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About Geoff Gartly

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So far Geoff Gartly has created 140 blog entries.

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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5 Tips for Keeping Your New Year’s Resolutions

By |2024-12-31T17:25:16+11:0031/12/2024|Categories: Blog, Uncategorized|Tags: , , |

If you habitually set New Year's Resolutions at the beginning of the year and then abandon them a few days later, now is your chance to try something different. Imagine how your life could improve if you followed through on your resolutions until you achieved your goals! Change Your Thinking It's very possible to overcome your habit of giving up on New Year's resolutions with a few basic tips. Above all else, avoid regarding your resolutions as something to aspire to and then forgetting them when they no longer seem pertinent or interesting. New Year's resolutions can be extremely enriching [...] 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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Can I run my business as a partnership

By |2025-09-30T19:25:03+10:0018/11/2024|Categories: Blog, Taxation|Tags: , , |

Running a 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 a company or a family trust, making reporting easy to prepare. However, partnerships are most suited to businesses operated by family members, individuals or those working on a small scale. Partners in crime - mates don't always make good business partners It's worth noting that a partnership can be formed between individuals, trusts, or companies. A sole trader is just you. [...] READ MORE

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Starting the Caravan Park Exit Planning 5 Essential Preparations Before Going to Market

By |2024-11-17T20:31:17+11:0017/11/2024|Categories: Exit plan, Growth tools, Uncategorized|Tags: , |

Caravan Park exit planning starts early. After many years as owners of the local caravan park, you've decided to move on and sell your caravan park. This transition is about selling a property and handing over a thriving community hub that has grown under your care. Preparing for this change requires careful exit planning and strategic actions to ensure a smooth transition and potentially enhance the value of your park. Here’s a detailed roadmap for what you should consider doing 12 months before listing your property for sale. Take a Comprehensive Look at Your Property as part of your Caravan [...] READ MORE

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Building a business not reliant on its owner and holidays

By |2024-11-06T08:35:07+11:0006/11/2024|Categories: Exit plan, Growth tools, Uncategorized|

The small business owners holidays. Does it happen? Taking a holiday can seem like a luxury they simply can't afford or think they can't have! However, did you know regular breaks are important for personal health and well-being and crucial for business building? That is building a business that isn't overly reliant on one person. Here's why embracing holidays and time off is essential for creating a more autonomous, resilient business: Plan your next holiday and see your business fly! Taking time off forces small business owners to delegate tasks and empower their employees. Why you are having a break [...] READ MORE

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The fear of selling a business and letting go! Jason and Angie’s Tale of Selling Their Business After 25 Years

By |2024-10-31T22:07:09+11:0031/10/2024|Categories: Exit plan|

It's real: the fear of selling a business. After dedicating a quarter-century to their beloved local café, Jason and Angie Martin made the tough decision to sell. Their café was a go-to café in a regional seaside town they had lovingly nurtured from its inception. To them, the café was more than a business—it was an integral part of their identity. They built it, they worked it, and they loved the fun times it brought. Yet, as they yearned for a slower pace of life and more family time, they faced the inevitable: it was time to retire. Our story [...] 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

By |2025-08-24T16:39:09+10:0010/10/2024|Categories: Blog, Services accounting for small business, small business, Taxation|Tags: , , , |

A Trust vs Company is a decision many business startups need to consider when determining their trading vehicle. Choosing the right business structure is crucial to impacting your business 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 into a business. Trust vs Company: Each entity type has advantages and considerations, and don't be surprised if the best structure is one of each. Here's a comprehensive overview to help [...] 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 |2025-09-17T16:51:15+10:0014/08/2024|Categories: Blog, Taxation|

ATO Payment plan for tax debt and Defaulting on tax payment plans If you have an ATO debt you can’t pay upfront, you can arrange an ATO payment plan for tax debt. 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. Obtaining an ATO payment plan for tax debt payment arrangement with the ATO is one thing. However, you need to keep the tax plan for tax debt payment arrangement on track [...] READ MORE

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Elevate Your Caravan Park Business with our Caravan Park Accounting Services

By |2024-07-03T18:06:44+10:0003/07/2024|Categories: Blog, Caravan Park Accounting, Caravan Park Exit Planning|Tags: , |

Caravan Park Accountants that understand small business and the caravan industry! Attention caravan park owners in Australia! Are you ready to take your business to the next level? Our team of expert accountants, specifically trained to cater to the unique needs of caravan park owners, is here to help you achieve unparalleled success. Comprehensive Financial Services Tailored to Your Needs Taxation and Profit Analysis: Unlock the potential of your caravan park with detailed profit analysis and expert taxation advice. We’ll help you identify growth opportunities and implement strategies to boost your bottom line. Future Planning and Exit Strategies:  Plan your [...] 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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Estate planning and documenting your future.

By |2025-09-23T19:55:22+10:0031/03/2024|Categories: Blog, Estate Planning|Tags: , , , , , |

Estate planning for the living! What is Estate planning? Many of us go through life not thinking about the end. Many often think "Do I need a will"? Many don’t bother! We start life naked with nothing and we end up leaving an imprint on this earth that others must follow. Telling others how you want what you have accumulated in life is important to support your loved ones. Wills establish wishes after death and are essential for estate planning The chances are that you may have wishes about who gets the large loot of assets and possessions. These assets you [...] READ MORE

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Initial repair ATO for my rental property?

By |2025-10-14T22:23:18+11:0025/03/2024|Categories: Blog, Taxation|Tags: , , |

Initial repairs, ATO, and what's allowed are often asked when you acquire a new rental property with existing known repairs. The old house might need fixing before it can be rented. Initial repairs may include tasks such as plumbing, painting, new carpet installation, or appliance repairs, to name a few. Initial repairs are those made to a property: Before it is first rented out, or To remedy defects or damage that existed when the property was acquired (even if repairs are carried out later). Why Are They Not Deductible? 1Capital vs Revenue Expenditure The Australian Taxation Office (ATO) classifies initial [...] 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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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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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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