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Don’t jump into the wrong insurance decision |
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Insurance is like the emergency cord on your parachute, you never want to have to use it, but when you do, you want to know that it works. Before jumping into a pharmacy insurance policy consider the story of a NSW pharmacy that almost paid a steep price for underinsurance.
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Reduce your costs on EFTPOS |
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Pharmacies are forced to bear greater costs on EFTPOS transactions when consumers using Debit scheme cards select the ‘Credit’ option rather than ‘Savings’ or ‘Cheque’.
MasterCard and Visa Debit cards are increasing in popularity and banks are now actively encouraging customers to select ‘Credit’ when using these cards, claiming that this gives customers increased security. In reality, selecting ‘Credit’ offers the consumer little benefit but increases fees with merchants, such as pharmacies, being lumped with these extra costs.
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Purchasing property through a SMSF |
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By purchasing your business premises or a residential investment property through a SMSF, you can save tax and take advantage of specific borrowing opportunities.
To purchase a property, you utilise cash within your SMSF, which is money that you otherwise wouldn't be able to touch until retirement. The fund meanwhile obtains a quality asset and secure cash flow through rental income.
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Unlocking the full potential of a SMSF |
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SMSFs are capable of doing a lot more than just helping you save for retirement. By incorporating other family members into a SMSF and making it a ‘family super fund’, there is the ability for younger members of the fund to receive taxation benefits normally only available to retirees.
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The seven deadly sins of SMSF trustees |
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SMSFs are favoured by many pharmacy owners as an investment vehicle offering greater control over their life savings and presenting unique opportunities for wealth creation, asset protection, and estate planning. Many SMSF operators however, may not be sufficiently prepared for the additional responsibilities that come with managing your own super fund.
It is our experience that some SMSF operators demonstrate strong management capabilities, while others are surprised to learn that they are not taking the steps required by law to meet their responsibilities as trustees. Here are seven common mistakes that we see SMSF trustees making.
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