Succession planning has a different meaning and importance for all of us.
For a business owner, nobody likes to think about it, but it’s inevitable that one day you’ll leave your business. Whether you decide to sell up, retire or leave due to health reasons, it’s important that you plan for that day. A succession (or exit) plan outlines who will take over your business when you leave.
A well planned succession strategy will help your business transition smoothly to the new owner. By planning your exit early, you can maximise the value of your business and help it to meet your future needs.
For an individual taxpayer, unfortunately there’s two things in life that are certain…death and taxes. Statistics tell us that 45 – 50% of Australians die without having a valid will (intestate) in place. This can cause unnecessary financial hardship and emotional stress to your family after you’ve gone.
Therefore it’s critical that your financial affairs are in order. This includes ensuring you have a valid will and making certain the superannuation you have accumulated over the course of your life is distributed to the beneficiaries of your choice. Therefore we recommend your will and superannuation beneficiaries be reviewed regularly to ensure they remain current.
Kim Jay CA – Director