HYD Business Tips No#1

In each newsletter we are going to supply business tips from HYD Advisory. These tips have been developed from years of business experience and dealing with hundreds of businesses.

TIP No# 1. Pay Yourself First and Tax Effectively – Business Owners
Do you find it difficult to save, despite your best intentions to do so? This is especially challenging for business owners who are responsible for paying the running expenses for their business, such as rent and staff wages. Often owners neglect to look after themselves and their own family.

We find that our most successful business owners make a commitment to automatically pay themselves first from their business a “set amount” each week. this is best achieved by setting up an automatic payment to a personal or investment account.

Treat yourself and your family with the same respect you treat your suppliers and staff.

Talk to HYD Advisory about how to set this strategy up as tax effectively as possible.

This may involve using contribution of salary, dividends, trust distributions, super contributions and income splitting with family members.

If we pay you dividends from your company, you will get a credit for the 30% tax already paid.