While some sectors of the economy is suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a change from a relatively simple sole trader business structure to a more formal structure such as a company or a trust. Changes such as this are complex with each structure having its own distinct advantages and disadvantages. Before you consider a change, experts should be consulted to avoid costly mistakes which may stymie the success of your business.

Many state governments are providing further assistance to a range of their residents to soften the blow of the COVID-19 pandemic. Depending on which state you or your business is situated, there may be further help in the form of payroll tax deferrals or waivers, stamp duty discounts, land tax relief, grants, and extensions of tenancy protection measures. Not surprisingly, the Victorian state government has provided the most comprehensive range of support for small businesses, licensed venues, regional/holiday areas and businesses in general.

Would you like to semi-retire but are not at the age where you can access your super? Depending on your super fund you may be able to access a transition to retirement pension which is available to individuals who are under 65 but have reached their preservation age. A transition to retirement pension may provide you with flexibility to work slightly less or as a tool for planning for retirement. This option is not available in all super funds and minimum/maximum withdrawal limits apply.