Category: Tax

Medical Practitioners: do your service agreements stack up?

Medical Practitioners: do your service agreements stack up?

Medical practitioners in private practice have for many years used service entities to separate the administrative aspects of operating a medical clinic from the provision of medical services. Effective use of this arrangement gives practitioners an opportunity to implement tax effective business structures, and limit a clinic’s exposure to claims made against individual practitioners.

What is a testamentary trust will?

What is a testamentary trust will?

I recently explained why all business owners need a will, and set out what happens if you were to die without one. I also touched on, but didn’t elaborate on, the concept of estate planning. This involves putting in place mechanisms that protects your legacy, utilising tax effective strategies that benefit your survivors and also factoring in any superannuation benefits and life insurance policies that come into play.

Why all business owners need a will

Why all business owners need a will

This post deviates from my usual startup and business focus, by discussing a topic most people would prefer to ignore: your will. Why you ask? Well, look at it this way: what is the point of building a successful business if you don’t properly plan for handing that over to your survivors upon your eventual death? Estate and succession planning is an important component of building wealth, and I’ll tackle these issues from time to time. So, on that note, here is a quick rundown of why you need a will.