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Momentum Financial Group

May 30, 2013
Minimise Tax

Tax Minimisation the SAFE way

Being a proactive Accountant in Geelong our client expect us to provide leading edge strategies in relation to tax minimisation and wealth creation

The importance of tax planning is paramount, but it is not the underlying driver of strategy and wealth creation.

Our message to all clients is to develop a strategy to create and protect wealth firstly, and then engage tax strategy to make the most of that transaction. Everyone wanting a tax deduction to dictate the validity of a decision should tread very carefully. Remember ‘donations’ are tax deduction with a good cause, never get caught in the ‘sales spin’ of a product manufacturer or sales based planner. Never allow yourself to be ‘bedazzled’ by a tax effective product.

As June is now upon us, stay disciplined and seek great leading edge advice because the value and additional wealth over time will reward you.

For expect tax and accounting advice in Geelong, please call the team at Momentum Financial Group (Chartered Accountants) on 5221 9133.

Scott Kitchin
Momentum Financial Group

Leading Geelong Accountant

May 15, 2013
Business Advisor Geelong

2013 Federal Budget - what's in it for small to medium business?

The 2013 Federal Australian budget was delivered on May 14 and whilst on the whole it delivers little to help business in general in Australia, there are some rare highlights that will affect small to medium businesses:

  • SMEs to get $29.4 million boost to aid bids for government contracts;
  • Small and medium businesses vying for government services and tenders will receive $29.4 million in assistance;
  • In a budget which is mainly full of cuts, the assistance – dubbed the Enterprise Solutions Program – is aimed at helping “innovative” small and medium businesses;
  • The funding will be provided over five years with $2.3 million available next year 2013-2014;
  • Under the program, small to medium enterprises will be able to apply for grants of up to $100,000 for feasibility studies and up to $1 million for proof of concept; and
  • The cash is targeted at helping small to medium businesses overcome barriers and become more competitive in bids for government contracts.

It will be interesting to see how these initiatives roll out, especially in an election year.

Ultimately, you can't change the external factors so focus on what you can change or improve in your own business - short and long term.

Contact us in our Horsham (5381 1122) or Geelong (5221 9133) offices if there is anything you want to discuss about superannuation changes, tax planning requirements, how the budget might impact you or general business advice.