FAMILY TRUST TIP
Beneficiaries Who Occupy Trust Owned House
It is common for trustees to allow beneficiaries to live in a house owned by a family trust on the condition they pay all outgoings.
Documenting this decision is important. If there's no evidence of this agreement, payments made by a beneficiary could be seen as gifts to the trust, advances or payment of rent; resulting in either long term care or tax issues.
Make sure any decision by trustees to allow beneficiary occupation of a trust house is minuted.
BUSINESS ADVICE TIP
Listeners. Askers. Talkers. Actionists.
In my role as business adviser, I get to meet and talk with dozens of business owners. Many come to me with a problem, an issue or a new opportunity. On anecdotal observation, I've come to experience that those who ask for a meeting fall into one or two of just four categories: Listeners. Askers. Talkers. Actionists.
The point I am making is that when you seek the advice of others, get quickly to the point of what you want to say, ask for a view, opinion or advice, listen intently, ask any other question that is relevant and then leave the meeting and take action. Of course the advice you receive may be to not take action, modify the action you were going to take or just get on and do it.
BUILDERS, TRADES OR CONTRACTOR TIP
Keep Photographic Records to Minimise Disputes
If you are working on an existing house, before you start the job, take photos of everything. This will help you prove that something was in a particular state before you started work (the day before you begin is best). The photos are date stamped with a GPS location. You can't change these details.
Example, a client accuses you of breaking a basement window. You photographed everything before you started work and have a photo clearly showing the window broken before you started.
-This tip thanks to The Building Hub
Prepare For Contact
Business is a full contact impact activity. It can be as leisurely as bowls and golf and as hard as rugby or league.
If you want to succeed at business get fit, get healthy, get strong and learn, learn, learn. The physical and mental demands of participating in a full contact, impact activity such as business is relentless.
BUSTING THE MYTH
Working On or In Your Business
Myth: I think one of the great myths that gets peddled and perpetrated by accountants and business advisors is the need to work ON and not IN your business if you want it to grow and become successful. This well-meaning advice often comes from those advisors who have all the theory and read all the books.Now they think it's pretty smart advice to pass on this cute phrase to business owners. I don't.
Read the full article HERE...
07 February - 2014 Terminal Tax due for taxpayers that don't have an extension of time. (Call us if you are unsure.)
Note: If you have a debt with IRD that is due Feb 7 and you can't pay it, avoid lots of late payment penalties by getting it under arrangement before Feb 7. Call us for details.
Click here to ask me any question about business and I'll do my best to answer it. If I don't know the answer, I'm sure I can point you to someone who can.
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