Steve had had enough of commuting to work for 2-3 hrs each day as an employee, and was looking for a career change, going back to working for himself in the industry he had been in before moving interstate.
After many conversations with his wife and after an opportunity came up for Steve to make the first move back into self-employment, they decided to seek the advice of an accountant who could help them set up a suitable structure.
They had the following questions:
- What structure should we acquire the business in?
- Going forward what sort of taxation planning do we need to do?
- What should I keep an eye out for when new opportunities come up?
- Can you help me with general business advice?
Steve and his wife now:
- have great attention to detail in terms of cashflow management.
- maintain monthly performance spreadsheets.
- effectively run the business finances like accountants themselves, always looking for ways to trim overheads and renegotiate suppliers’ terms.
9 years since seeking advice they have a flourishing business with their fingers in diverse investments, beyond what they could have imagined it to have grown into, and a solid plan for further growth.
The combined passive income from these investments has grown to a level that will comfortably support them in retirement, not that they show any signings of slowing down just yet!
