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It seems like everyone these days are talking about Self-managed Super Fund’s (SMSF). You hear about it on the news, and even some of your family and friends might have one. When you talk to these people, a lot of them will be quick to tell you that their SMSF gives them a better return than other Super Funds and that it’s the best choice for your future. But the problem is, how do you know an SMSF is actually right for you? What does having an SMSF actually mean? WHAT IS SUPERANNUATION? Let’s start with the basics. What is superannuation, why do we have it and what is a Super Fund? In Australia your employer must pay money into an account in your name. This money is your Superannuation. The current rate of Super is 9.5% of your employment income. The aim of Superannuation is to have money put aside during your working life that will build up and provide you with a regular income once you retire. With the average Australian needing to account for at least 20 years of retirement, Superannuation is a necessity. The Super Fund is the company that hold the account in your name that your employer deposits the superannuation contributions into. The Super Fund then takes these contributions and invests them to build up the value of your Super over time. WHAT IS A SELF-MANAGED SUPER FUND (SMSF) A lot of other Super Funds are more “set and forget”. You set it up initially, you may choose how you want your money invested (most people don’t bother with this). These Super Funds have professional licenced Trustees who are responsible for the management of the fund. You receive yearly statements of how your Super is growing, any costs incurred and you don’t really need to think about it much until you retire. With a SMSF there are up to 4 members only, who run the fund and make the decisions relating to it. This means you have more control over the investment of your super and how the fund is managed. HOW DOES A SELF MANAGED SUPER FUND (SMSF) WORK? A SMSF has its own Tax File Number (TFN), Australian Business Number (ABN) and bank account. The bank account is used to receive contributions, make investments and pay out pensions. All SMSF investments are made in the name of the fund and controlled by the trustees. WHAT IS AN SELF MANAGED SUPER FUND (SMSF) TRUSTEE? As a Trust, a SMSF requires a trustee and there are two types of trustee structures for SMSF’s. You can choose to have a Corporate Trustee, where a company acts as the trustee and each member is a director. Alternatively, your SMSF can be run with an Individual Trustee structure Individual Trustee structure. This means that each member of the SMSF is a trustee. No matter which structure you choose, the Trustees are responsible for the decisions and administration of their fund. This means that even if they employ a SMSF adviser to help manage the accounting, taxation and auditing of the fund, at the end of the day, the Trustees are held accountable for the fund complying with Superannuation Laws. HOW DO I SET UP A SELF MANAGED SUPER FUND (SMSF)? There are a lot of important things you need to do as a SMSF Trustee when setting up and managing a SMSF. Some people choose to employ SMSF specialists to assist in the process and make sure everything is done right. But if you and the other Trustees of your SMSF are confident, you can manage the fund without specialist’s assistance. You need, however, to make sure all of the following things are taken care of: Decide on fund members and the trustee structure Establish the Trust and Trust Deed for the Fund Register your SMSF with the ATO Set up a Bank Account for contributions, investments and pension transactions Create and update your investment strategy Consider insurance for members annually Have a plan for when your SMSF will end. Roll over members’ existing Super Organising employer contributions Accept contributions within limits Make investments without breaking Super laws Document and maintain records for up to 10 years Yearly asset valuations Yearly preparation of accounts and financial statements Appoint a registered SMSF auditor Lodge an annual return Pay the SMSF levy Pay any Tax that is due Ensure minimum pension payments are met each year Appoint an actuary Withhold tax Give payment summaries to members as well as the ATO As you can see, deciding to change to an SMSF is not a small decision. There is a lot involved, and if not done correctly it can be a costly experience. However, when it is done right, it can give you the ability to have more control and transparency in how your Super is invested for the successful growth of your nest egg. If you have decided an SMSF is the right choice for your future, get in touch with the SMSF advisers at Quarles Business and Financial Strategists who will be able to answer any questions you may have.

Being a small business owner is no doubt a demanding and challenging lifestyle. You have built your business up from nothing but an idea, and sometimes it seems if you are not controlling every little thing it will all fall apart. Do you find yourself working many late nights and weekends? Heaven forbid even thinking about taking a holiday, just imagine the chaos you would have to come back to. Well, we know that being a business owner is a lot more challenging than being an average employee. The saying: “work smarter not harder” is most certainly applicable in this situation. What would you say if we told you there was a way to increase profit without spending more time on your business? Keep on reading to find out how to get your weekend back, with a little extra spending money. Here are 4 tips to increase profits and save time in your business: How to Generate Passive Income There are only so many hours in the day, and as such, there are only so many hours you can physically work. If you dedicate all your waking hours to your actual services and running the business, then what time do you have for developing new products or services, let alone taking a breather? The problem most business owners face is trying to strike a balance. As the less time they spend on their products and services, the less profit they see come in. The solution? Find a way to generate passive income. Passive income is a source of income that takes no on-going time or effort on your part however still produces a source of profit. Passive income can be generated in many ways, one common example is: Write & publish an eBook on a subject that you have expertise in. Non-Fiction eBooks are surprisingly good sellers, and after the initial investment of time to write the eBook, there is no other real investment on your part to continue to see income growth. How to Automate Your Business System Take advantage of the technology available for simplifying your business management. Try and automate as many of your systems as possible. It may cost you in the short term regarding set up and program costs, but it will save you mountains of time in the future. Time that you can then devote to other areas of your business. Have a look at some of the workflow management software available in the market. Workflow management software can help automate your most common business processes. For example, WorkflowMax allows you to control a wide range of your companies systems from the one program. Its functions include but are not limited to: Lead management Generating quotes Managing client information Staff scheduling Job management Timesheets Job costing Purchase orders Document management Invoicing Financial reporting CRM Customer Support Payroll Expense tracking How to Outsource and Delegate in Your Business One common problem many business owners suffer from is micro-management. The inability to step back and give up control of various parts of their business does nothing but add to your to-do list. By delegating menial tasks that don’t require your expertise, you will free yourself up to spend more time building your business up. Another problem we frequently see in business owners is trying to do everything in the thought that this will save money and help with their profit margin. However, by outsourcing tasks that are not your speciality, such as marketing & business accounting, it may cost you a little, but it will once again save you in time that you can then invest elsewhere in your business. How to Save Time and Earn More Money We all know that in business, the most valuable commodity you have is time. However, when so many are constantly wasting their time on inefficient business practices, it pays to be reminded. Review your day-to-day practices, and you will be sure to find places where you can save time. Here are just a few ideas to get you started: Check your emails less frequently to avoid chopping and changing between tasks Set aside time in the day to not be disturbed unless necessary Tell staff not to copy you into emails that you do not need to read Avoid unnecessary and inefficient meetings Hold meetings at your location to save time on travel Write a to-do list, so you know what needs to be done These are just a few of the ways you can save time and increase the profit of your business. The key message to take away for real success is to realise your time is a valuable commodity and as such needs to be invested wisely. Well, we know that being a business owner is a lot more challenging than being an average employee. The saying: “work smarter not harder” is most certainly applicable in this situation. What would you say if we told you there was a way to increase profit without spending while spending less time on your business? If you want to follow these steps but don’t know how to start, we are ready to help. Our experienced business advisors have been helping SME’s in Perth to integrate efficient business systems for over 40 years. Click the button below to fill in our form for your Free Initial Business Consultation and see how can we help your business grow.

4 Tips to Increase Profits and Save Time in Your Business Being a small business owner is no doubt a demanding and challenging lifestyle. You have built your business up from nothing but an idea, and sometimes it seems if you are not controlling every little thing it will all fall apart. Do you find yourself working many late nights and weekends? Heaven forbid even thinking about taking a holiday, just imagine the chaos you would have to come back to. Well, we know that being a business owner is a lot more challenging than being an average employee. The saying: “work smarter not harder” is most certainly applicable in this situation. What would you say if we told you there was a way to increase profit without spending more time on your business? Keep on reading to find out how to get your weekend back, with a little extra spending money. Here are 4 tips to increase profits and save time in your business: How to Generate Passive Income There are only so many hours in the day, and as such, there are only so many hours you can physically work. If you dedicate all your waking hours to your actual services and running the business, then what time do you have for developing new products or services, let alone taking a breather? The problem most business owners face is trying to strike a balance. As the less time they spend on their products and services, the less profit they see come in. The solution? Find a way to generate passive income. Passive income is a source of income that takes no on-going time or effort on your part however still produces a source of profit. Passive income can be generated in many ways, one common example is: Write & publish an eBook on a subject that you have expertise in. Non-Fiction eBooks are surprisingly good sellers, and after the initial investment of time to write the eBook, there is no other real investment on your part to continue to see income growth. How to Automate Your Business System Take advantage of the technology available for simplifying your business management. Try and automate as many of your systems as possible. It may cost you in the short term regarding set up and program costs, but it will save you mountains of time in the future. Time that you can then devote to other areas of your business. Have a look at some of the workflow management software available in the market. Workflow management software can help automate your most common business processes. For example, WorkflowMax allows you to control a wide range of your companies systems from the one program. Its functions include but are not limited to: Lead management Generating quotes Managing client information Staff scheduling Job management Timesheets Job costing Purchase orders Document management Invoicing Financial reporting CRM Customer Support Payroll Expense tracking How to Outsource and Delegate in Your Business One common problem many business owners suffer from is micro-management. The inability to step back and give up control of various parts of their business does nothing but add to your to-do list. By delegating menial tasks that don’t require your expertise, you will free yourself up to spend more time building your business up. Another problem we frequently see in business owners is trying to do everything in the thought that this will save money and help with their profit margin. However, by outsourcing tasks that are not your speciality, such as marketing & business accounting, it may cost you a little, but it will once again save you in time that you can then invest elsewhere in your business. How to Save Time and Earn More Money We all know that in business, the most valuable commodity you have is time. However, when so many are constantly wasting their time on inefficient business practices, it pays to be reminded. Review your day-to-day practices, and you will be sure to find places where you can save time. Here are just a few ideas to get you started: Check your emails less frequently to avoid chopping and changing between tasks Set aside time in the day to not be disturbed unless necessary Tell staff not to copy you into emails that you do not need to read Avoid unnecessary and inefficient meetings Hold meetings at your location to save time on travel Write a to-do list, so you know what needs to be done These are just a few of the ways you can save time and increase the profit of your business. The key message to take away for real success is to realise your time is a valuable commodity and as such needs to be invested wisely. Well, we know that being a business owner is a lot more challenging than being an average employee. The saying: “work smarter not harder” is most certainly applicable in this situation. What would you say if we told you there was a way to increase profit without spending while spending less time on your business? If you want to follow these steps but don’t know how to start, we are ready to help. Our experienced business advisors have been helping SME’s in Perth to integrate efficient business systems for over 40 years.

How to Avoid Common Financial Mistakes Young Doctors Make You have spent years scrimping and scraping to put yourself through Med School, more than likely you have also come out with a significant amount debt. Now it is your turn to live in the lap of luxury, right? Well, just because you have the title of Doctor does not mean life automatically gets any easier. If anything a lot of young Doctors are commonly seen making the same financial mistakes when making the transition from Student to Doctor. Want to make sure all those years living on Mi Goreng were not for nothing? Well keep on reading and find out how to avoid common financial mistakes young doctors make and prepare yourself for your financial future. How to Avoid Unnecessary Debt We are not going to tell you to avoid debt altogether. That is pretty naïve when the average Australian medical education costs hundreds of thousands of dollars. Very few people can afford that without going into debt, whether to the government or a bank, it is an unavoidable part of a medical education. However, what you should avoid at all costs is getting into unnecessary additional debt. It is something that is all too common especially with Doctors fresh out of Med School. Some end up in this position in an attempt to keep up with “The Jones”, not wanting to be that Doctor driving a bomb of a car and sharing a flat with three strangers. Others get into further debt because of a false sense of entitlement after years of sacrifice and the assumption of guaranteed income in the future. The best practice is actually to try and keep living as you did in Med School for about 2 – 5 years after. This gives you time to make substantial headway in paying off your Med School debts as well as to put yourself in a sound financial position in future, rather than being buried in debt. Don’t Make These Mistakes on Your Taxes Gone are the days of having an income within the tax-free threshold range. You will likely have a HECS Debt that the government will be requiring you to pay back due to your increased taxable income. Also, this means you will be required to pay the Medicare Levey Surcharge if you do not have Private Health Insurance. There will be numerous changes to your taxes that will take place after finishing Med School. Don’t make the mistake of trying to continue preparing your taxes on your own. Complicated taxes are best left to the professionals. Invest in the time of a professional who will be able to help you with Tax deductions and provide you with a Tax strategy for future. The money it costs to hire a professional is nothing in comparison to the time, money and sanity they will save you at tax time. Learn How to Pay Less Tax and Save Money with this handy article. Before You Accept a Job Offer, Think About This: Again this mistake is rooted in the desire to have a decent income after years of being a student with massive debts. It can be very exciting to be offered a position that pays higher than anything you have ever received before. However, don’t let this tempt you into taking the first offer you are given. Learn to negotiate. Even if the position is your dream position, don’t just accept the terms laid out by your potential employer. Think about what is important to you and what you want in your future, not just monetarily either. For example, if you are a young female Doctor who plans to raise a family in the future, you may negotiate to work fewer hours during the week or over summer if that is important to you. Save for Your Future Today It may not be the most attractive thing to tell young doctors that have been living on peanuts for years. However, saving for their future is something they should take incredibly seriously. Once your Med School debts are paid off you need to start thinking about your future and where you want to be in 5, 10, 20 years. Most people have around 40 working years to save for their retirement after finishing studying. Due to the length of time required to study and a significant amount of debt to pay off, Medical Professionals are well behind the eight ball. If you add into the equation wanting to buy a home, start a family etc you might not start seriously thinking about your retirement until it is too late. Take a look at: What is a SMSF? Is a SMSF right for you? You have already invested in your education; now it is time to invest in your future and yourself. We have been helping Medical students and professionals solve their financial problems for more than 40 years. Click the button below and fill in our form for your Free Initial Consultation and find out how we can help you plan your future.

Top 10 Problems Facing the Construction Industry in 2017 While the winter months were an annoyance for those in the construction industry, there are some more significant problems that businesses face year round. If you are looking to run a successful business in the construction industry, it will only be a matter of time until you come across some if not all of these problems. The important thing is having the knowledge of how to avoid these problems and what to do when you are faced with these unique industry situations. So keep on reading to find out more about top 10 problems facing the construction industry and how to solve them. Problem 1: No cash flow to pay incoming bills One of the most commonly seen problems in the construction industry is issues with cash flow. The nature of the industry sees to it that this is something that most construction companies will come up against from time to time. You have payments to make to employees, contractors, suppliers and other various business costs; but you do not get paid until the job is complete. These bills will not wait until you finish the job so having enough available cash flow is essential for anyone in the construction industry. To make sure you do not get caught short, ensure you have a sufficient line of business credit. This is not to be regularly relied on, but it will give you peace of mind when it comes time to pay your bills. Problem 2: Preventing bad debt Another equally frustrating problem we often see in the construction industry is accumulated amounts of bad debt which in turn also impacts your available cash flow. However, how do you solve the problem that is overdue accounts and bad debts? In this situation prevention is the best cure. Keep your books up to date. Often bad debts are only discovered upon periodical bookkeeping cleanups. If you know what is due when this does not become a problem in the first place. Make sure you have very clear payment terms about what will happen if payment is not made on time. Also, ensure the client is aware of this before starting work on any project. Follow up on overdue accounts religiously. Once an account is overdue, don’t wait and hope it will be paid. Check in with the client, find out why it has not been paid and take necessary action as Check out: Why you need an accountant for your construction business Problem 3: Skilled labour shortages When your business depends on having skilled workers any lack of workers can be a detriment to your business. We are seeing a trend where more and more the younger generation are less inclined to take up a trade and instead more and more are heading to college and following other career paths. With an ageing population and a large percentage of the skilled workforce approaching retirement age, what can you do to make sure you have sufficient skilled workers? You can make use of agencies who handle all the screening of potential candidates. These organisations are great when you need to find qualified workers on short notice. Otherwise, another option is to look at mentorship and apprenticeship programs. Try introducing your industry to students looking for work in summer months who may never have previously considered a career in construction. Problem 4: Small profit margin You have a steady stream of clients, and at a glance, your business seems successful. However, when you look closer, it seems like the balance in your bank account never actually seems to increase. This is a pervasive problem for businesses of all shapes and sizes. By making a few changes, you will be able to fix that. Shop around for suppliers and don’t be afraid to ask for discounts Regularly follow up on outstanding accounts Don’t try and gain more customers by lowering your price Sell excess stock and supplies that don’t have an immediate use. Problem 5: High insurance costs Insurance is something you cannot escape, especially in a high-risk industry like construction. However, just because it is an unavoidable cost, doesn’t mean you need to pay the sun and the starts for it. Shop around and compare prices every year Make sure your policy does not include unnecessary, costly extras Find out if your provider offers discounts for combining other insurance policies. Problem 6: Communication Issues You can be sure that nine times out of ten any significant problem you run into on a project will come from lack of communication. In today’s age of technology, there is no excuse for these kinds of costly mistakes. Using on-site technology like tablets and smartphones is a perfect solution to avoid communication breakdowns that could otherwise result in a significant monetary loss for you. Here are just some examples of how your site can benefit from improved communication through technology: You get a call from a crew member about some damage that has occurred on site. They describe the damage to you as “not too bad” but how do you know if this accurate? If they are equipped with a tablet or smartphone, they can take a photo, and you can see that the damage is worse than you would have otherwise thought. When trying to communicate with clients and suppliers, it can seem like you are caught in a never-ending game of phone tag. Resulting in never getting the information needed to continue your project. This can be avoided by using emails as an another form of communication Problem 7: On-site theft and vandalism Many costs are to be expected within the construction industry. Supplies, equipment & workers, just to name a few. However, one unnecessary cost is all too commonly striking Australian construction businesses. Vandalism and theft from the site have become a bigger and bigger problem as the costs for these supplies have gone up over the past years. Having to buy additional supplies can severely eat into the profit margin of any project. So what should you do? Install cameras and alarm systems, lighting the site & build fences Schedule supply deliveries to when needed Secure equipment and supplies in containers on-site. Problem 8: Equipment breakdowns While you may be able to solve some problems, others all you can do is prepare for the inevitable. In an industry so reliant on equipment and machinery it is just a matter of time before breakdowns cause delays for your project. So what should you do? Make sure regular maintenance is performed on all of your equipment. If something does not seem to be working right, take it in for a check-up. Don’t wait for it to break down in the middle of a job. Problem 9: Document management When it comes to businesses in the construction industry, there is a significant amount of documentation needed to run day to day. Contracts, change orders, materials orders, receipts, invoices, employee paperwork, certificates of insurance… We could be here all day. The best way to solve any problems created by the large amounts of paperwork is to take advantage of technology and go paperless. For example, Aconex Construction Document Management Software will help you stay on track of documents, organised on your projects, and on-time with your payments. Make sure you backup your computer to a cloud service or hard drive regularly to prevent losing everything if you have computer issues. Check out: Tips for Effortless Records Management Problem 10: Lack of business plan It might not be at the top of your to-do list or even something you ever think about, but having a business plan is an essential requirement of running a financially successful construction business. Your business plan should cover your finances, business operations and the marketing of your business. Each of these things is an integral part of your businesses growth, and by taking the time to review your business plan regularly, you will ensure the profitability and success of your business. If your construction business has more than one or two of the above problems, we need to talk. We have been helping construction companies solve their financial problems over 40 years. Click the button below to fill in our form for your Free Initial Business Consultation and see how many problems we can fix for your business.