It has been well documented that small businesses run this magnificent country, so obviously they are a vital part of any community. It is why the Bendigo Bank right across Australia treats their needs very seriously, and are available to offer financial planning advice.
The Goolwa & District Community Bendigo Bank again put the policy into action by presenting Nasser Zreika, a financial planner and representative for Bendigo Financial Planning, to the Southern Alexandrina Business Association at the Goolwa Bowling Club last week. It was part of the bank’s popular bi-monthly seminars focusing on “How to help your business grow” in partnership with SABA.
The discussion looked at how small business owners needed to plan for their personal future, and Nasser stressed that there was not one plan that met the needs of everyone, hence the suggestion to meet, plan and implement your own measures.
However, Nasser’s significant experience in financial planning has given him a clear message: that generally small business owners are like many of us; we think everything will be okay.
The need for advice especially relates to ensuring that your specific situation delivers the best possible outcomes under the sometimes complex rules set down by the Australian Taxation Office, and you and your family are protected in the unforeseen times of sickness – and dare we suggest, death.
According to Nasser, there may be seemingly identical business operators in terms of the duration of their business and turnover, but the outcomes from creating self-managed superannuation funds may vastly differ because of how you actually use the scheme.
“I really admire small business owners; generally they are self-driven and have expertise in their particular field,” Nasser said. “However, none of us knows everything; I certainly don’t, and that is why I am constantly seeking advice from an accountant or a solicitor to clarify certain issues, and I find some ask me when it comes to financial planning. This is something that small business owners sometimes forget; to seek advice.
“Most businesses will have an accountant they will trust, and that’s good, but having said that accountants don’t know everything either. That’s why working with your financial planner and your accountant is best. And when it comes to estate planning and structuring a business that’s where a solicitor is useful as well.”
Nasser said a common scenario was a couple starting a small business from scratch. It becomes very successful and in five years they sell the business for $500,000. Unless they have gained the right advice, they may find they will lose 20 per cent of that amount under capital gains tax. There are ways around this – it’s called planning.
“My general perception of business owners is that they are very confidence-driven people; you don’t go into business if you are timid,” Nasser said. “Sometimes that can lead to being too confident and not preparing for the unexpected when it comes something like health or retirement planning.
“Superannuation contributions can be a tax dedication – an easy way to build up your retirement savings and save some tax – but seek advice because you may not be getting the full advantage.
“It is not just about your current financial situation, but where you want to be long term. You need to prepare.
“The Bendigo Bank is extremely diligent making sure all of its financial planners across Australia do the right thing by their clients, and adhere closely to the framework put in front of them to ensure clients’ needs are met. There is complete piece of mind that your needs are clearly presented and explained to you.
“Generally, if you are going to get a financial planner there is going to be a cost involved; I think that is understandable. The benefit of going through the Goolwa and District Community Bendigo Bank is that cost will go to the branch directly and be fed back into the community.”
If you would like to find out more how meet your own financial planning needs, the G&DCBB team at the Goolwa Shopping Centre, headed by branch manager Michael Bastian, will be only too glad to put you on the right path to help your business grow.