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MFAA Prosper : Mortgage and Finance Brief 07
• Think about retiring before you even start • Plan an overall strategy • Put legal provisions in place • Make sensible insurance provisions • Ensure your accounts are in good order Top succession tips 5 rate of 46.5% on $500,000 (half the gain), would be $232,500 – effectively half your marginal rate. However, selling the asset as a company attracts a 30 percent tax plus a 16.5 percent top-up on the fully franked dividends to shareholders (on the whole $1,000,000), attracting $465,000 in CGT. The only way the owners of a company can utilise the 50% concession is if they sell the shares in their company, and those shares are held by an individual or a trust. There are numerous other options to minimise CGT, he adds, including small-business tax concessions or the option to roll assets over into superannuation if you are over 55. Make a plan now Most brokers don’t have a succession plan in place – but it doesn’t have to be a difficult thing to implement. “The key is to think about what you want to see happen, when the time comes to get out of your business,” says Andy Gowers. “And then get some advice.” Matthew Pavlich Think differently. Think Homeloans. Homeloans has 25 years of experience at providing brokers and their clients with a refreshing alternative to the banks. • Competitive and simple commission structure • Comprehensive range of products and credit policies • Faster turnaround times and electronic application process • Customer benefits program with ongoing discounts on a range of goods and services • No channel conflict Accredited brokers can visit our broker portal at homeloans.com.au/loanzone To find your local Homeloans BDM call 1300 78 78 66. Terms, conditions and lending criteria apply. Lending policy, interest rates and fees are subject to change. Homeloans Limited ABN 55 095 034 003. AFSL 247829. Mortgage + Finance - Vertical.in1 1 10/28/2010 9:00:32 AM them decided to try a different career. “ I’m not ruling out the possibility that one or some of my sons may come back, with more skills and experience from their time away, and I would welcome that. They have all left on good terms,” Camilleri says. But, at 62 years old, he realised that he needed a new plan. “One advantage of being in a franchise is that there may be a buyer within the group – but you can’t count on that, so I’ve been looking at the business to make it as profitable, efficient and effective as possible,” he says. Camilleri has now changed his staffing levels, adding more loan writers and focusing on growth, and is now making his systems and procedures easy to hand over. BackOffice
Mortgage and Finance Brief 06
Mortgage and Finance Brief 08