categories: Blog|Tags: , |

Can you live in SMSF residential property held by your Fund?" No not directly, but follow the rules at retirement, and it may be possible. As you retire, retirement planning opens up opportunities for living and the next stage for your SMSF, your lifestyle and your needs. An SMSF is established for the sole purpose of meeting your retirement objectives. And this is the overal objective of holding any assets in the Fund! Retirement planning involves planning and managing your assets into the senior years of your life. Opportunities arise as clients look at the strategies such as the downsized [...] READ MORE

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Passion and increase business profit

By |2024-09-27T15:42:47+10:0027/09/2023|Categories: Blog|Tags: , , |

Increase your business profits by building a Business You Love, and a Business With Purpose: 7 Steps To Help You Find Your Passion and Increase Business Profits Creating a business you love is not something that can be done overnight. It requires a lot of introspection, creativity and planning. You can do many small things to ensure your business has a purpose and aligns with your values. The key lies in breaking the cycle of doing things just for the sake of it. Instead, create an atmosphere where you’re building a business for its pure joy. The rewards will follow [...] READ MORE

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SMSF property rules

By |2023-09-17T15:40:08+10:0017/09/2023|Categories: Blog|

Self-Managed Super Funds (SMSFs) allow individuals to take control of their retirement savings and invest in assets they have confidence will be right for their retirement strategy. Property investment is a popular choice for many SMSF trustees. However, it's crucial to understand the rules and regulations surrounding this investment strategy. Understanding the rules Let’s explore the golden SMSF property rules of holding property by your SMSF! The Importance of your role as a Trustee of your SMSF Before delving into the specifics of property investment, it's essential to emphasise the importance of responsible SMSF management. As an SMSF trustee of [...] READ MORE

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How to detect about your cheating in business by your business partner

By |2024-02-19T13:43:37+11:0027/08/2023|Categories: Blog, Dispute management, Services accounting for small business|Tags: |

Cheating in business happens more than we like to realise.Trust in business is the foundation upon which successful partnerships are built. Without trust, a business partnership is like a house of cards that is vulnerable to collapse at any moment. As a business owner, it is crucial to understand the significance of trust. Cheating in business has detrimental consequences when your business partner isn’t on doing the right thing!In business, we see Trust in business as believing that your partner will act in your best interest with integrity and honesty. It means relying on their actions and knowing that they [...] READ MORE

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Dumb ways to get a tax audit !

By |2024-02-19T13:52:37+11:0017/07/2023|Categories: Blog, Taxation|Tags: , , , |

A tax audit is often a result of business owners not doing something that's the norm. Doing dumb things that alert the ATO that some things are not quite right. It is becoming imperative that you prepare your GST records appropriately to avoid unnecessary scrutiny by the Taxation Office which may lead to a tax audit for your Bas. These include:  Failure to allow for car expenses for vehicles that are used partly for business purposes.  Claiming all the GST paid on the following expenses: (similar to last year )o car operating expenses, a log book must be [...] READ MORE

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Our Guide to Managing a Deceased persons Tax Return

By |2024-03-17T22:09:17+11:0017/07/2023|Categories: Blog, Estate Planning|

Lodging a final Deceased persons Tax Return is one of the important things to do when managing someone's final affairs. Dealing with the loss of a loved one is a deeply emotional and challenging time. Beyond grief and sorrow, there are often a number of administrative tasks to navigate. One of these tasks is managing the deceased person's tax return. It's a task that can seem daunting, especially if you're unfamiliar with the tax system. However, understanding the process can make it less overwhelming. We as Accountants that specialise in this area can help.In the Australian context, the taxation obligations [...] READ MORE

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Capital Gains Valuation – often done retrospectively.

By |2024-09-27T16:16:12+10:0012/07/2023|Categories: Blog, Taxation|Tags: , , |

When do you need a Capital Gains Valuation? There are several reasons why you would obtain a valuation, such as: We suggest that when selling your home or acquired property through inheritance, demolishing a home or rental for property development gst matters. You may need to obtain a retrospective valuation capital gains property report. Getting a backdated valuation! Your capital gains report is often referred to as a backdated property valuation or a capital gains valuation.Whereas a property valuation will outline the property's market value at a specific time by a certified valuer. This  reportwill help you work out your [...] READ MORE

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Recording obsolete stock in your accounting system

By |2024-02-19T14:00:00+11:0003/07/2023|Categories: Blog, Business growth|Tags: , , |

Identifying and recording obsolete trading stock write-offs for a small business involves several steps. Its that time of year, when you should undertake you annual stock take. We suggest to be practical in your approach. Use scales and estimates for small items such as screws , widgets and small items. A practical approach - obsolete items. Here's a general guide on how to approach this process: Identify the stock items: Begin by reviewing your inventory records and identifying any old trading stock that needs to be written off. Look for items that are damaged, expired, obsolete, or unsellable due to [...] READ MORE

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Are you inadvertently sabotaging your small business?

By |2023-06-19T15:49:23+10:0019/06/2023|Categories: Blog, Business growth|Tags: , |

Sabotaging your business can happen in several ways. It's a silent killer of businesses for growth and success. It's like wood termites that infiltrates behind the framework of your home as a result when finally uncovered it results disastrously. Where on the surface, a business can look amazing. Sillly things people do can turn a business into a disaster. So are you quietly sabotaging your business? The other day I visited a modern-looking café. At the cafe the staff allocated me a table. However they failed to clean it resulting in us having to move the dirty dishes of ourselves. [...] READ MORE

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Gst at property settlement is a cashflow trap for those mum and dad developers.

By |2023-06-12T18:39:09+10:0012/06/2023|Categories: Blog, Taxation|Tags: , , |

GST at property settlement is a tax that needs to be deducted at settlement. It continues to catch out Mum and Dad developers walking the cashflow-type rope. Many are not aware that they will only have effectively 90% of the sale at settlement to play with. This can cause pain as interest rates bite and property prices decline in some areas. Since July 2018, you may need to pay GST at settlement if you are selling or buying new residential premises or potential residential land. How GST is paid for certain property transactions affects purchasers, suppliers, and their financiers. For [...] READ MORE

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SMSF 2023 Client Webinar

By |2024-02-19T15:09:53+11:0011/05/2023|Categories: Blog|

Regulatory Changes: The Australian government frequently reviews and updates regulations related to SMSFs. SMSF trustees must stay informed about changes to compliance requirements, reporting obligations, investment restrictions, or contribution caps. What we will cover• New Labour Government – whats changing after the May 2023 Budget • Investment Strategy Compliance: SMSFs must have an investment strategy that aligns with the retirement goals and risk profile of the fund's members • Limited Recourse Borrowing Arrangements (LRBAs): LRBAs allow SMSFs to borrow funds to invest in property or other assets. However, there are specific rules and restrictions around LRBAs, and trustees must ensure [...] READ MORE

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Estate Planning and SMSF : Leveraging the Power of SMSF

By |2024-02-19T15:17:18+11:0029/04/2023|Categories: Blog, Estate Planning|Tags: , |

Estate planning and SMSF can play a large role when it comes to Estate planning, which is an often-overlooked aspect of financial planning when executing your Will, superannuation, and wishes. Estate planning determines how your assets will be distributed once you pass away. However, estate planning can be complicated and overwhelming, which is why Self-Managed Super Funds (SMSFs) have become popular. SMSFs are a powerful tool for estate planning and managing your retirement savings.Whether you're new to estate planning or simply looking for a more efficient way to manage your assets, leveraging the power of SMSF can help you achieve [...] READ MORE

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How can I make my small business successfull?

By |2024-09-23T22:00:07+10:0008/04/2023|Categories: Blog, Business growth|Tags: , |

How can I make my small business successful is something all business owners strive to do. The road to success is not always smooth, and there are obstacles to overcome. However, with the right strategies and mindset, you can achieve your goals and thrive in today's competitive marketplace. In this article, we'll explore some key tips and tactics that can help you take your small business to the next level. From defining your niche and target audience to creating a strong brand and building a solid online presence, we'll cover everything you need to know to make your small business [...] READ MORE

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Should I Pay a Dividend from my company or Keep the Profits in My Company?

By |2023-07-06T05:50:43+10:0001/04/2023|Categories: Blog, Business growth, Services accounting for small business|Tags: , , |

‍ Dividend vs keeping the profits in retained earnings Should I pay a dividend from my company? When it comes to running a successful business, one of the most important decisions you'll have to make is what to do with your profits. Should you pay a dividend to yourself as the business owner, or reinvest the money back into the company? It's a question that many business owners struggle with, and there's no one-size-fits-all answer. We argue that paying dividends is a great way to reward the owners. Others believe that reinvesting profits is the key to long-term growth and [...] READ MORE

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A Simple Business plan that works

By |2023-04-08T11:22:59+10:0025/03/2023|Categories: Blog, Business growth|Tags: , , |

Unveiling the Power of a simple Business Plan for small business is Your Blueprint to Success A Simple business plan for small business helps you dream big! Are you an entrepreneur or business owner aiming to achieve success in your ventures? Do you find yourself constantly facing setbacks and challenges that just make it a little harder hinder your growth? The solution is in the power of a well-crafted simple business plan that kicks goals. A small business action plan is a blueprint that outlines your goals, strategies, and tactics to achieve success. It is your roadmap to success and [...] READ MORE

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Renovating and flipping your home for profit . The potential Tax Implications

By |2024-02-19T15:25:13+11:0011/03/2023|Categories: Blog|Tags: , |

Renovating and flipping your home can be an exciting and rewarding experience as a homeowner. However, before you embark on a renovation project to sell your home for profit, it's essential to understand the tax implications involved. After watching TV shows like the Block, are you inspired to become a property flipper?In this article, I will explore the basics of renovating and flipping your home, the ATO tax implications, and offer tips to help you maximize your profit while avoiding common mistakes. The Basics: What is Renovation and Flipping your home? Renovation is improving or updating your home, either for [...] READ MORE

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Is an SMSF setup right for you?

By |2024-02-19T15:54:04+11:0021/02/2023|Categories: Blog, SMSF|Tags: , , , |

Deciding to implement an SMSF setup is something that needs a plan if undertaken.We are observing that our clients are taking the opportunity to review their Superannuation and retirement goals, The markets are changing, and people are beginning to plan for their retirement strategy. We are receiving several questions from clients asking whether, given the current market fluctuations of their investment in the superannuation, it is a great time to take charge of your own Superannuation. Some are evaluating if it is a great time to take control by setting up a new Self-Managed Superfund, commonly known as an SMSF. [...] READ MORE

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Cost reduction and Maximizing Profit in Your Business

By |2024-02-19T15:39:40+11:0008/02/2023|Categories: Blog, Business growth|Tags: , |

Cost reduction by reducing expenses means great profits, right or wrong? What is Cost Reduction & Why Is It Important for Business Owners? Cost reduction is one of the most important aspects of running a successful business. It can help businesses save money and increase their profits. But doing it correctly will achieve great results for your bottom line. Expenses slashed for the sake of it may be detrimental. As a business owner, you need to be aware of different cost reduction strategies and how they can help you achieve your goals. By understanding the basics of cost reduction, you [...] READ MORE

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5 Steps to Make Your Business Sale Ready and Increase Its Value

By |2024-02-19T15:43:22+11:0001/02/2023|Categories: Blog, Services accounting for small business|Tags: , |

Is your business sale ready for that next opportunity? Selling a business is a complex process, but it doesn't have to be overwhelming. With the right strategies and preparation, you can maximize the value of your business and make it sale ready. Selling a small business can be a daunting task, but with the right exit plan and growth strategies, you can make sure that you get the best deal possible. Retirement may seem like a distant goal, but with careful planning and the right resources, it can become a reality. Let's explore how to get your small business sale [...] READ MORE

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Sales tools for small business

By |2024-02-19T15:48:16+11:0003/12/2022|Categories: Blog, Business growth|Tags: , |

Effective Sales Tools for the small business smart checklistDo you use tools that help grow sales in your business? Sales are the lifeblood of any business. Yet how many of us have had training in closing a sales deal as small business owner? With a new year about to start, it’s time to review your sales process and help your business grow. Set a budget that you and the team can aim for in 2023 Working with your customer The art of selling is to focus on the prosperity and happiness of your customers! “Don’t bother telling the world you [...] READ MORE

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Should I be running my business as a partnership

By |2024-02-19T15:50:57+11:0018/11/2022|Categories: Blog, Taxation|Tags: , , |

Running my business as a Partnership or as a sole trader you need to tread carefully.These simple entities are popular, as they are easy to set up. They are also simple to manage and have fewer complications than that of a company or a family trust, making reporting easy to prepare.However, they are most suited to businesses operated by family members, individuals or those working on a small scale. Partners in crime - mates dont always make good business partners It's worth noting that a partnership can be between people, trusts or companies. A sole trader is just you.The danger [...] READ MORE

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SMSF and commercial property

By |2024-02-19T15:58:23+11:0002/10/2022|Categories: Blog, Estate Planning, SMSF|

SMSF and commercial property is an investment often held by an SMSF and is a good strategy. Is holding your business premises, Factory or shop in an SMSF a good strategy? Allowing your SMSF to hold your business real property is a fantastic opportunity for the small business owner to isolate its business asset from the main trading company. It also means you can become a long-term tenant of your SMSF. There are some distinct advantages for both estate planning and long-term protection strategies of your asset in an SMSF. Any property strategy it must be done properly and there [...] READ MORE

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Reminder: new .au domain names – have you got yours register your business now!

By |2024-02-19T16:06:21+11:0006/09/2022|Categories: Blog|

.Au domain names are here. On 24 March 2022, anyone with a local connection to Australia (including businesses, associations, and individuals) has been able to register a new category of domain name known as au These shorter, more straightforward domain names end in .au  NOT, com.au and effectively create 2 domain names These will than .com.au, .net.au, .org.au, .gov.au or .edu.au. Do you have a “.com.au” domain name? Existing domain name.com.au license holders have been provided priority to register the .au direct equivalent of their domain name until 20 September 2022, After this date, any domain names that have not [...] READ MORE

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Small business specialist advice pathways grants to help you build your business!

By |2024-02-19T16:16:00+11:0031/08/2022|Categories: Blog, Business growth|

If you are a business in Victoria, you may be eligible for the newly opened Small Business Specialist Advice Pathways Program. This grants $2,000 to "employing small businesses to access professional advice and services to help them make informed business decisions and plan for the future." Eligible projects include: a) Advice and analysis regarding the management of cash flow, preparation of cash flow budgets and projections, b) Profitability analysis and formulation of financial management and/or operational business strategies, c) Strategic analysis to revise business planning and/or governance arrangements, d) Advice regarding the management of debts and liabilities, or e) Advice [...] READ MORE

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Downsizer contribution eligibility to be lowered to age 55

By |2024-02-19T16:28:18+11:0008/08/2022|Categories: Estate Planning, News for you, SMSF|Tags: , , |

The downsizer contribution is an after-tax contribution. Therefore when it hits your SMSF or super fund, no tax is payable on the way in. It also means upon retirement, and it can be paid as a benefit. A benefit that is returned tax-free when you withdraw the funds from your SMSF Legislation passed Last week parliament passed legislation, resulting in the downsizer contribution to allow house owners over the age of 55 to access this strategy. The lowering to age 55 is expected date for the enactment would be later this year (2022) Downsizer contributions help you to increase your [...] 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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