Blog

Establishing your tax residency status should be a top priority if you are planning to live and work in the United States. Tax processes in the USA (and other overseas) jurisdictions are highly complex and there will be major financial consequences if you get your tax residency wrong, so you will need specialised advice. Over…

Dec32019

The Benefits of Legal Retainers for Company Secretarial

It can be prohibitively expensive for a mining and resources business to engage an in-house lawyer to manage the recurring legal matters characteristic of these sectors. Fortunately, there is an alternative. A bespoke legal retainer arrangement is an efficient and cost-effective strategy that provides access to not just one, but a team of qualified and…

Nov192019

#3 Financial Collaboration: THREE Business Matters that Directly Affect your Personal Prosperity

In earlier articles we discussed how your accountant can help you grow a profitable business and how your lawyer can help you protect it (particularly in regard to implementing Shareholder Agreements). In this article we discuss the role of your financial adviser as a collaborator working with these and other professionals to identify and mitigate…

Oct82019

#2 Getting the Most from your Shareholders Agreement

By David Pennell and Brenden Yantsch

In this article we discuss the need for SME’s in the mining and resources sectors to implement Shareholder Agreements and why these documents are crucial for protecting your business interests, and in turn, your personal prosperity. SME Business Success = Personal Prosperity #2 Getting the most from your shareholders agreement Let’s face it, building personal prosperity is…

Aug262019

Selling your business? How to SAVE tax and BUILD your super

As a small business owner it’s likely you have been investing in your business at the expense of making personal superannuation contributions. But the good news is, the small business CGT concessions may provide opportunity for you to reduce Capital Gains Tax AND catch up on your superannuation contributions. What are the small business CGT concessions?…

Aug132019

2019 ifa Excellence Awards : Stratus Financial Group is a Finalist

The SIXTH annual ifa Excellence Awards finalists have just been announced and Stratus Financial Group is among the top contenders for the coveted Holistic Advice Firm of the Year category. Brett Cribb, Principal Practice Director, Stratus Financial Group said he is pleased to be among the finalists in this particular category. “This award recognises that…

Jul112019

Business Sold. Value Extracted. Future Assured!

We have written this important strategy paper for business owners in mining & resources, as well as those considering starting their own business. The paper focuses on these THREE key matters that delivered 10 significant (and life-changing) outcomes for the business owner: 1. The issues affecting a small business that grows significantly into a much larger…

Jul52019

FIVE key financial matters for mining and resources professionals

This strategy paper overviews five important areas in financial planning for professionals in mining and resources: superannuation; insurance; cash flow; home/property ownership; and estate planning. Take your first step towards building and protecting your wealth by downloading my strategy paper NOW. Read the full strategy paper here.

Jul22019

Why making a video Will is just not worth the risk

Your passing will be difficult enough without unnecessary complications arising from an invalid Will. Ensuring clarity and a smooth process for the implementation of your final wishes will be much appreciated by grieving loved ones, so while it might appear to be the modern thing to do, our advice is to think twice before making…

Jun282019

The importance of correct insurance policy ownership

This case study illustrates the collaboration between financial (myself), legal and business advisers to create a seamless plan for our client, a business owner in mining and resources, and his wife to help them achieve their financial goals and leave a legacy for their children. Knowing that protecting the family’s current lifestyle was important to John…

Jun212019

The FREEDOM to Do What We Choose

This case study outlines how I provided financial planning advice and coordinated business and legal advice for a mining executive who had worked overseas for 30 years. There were multiple issues relating to complex executive options and share plans in a variety of structures across a variety of taxation jurisdictions and in addition, my client had…

Jun142019

Buyer Expectations Exceeded

This case study outlines how we coordinated buyer advocacy services to help a mining executive who was relocating to Brisbane from overseas. The client was able to purchase a family home that exceeded their expectations. Not only was it located in a sought-after suburb, it offered all the lifestyle benefits they had hoped for. Importantly, they…

Jun132019

What you need to know about living and working overseas

Written for mining and resources executives and professionals to help you enjoy and benefit from living and working overseas, this important strategy paper considers the complex and interacting matters – personal, family, professional, social and financial – that need to be taken into account before you relocate. These matters include: risk & investment strategies; super/SMSF; asset protection;…

Jun132019

Time to catch up? Why you should consider the NEW concessional contributions catch-up provision

Building wealth effectively within superannuation is an important consideration for mining and resources personnel, particularly when a change in super legislation may be of benefit. 2018/19 is the first financial year you may be able to boost your superannuation balance by carrying forward unused superannuation concessional contributions cap amounts. Part of the Government’s superannuation reforms,…

Jun122019

Business Owners: Legal Representation that Levels the Playing Field

This case study outlines how we guided our client, a business owner providing services to mining & resources, through a myriad of legal issues to arrive at selling his business for a great price, maintaining his intellectual property to meet his future goals, and setting up his estate planning for the benefit of future generations. Read…

Apr92019

Downsizing? FIVE factors to improve your property purchasing power

If you are considering downsizing to free up capital or reduce your mortgage payments, or you just want to free up your time spent on maintenance and cleaning, you need to consider more than an optimal sale price for your family home. Planning the purchase of your next property is just as important if you…

Apr42019

Downsizing? THREE ways to optimise the sale of your family home

Selling your family home and downsizing can be an effective means of freeing up capital or reducing your mortgage payments, eliminating time spent on cleaning and maintenance and often reducing significantly large utility bills. If your grown-up children have left home, now may be the time to consider downsizing. Maximising the sale price of your…

Feb122019

Working and Living Overseas: #2 TWO important legal matters

Your employer has offered you a role overseas and you are looking forward to the professional development and the experience of living and working in a different country. However, there is a range of legal matters you will need to consider, including the obvious – and complex – one of negotiating the terms of your…

Feb42019

Working and Living Overseas: #1 The big (financial) picture

Are you currently living and working in another country or could your job take you overseas in the near future? If you are an executive, professional or business owner in mining and resources who is spending 12 months or more living an expatriate life, this series of articles is for you. Over the next four weeks,…

Oct242018

Establishing a Consultancy Business in Mining & Resources Part 2

In Establishing a Consultancy Business in Mining & Resources Part 1 we set out various important issues for your consideration. Here we expand on three of them: asset protection & tax minimisation, funding, and employment law issues. 1. Asset protection and tax minimisation Most consultancies are set up as a sole trader, partnership, company or…

Sep192018

Income Protection Insurance – Protecting Your Most Important Asset

If your income stopped today, who would pay your bills? Your partner, your parents? Or do you have enough savings to meet expenses for the rest of your life? If the answer is no, then you should consider income protection insurance. Your ability to generate an income is arguably your greatest asset, yet only 31%…

Sep52018

Establishing a Consultancy Business in Mining & Resources Part 1

A mining and resources consultancy business can be relatively simple to establish: it can be done with no employees, no stock, limited equipment and perhaps no premises if you work from home. On the other hand, a consultancy business may not start small and/or may grow quickly. Whatever your circumstances when setting up your own…

Aug292018

Person down! Is your business protected?

Whether your mining and resources business is a startup or a growing concern, you need to think carefully about how to protect it. Business insurance policies can potentially save your business when things go wrong, but only if you’ve taken the time to check that the business and its assets are adequately and appropriately covered.…

Aug272018

Buying property in SMSF is not a game!

When purchasing property in SMSF, knowing which property to avoid is just as important as knowing which to target. If you are considering buying property for your SMSF, my advice is to exercise extreme caution. Before going ahead, make sure you fully understand your strategy and have thoroughly investigated the property in question. The number…

Aug162018

Get financially fit NOW with a cash flow management plan

By David Pennell and Brenden Yantsch

What is cash flow management? For many professionals in mining and resources, high incomes are often accompanied with an overspend on discretionary expenses and limited savings, despite best intentions. Spending less than you earn sounds simple, yet it can be difficult without knowing how much and exactly what you’re spending money on. If you’re finding…

Jun192018

The Basics of Testamentary Trusts

By Ian Hillhouse

What is a testamentary trust? A testamentary trust is established when a testator leaves assets to their spouse and/or their children (or other beneficiaries) by way of a trust in their Will, rather than to the beneficiaries in their personal capacities. A Will can establish any number of testamentary trusts. The testamentary trustee will hold…

May222018

Contract Basics for your Mining & Resources Business

By Ian Hillhouse

If you are in business, it is important that you are aware of the basic elements of a contract to ensure that you do not find yourself in the unfavourable position where you cannot properly enforce what you understood to be the binding promise of another. In Australia, there are six basic elements that must…

May152018

Tax Planning for your Mining & Resources Business

A common misunderstanding among business owners is that your tax bill is solely reliant upon your tax return preparation. In our experience, most successful businesses in mining and resources begin their tax planning in July… at the very beginning of the financial year. However, if that ship has sailed, your next best opportunity is now, in mid…

May142018

5 Small Ways to Make a BIG Difference

By David Pennell and Brenden Yantsch

Whether you’re just starting out as a professional in mining and resources, or have been well established over the last decade, even the slightest surplus income can make a difference to your overall financial position. Loosely defined, surplus income refers to funds that remain after you have met your expenses and taxation commitments. If your…

May102018

Federal Budget 2018-19: Highlights & Summary

The 2018-19 Federal Budget announcements were wide-ranging and much of the detail has not yet been released. Announcements include: $20K accelerated depreciation extended until 30 June 2019 for SMEs Introduction of a three-year cycle for SMSF audits for compliant funds Seven year personal tax cut plan For further details, please refer to our concise and…

Mar152018

Resources Unearthed Brisbane Legal Support

Time to review your business structure?

By Ian Hillhouse

When was the last time you reviewed the structure of your mining and resources business? The type of entity in which your business operates will impact upon many issues: tax effectiveness, asset protection, business succession, flexibility, simplicity/complexity and administrative cost. Also, the types of risks your business faces will influence the structure. These are potentially…

Feb62018

Relocation and wealth accumulation using an offset account strategy

For many mining and resources professionals, relocation is often a consequence of progressing your career path. Purchasing a property in your new town or city may form part of your personal wealth accumulation strategy. You may have equity in an existing property that you have retained as an investment, but limited cash available for purchasing…

Oct262017

How salary sacrificing may help you retire with more

Our advice on superannuation for mining and resources professionals is this: Do what you can, as early as you can, to take advantage of the tax-efficient savings environment that the Australian super system offers. Your decisions around super are all the more important since 1 July 2017 as the lowered concessional contributions cap may have…

Aug112017

Life insurance within superannuation