Retirement Planning for Small Business Owners-Turtle Securities

Retirement Planning for Small Business Owners

We’re small business owners wanting to retire.

Small business owners often face the challenge of balancing immediate financial demands with long-term retirement planning. Their financial situations, intertwined with their businesses, require specialized advice that considers both personal and business financial futures. How can we retire as a small business owner? How should small business owners think about retirement planning? What is the best retirement strategy for self-employed small business owners? What are the tax-advantaged retirement plan options available for small business owners?

Ask us your questions regarding Retirement Planning being a Small
Business Owner

How can we integrate business assets into personal retirement plans? How can we balance business investment with retirement savings? What are some of the superannuation strategies for small business owners? How do you manage fluctuating business income for retirement? What are my options for business at retirement? What are the tax implications of retirement planning as a business owner? Can we use the business to fund retirement? Who do you see for help calculating business value for retirement planning? What are the challenges for sole proprietors in retirement planning? What are retirement planning considerations for family-owned businesses?

Let us inform you of all you need to know about retirement lifestyle planning being a small business owner

Retirement planning for small businesses owners is particularly vital, addressing unique challenges like integrating business assets into personal retirement plans and navigating complex tax implications. We work closely with your accountant to determine a valuation of your business. Whether we sell or transfer we need to determine ahead exit strategies from complicated tax entities such as company, trust or SMSF.

Allow us to assist you in building a Retirement plan.

Allow us to assist you in setting your financial goals, looking at all your options, the costs, and bringing it all together in a plan that ensures you will have an exit strategy from the business and the standard of living you want in retirement. Your financial plan must take advantage for any strategy to reduce capital gains tax (CGT). The plan must provide a regular, secure and independent income stream to allow you to meet all your expenses when separated from the business.

Making the most of the ATO Small Business CGT Concessions

Small business CGT concessions are tax reliefs for small businesses that can fund superannuation and retirement. The 15-year exemption means no CGT will be payable if the business has owned the asset for at least 15 years and the seller is 55 or older and retiring or permanently incapacitated. The 50% active asset reduction means the CGT can be reduced by 50% if the asset is used in the business. The retirement exemption: up to $500,000 of CGT is exempted if the seller is 55 or older or contributes the proceeds to a superannuation fund.

Maximize your business valuation by planning your exit strategy.

Preparation is the key to securing a good price for your business. Plan to exit with dignity, sense of achievement and money in your pocket. Prepare well in advance. Give your financials a make-over. Get a professional valuation. Plan to transition away from the business and build your own individual financial independence.

Plan well ahead

Without adequate planning small business owners can remain trapped in there business not being able to extract their capital and move away from the business. Unwinding complicated tax structure can take years.

Transition to retirement

When arrangements are complicated an option is to transition away from the business overtime. If your business generate revenue when you’re away, reduce the number of days you work. Do it gradually. Where possible, you can use your superannuation to transition to retirement.

Find meaning outside

Your business has been your life. Once separated we can struggle to find meaning and fulfillment in retirement. We’re tempted to pick up another project. Your retirement should be a celebration of achievement. Consider the next stage of your life and the legacy you will leave family and friends.

Book a consultation

Have a question? We’re here to help. Send us a message and we’ll get be in touch.

Call Chris Turtle: 0487 181 676

Or complete the email form and we’ll get back to you as soon as we can.

Turtle Securities Pty Ltd Dubbo NSW 2830

Christopher Turtle, Authorised Representative No. 275624 and Turtle Securities Pty Ltd is Corporate Authorised Representative No. 1281015 of InterPrac Financial Planning Pty Ltd (AFSL 246638)