Accountants across Australia are now busily preparing for the end of financial year - drinking lots of coffee, dreaming about tax planning, getting ready for 30 June celebrations and importantly, turning their minds to all the payroll and bookkeeping tasks that need to be tended to over the coming months. Getting organised and preparing for the end of the financial year removes a great deal of pressure when the time comes to finalise payroll and accounts. There are a few things that business owners and their bookkeepers should consider in preparing for and finalising the end of financial year accounts. Important Dates: 1 July 2025: Superannuation contribution rate increase to 12% 7 July 2025: Payroll tax monthly lodgement due 14 July 2025: STP finalisation declaration due 21 July 2025: Monthly BAS Lodgement date 21 July 2025: Payroll Tax annual lodgement due 28 July 2025: Quarterly BAS Lodgement date 28 July 2025: Previous quarter superannuation – must be in the fund 28 August 2025: TPAR lodgement date 1 July 2026: Pay Day Super begins Important things to note: Super Guarantee Contribution is 12% from 1 July 2025. Many software packages will automatically update the superannuation percentage, but it is always wise to check. Some software will allow an override on the Superannuation Guarantee Charge amount, and if that feature is in use, the software will not automatically update to the new rate. The new rate applies to all wages paid on or after 1 July 2025, even if some of the wages were earned prior to 30 June. ATO penalties, GIC and SIC will no longer be tax deductible from 1 July 2025. If you have a debt with the ATO, you may want to discuss with your accountant the best way to now account for ATO interest and penalties. Superannuation contributions must be in the employee’s superannuation fund by the due date, which is 28 July. Therefore, it is recommended that the payment be made earlier in the month (before 20 July) to allow time for the clearing house to distribute the funds. If it is discovered through an audit at a later date that the payment did not arrive in the fund on time, the employer will be liable for a Superannuation Guarantee Charge. Single Touch Payroll lodgements must be done at the time of processing the payroll. From 1 July 2026, there will be two important superannuation changes: Payday super: Superannuation will need to be paid at the same time as an employee’s wages – preparations for this transition can begin now by changing the frequency of super payments from quarterly to monthly (or more frequently). This may help with budgeting so that when 1 July 2026 arrives, business owners are ready to begin making the payments without any burden on business cash flow. The ATO Small Business Clearing House will close down. Business owners will need to choose another clearing house to use to lodge superannuation payments. Many accounting software packages include a superannuation clearing house with their payroll package, and most superannuation funds also have clearing houses. If help is required, please contact our Bookkeeping team and we will be happy to assist. Before End of Financial Year (EOFY) There are a number of steps that can be taken prior to the end of the financial year to help alleviate the pressure and make the EOFY a smooth process. Ensure all accounts are reconciled on a regular basis and all accounts are reconciled (including clearing accounts and inter-entity loans) to the end of April. Any of the steps in the checklist below can be commenced ahead of time, with reviews and reconciliations to be completed by the end of March, April, or May. The final checks can then be done as soon as possible after 30 June. Having completed much of the review process already, any discrepancies would have been identified and corrected. Prepare for EOFY Payroll An STP Finalisation declaration must be made by 14 July. This ensures that employees can access the necessary information to complete their income tax return. Some tasks can be completed prior to the end of the financial year (EOFY), and early preparations will assist in ensuring the finalisation is completed on time. Early preparations can include reconciling wages, superannuation and PAYG. If these are all reconciled by the end of March or April, the final reconciliation will be a smaller and less stressful task. This will make lodging the final STP and annual Payroll Tax lodgement a much quicker process. EOFY Checklist Download our End of Financial Year Checklist here, is a comprehensive list of items to check and reconcile to prepare accounts for the accountant. By implementing a process that keeps accounts up to date and regularly checked, it will help identify possible discrepancies and problems. It will prompt business owners to inform their accountant of significant business changes that may impact their tax position. It will also provide a current overview of the business and alert business owners to any changes that may impact trading and cash flow. Some items on the checklist may not apply to all business owners, but checking everything that does apply will make EOFY a breeze. Get in touch if you need our help getting your end of financial year in order.

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For trustees running a Self-Managed Super Fund (SMSF), understanding how to maximise Exempt Current Pension Income (ECPI) can lead to more tax-effective outcomes. ECPI is the portion of income an SMSF earns from assets that support retirement-phase pensions — and that income may be tax-exempt, subject to meeting regulatory requirements. While many factors can influence ECPI, the timing of contributions and the commencement of pensions are often the most impactful and practical levers trustees can evaluate. This article unpacks how these two timing-related elements can affect ECPI outcomes, with brief reference to other considerations that may also play a role. Timing of Contributions When and how contributions are made to an SMSF can significantly affect the calculation of ECPI. Generally, contributions enter the fund in the accumulation phase, where earnings are taxed at 15%. If these contributions sit in accumulation phase for most of the year before being converted into a pension, they may reduce the proportion of fund income eligible for ECPI. Alternatively, converting contributions to pension phase earlier could result in a greater share of income being exempt from tax. Points trustees may consider: Contributions made just before year-end may have little or no impact on ECPI unless swiftly allocated to retirement phase as they do not have a great impact on accumulation percentage over the whole year. Once converted to pension they boost the ECPI percentage. Early-year contributions may offer more flexibility for pension planning as well as increase the ECPI percentage if converted to pension immediately. When considering the timing of contributions, trustees should also look beyond ECPI considerations and consider the return on investment inside versus outside of the fund. This often means that if funds are available, contributing them early in the year can lead to a better investment outcome with a lower tax rate, regardless of ECPI (depending on the tax rate of the individual outside of the fund, as well as the return on investment within the fund). Timing of Pension Commencements The date a pension begins directly affects when the SMSF starts generating ECPI. Only from the commencement date does the pension phase apply, which means delayed pension commencements could result in missed tax exemptions for income earned earlier in the year. Potential considerations: Starting a pension earlier in the year may increase the ECPI proportion. A mid-year pension commencement could split the year into separate ECPI calculation periods, depending on whether the fund is using the segregated or proportionate method for calculating ECPI. At Smith Thornton, we will always use the appropriate method to ensure the best tax outcome for our clients’ funds. Documenting the pension commencement correctly is essential to support any claim for ECPI. Other ECPI Issues While timing is often the most tangible variable trustees can manage, it is important to be aware of other factors that can impact ECPI: Asset Allocation Strategic asset allocation, while staying within compliance and risk tolerance, can influence the overall tax efficiency of a fund’s income in retirement phase. Since ECPI is based on income generated by assets supporting retirement-phase income streams, the mix of assets (such as shares, property, or cash) affects the amount of exempt income. For funds using the proportionate method, higher income-generating assets in the retirement-phase portion can increase the tax-exempt benefit. Conversely, if lower-yield assets support pension interests, the ECPI benefit may be reduced. Record-Keeping Strong documentation supports compliance, audit readiness, and accurate ECPI claims. Smith Thornton will always ensure that all records are kept correctly and are available if our clients have any questions about the appropriate record keeping requirements. Likewise, it is also very important for the trustee to maintain good record keeping. ECPI Calculation Methods The choice between the segregated and proportionate methods, as mentioned above, can impact the final exempt amount. Each of these aspects plays a supporting role, and understanding how they interact with timing decisions assists with effective SMSF management. In Summary This article highlights the importance of forward planning and strategy for SMSFs. Smith Thornton encourages our clients to contact us early if considering changes to their SMSF so that the appropriate planning and timing can be implemented. We note that these are general insights only and should not be considered personal financial advice. Clients should always seek our guidance before implementing changes, particularly when tax outcomes and member balances are involved. If required, we can introduce clients to our partners, Knights Financial Advisors, who are licenced financial advisors and can provide financial advice.

This article provides a firsthand explanation of how the live sheep export ban impacts sheep farmers and the wider community. Chrissie Smith and her husband are sheep farmers based in Kojonup and we share this opinion piece that she prepared with her permission. Yesterday, during a discussion over a Facebook post, I was asked by a friend of a friend if I could clarify the thought process around the live sheep export ban from a sheep farmer's perspective, and if farmers were over dramatising the situation. A very honest question, and one I was very happy to answer. These are mine and my husband's words and sentiments.... There is a lot to explain, and it isn't as simple as just numbers. Maybe make yourself a cup of tea. Western Australia's "sheepbelt" has a very different climate from that of our Eastern State counterparts. They also have much better slaughter facilities and can process a much higher number of sheep than we can here in the West. Our sheep production year runs from November to November. We start preparing our ewes for mating in November, rams go into the mob in February, we drop our lambs late June & July, and we grow out the lambs through those other months, ready for the market in November. Our green feed season generally runs from May to November. Outside of those months, we rely on dry feed and supplementary feeding. We (my husband and I) opt to sell our lambs straight from mum, where possible, as it is the most profitable. Due to WA having long dry summers, we do not get the same green feed window that they do in the Eastern States. A lot of farms over there have irrigation and lucerne and perennial based pastures, which WA is not suited to. They also receive a lot more summer rain. Therefore, it is way more difficult for us to grow out our lambs in a shorter period of time. Hence, we get an influx of sheep ready to be slaughtered all at a similar time. We don't have the facilities to handle large numbers, and if we don't get the kill space with the abattoirs, we risk being stuck with stock that is ready for slaughter but no market. For example, in the springtime flush, NSW, VIC & SA will kill approximately 510,000, and WA kills 93,000 per week. You have to understand that the WA processing companies are desperate to get rid of live sheep export. The reason being, is that if Live Export disappears, they have no competition, because there are more sheep than can be processed, which causes a massive over supply, and therefore a direct price reduction for the farmer. This happened in the spring of 2023 when Live Export came to a standstill on the government's announcement. The WA sheep farmer was receiving as little as $35 p/h for mutton and $110 p/h for lambs. This is where the live sheep export comes into play. This offers us another market to sell our sheep, and they will offer us a good price for what we call our stores. These are lambs and older sheep and wethers (mutton) who haven't grown out as well as we would like, often due to our seasonal conditions, and for farmers who don't have the capabilities to hold on to the sheep for a longer period of time, mainly due to how much it costs to feed them, and the issue of soil erosion because of being overstocked in the dry conditions. In the last few years, we have been getting between $5.20 and $7.10 per kg dressed (which means after they have been slaughtered). So for our 365 days of work put in to produce a lamb, we receive $5.20 to $7.10 per kg, we also have to pay to get our sheep delivered to the abattoirs They process the lamb in one day and then deliver to the grocery store, who packs and sells to their customer for $45 per kg. Does this seem fair to the farmer? If we need to hold on to our sheep for a longer period, it will cost us between $50 - $60 per sheep to continue to feed, and there is no guaranteed price at the end of that, so with a falling market, the farmer can lose a lot of money. So, with no additional market for the extra sheep (removing live exports), it becomes a very big risk to the sheep farmer, and their business starts to become unviable. This is where the snowball effect starts to take place. The sheep farmer loses faith. They've lost their only other market to sell their sheep through, they reduce the number of sheep they are producing, which is what is already happening in preparation for the ban. Many farmers opted not to put their rams out with the ewes this season, for fear of being stuck with sheep they can not sell in the future. Now I won't lie, for us, this has helped the lamb per kg price recover. At $5.20 per kg, there is no money in producing a lamb, so for every price rise above that is a huge bonus for us. However, because of the reduction in numbers, there is no need for shearing contractors, no need for transport companies to move our sheep from farm to abattoirs or the port, people leave the farming communities, our schools suffer, our medical facilities suffer, and our small businesses suffer. For the regional communities, it becomes death by association. I saw recently that Wagin two years ago had eight shearing teams; they are now down to three teams. That is approximately 50 employees, plus their partners and their children who have left the Wagin community in the past 12 months. Another example is three local contractors around our area marked 100,000 less lambs in 2024 compared to 2023. Again, it's about economics; they take a massive hit in revenue, their business profit is reduced, they can't afford employees, and again, more people leave our communities. The Labor government, Albo and his constituents, made this decision without any consultation. They chose to take the side of Sydney Green Representatives and members of PETA to buy their votes in the last election. If they can ban an industry in the blink of an eye, which industry is next? If Beef goes, Northern WA and the NT are stuffed. Then it will be pork, chicken, eggs... My question to everyone is...go to your fridge, and pull out everything in there that is produced by a farmer, and let me know what you have left. Then, rethink how important farmers are for our country. Farmers are caring and nurturing people, but imagine if they coordinated together to stop providing all produce for 14 days, with nothing leaving the farm gate - what would happen? Lamb, beef, pork, chicken, eggs, milk, butter, yoghurt, ice cream, cheese, cereals, rice, sugar, fruit, vegetables, beer, wine, your cup of tea you just made...and the list goes on. The impact on farmers and our rural communities is not being over dramatised. I could go on forever about this, and to be honest, if you have read this far, I really appreciate it. Hopefully, this gives you some insight. I really do thank you for asking a very honest question, and hopefully, you can see this as a very honest answer.

Being an employer of choice as a small business owner is a key component of long-term success. Small businesses are presented with unique challenges when it comes to competing with larger organisations for top talent, but with a strategic approach, challenges can become opportunities. By including employee attraction and retention strategies in a strategic plan, small businesses can build a loyal, motivated workforce and position themselves for sustainable growth. What is Strategic Planning for Small Businesses? Strategic planning is the process of defining the key goals and direction of a business and the actions required for success. This will involve setting long-term and short-term goals, identifying potential risks/issues that need to be resolved, and mapping out measurable actions and responsibilities. A key pillar of a small business strategic plan should focus on people because attracting and keeping the right staff is critical for business success and growth. Some other key benefits of linking employee-related goals to the strategic plan include: It will ensure that talent management remains a focus, which is essential when employees are one of the most important assets of a business. Decisions regarding employing new staff and managing existing staff will become intentional and structured and form a cohesive approach to building the best team. With good planning and communication, employees can work towards achieving business goals and become aligned with the mission and vision of the business. Employee retention is more cost-effective than constantly recruiting and training new hires. A strong employer brand that’s incorporated into your strategic plan helps ensure long-term stability, minimising turnover costs and creating a loyal, experienced workforce. Planning to become an Employer of Choice Below are some examples of how business owners can use actionable steps to attract and retain talent. It is also interesting to see how some of these examples also promote business growth. Training and development Investing in staff development can align with nurturing employees’ own personal growth and ambition, as well as helping business owners achieve long-term success. Actions might include: Identify areas where the team needs development to help the business grow. (e.g. leadership skills, cross-functional skills, technical skills, professional certifications, soft skills). Create a staff development and training calendar that aligns with those needs. Create a mentorship program which will not only encourage knowledge sharing but will also build relationships. Develop a clear career pathway for each role within the business. This motivates and gives employees a long-term focus. Workplace culture Employees place great importance on feeling happy and supported at work. Creating a workplace culture that promotes this is a key factor in retaining staff. Actionable steps aimed at improving workplace culture might include: Develop and promote a brand that reflects the values and culture of the business. This will naturally help attract the right staff as job applicants tend to research the business prior to applying to determine whether the business is a good fit for them. Identify and engage in training and staff development options aimed at improving workplace culture. Create and enact a plan on how to monitor staff engagement and satisfaction. Recruitment Small businesses often have limited resources, but allocating some of those resources to talent management can have a lasting impact on a business’s ability to grow. Create a recruitment plan that budgets for: Attractive compensation packages - ensure pay is aligned with industry standards based on location and sector. Offering flexible benefits or non-monetary rewards (such as extra leave or remote work options) can make a huge difference. Employee referral programs - encourage current employees to refer friends or colleagues by offering incentives. Employee referrals are often a more cost-effective recruitment strategy for small businesses, and they tend to bring in candidates who are a good cultural fit.  Sufficient human resources involvement – high-quality human resources assistance throughout both the recruitment process and day-to-day operations is essential. It helps with talent management and guiding behaviours that promote a good workplace culture. Work-life balance Incorporating work-life balance into the business strategy is crucial for small businesses looking to become an employer of choice. Having a focus on work-life balance is an investment in employee well-being, which directly impacts retention and productivity. Some actions that are aimed at achieving a good work-life balance include: Reviewing and updating business procedures and infrastructure to enable an offering of remote work options, flexible hours, or a hybrid model to employees. Establish guidelines promoting healthy work habits, such as encouraging employees to take their vacation days and limiting work outside regular hours. Identify and implement communication tools that will promote regular conversation between management and staff. Early identification of burnout or work overload is key (e.g. employee surveys, one-on-one check-ins, and team meetings). How to Stay on Track As with any business strategy, it’s essential to measure the effectiveness of employer of choice initiatives and make adjustments as needed. This can be done via surveys, focus groups and performance reviews. It is also essential that the overall strategic plan of the business be reviewed regularly to ensure that actions are being addressed and also that the plan remains relevant as the business grows. If you need help developing the strategic plan for your business, please contact us at Smith Thornton.

Aims to accelerate the growth of your agtech innovative startup by giving you expert guidance, deep industry insights, critical tools, and strategic connections. Are you an agtech startup? A farmer who has developed new technology? A researcher looking to commercialise your innovation? Or a business looking to apply your technology in the agricultural sector? Now in its ninth year, HARVEST has supported over 80 businesses. The program is valued at over $10,000 and is FREE for successful applicants. What stage should my business be to apply? - From early stage startups, to small to medium enterprises. Applications close 5 May 2025. Click here to view full funding guidelines on the provider's website.

With another financial year end approaching, we are turning our attention to tax planning season. We have listed below some things that may have changed from prior years, as well as some general strategies to consider. Tax cuts from 1 July 2024 With tax cuts applying from 1 July 2024 this may present an opportunity to review and plan for upcoming decisions regarding trust distributions, payment of dividends and strategies such as contributing to superannuation. The changes that apply from 1 July 2024 are: The bottom tax rate decreases from 19% to 16% for income in the range of $18,201 to $45,000. The 32.5% tax rate decreases to 30% for income in the range of $45,000 to $135,000 The threshold above which the 37% tax rate applies increases from $120,000 to $135,000 The threshold above which the top 45% tax rate applies increases from $180,000 to $190,000. *Note that the above rates do not include the Medicare levy of 2%. Maximise Super Contributions From 1 July 2024, the general concessional contributions cap is $30,000 for all individuals regardless of age (previously $27,500). Many people will also have unused contribution caps from prior years so this can provide a good opportunity for a good tax outcome whilst boosting your superannuation. $20,000 Instant Asset Write-Off As part of the 2024–25 federal budget the government announced it will extend the $20,000 instant asset write-off limit for a further 12 months until 30 June 2025. Please note that this measure is not yet law. Under the measure, small businesses with an aggregated turnover of less than $10 million will be able to: deduct the cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2025 deduct the cost of additions for assets costing less than $20,000 (if an immediate deduction for an asset under the simplified depreciation rules in a prior income year where the amount is less than $20,000). The proposed $20,000 threshold under the measures applies on a per asset basis, so small businesses can instantly write off multiple assets. Review Bad Debts Now is a great time for reviewing the debtor's list for your business and determining which of those won’t be able to be recovered, as writing off the unrecovered income as a bad debt prior to the end of the financial year will provide a tax deduction for the 2025 financial year. Please note that the debt must be genuinely bad, and not merely doubtful, and the decision to write off the debt must be made in writing before the end of the financial year to claim the deduction. We are currently scheduling tax planning and meetings for the upcoming months, so if you want to discuss strategies and review your affairs, please contact our team.

Offers scholarships for research and travel in the agricultural industry. Eligibility Typically between 28-45 years of age. Please note that exceptional candidates outside this age range will be considered A citizen or permanent resident of Australia Engaged in farming, horticulture, fishing or associated industries Intending to remain involved in food and fibre industries in Australia  Scholarship Benefits 15-weeks of purposeful learning and unique access to our approachable, global agricultural network Connections with the global alumni – over 500 scholars in Australia and 2,000 worldwide See leading and innovative businesses and identify new best practices Select a research topic that will be of use to you, your business, community and industry Value ​$40,000 bursary, subject to guidelines set out on this website to cover costs associated with the study and reporting $3,000 of the bursary will be withheld as an assurance on the submission of an approved report In addition to the longstanding scholarship investors, the Future Drought Fund (FDF) are investing in at least five scholarships that are specifically available to study drought resilience and support innovation. These scholarships will support applicants to build drought resilience expertise, adapt innovative technology and practices from overseas and share these learnings to advance Australian agriculture. Click here to view full funding guidelines on the provider's website.

Buying a small business can offer a range of exciting opportunities for business owners. However, the acquisition process can be somewhat daunting for some buyers and sellers, involving meetings and discussions with terms, words, concepts and processes that may not be familiar. It can be high-pressure and time-critical and can often culminate in the buyer and seller becoming overwhelmed and frustrated. Under these circumstances, it is recommended that advisors (lawyer, accounting, business advisor) are engaged to ensure that information is understood and proper processes are followed. Advisors will, of course, add a cost to the process; however, they will ensure that the acquisition is approached thoughtfully with a clear strategy in place. Outlined below are key considerations and practical steps to help potential business owners navigate the process of purchasing a small business successfully. Clarify Your Goals Before looking for a business to purchase, determine the key business criteria and establish business ownership goals. Perhaps consider the following: What rate of return is required? Should the business be under management or managed by a business owner? How many hours does the business owner want to work each week? Is there a preferred industry or an industry that should be avoided? Is stable cash flow preferred, or is growth potential preferred instead? It will be essential to keep these criteria in mind and refer back to them each time acquisition opportunities arise. This will ensure that the business opportunities that are pursued tick the key boxes. Review Key Financials When a suitable business is found, the next step will be to review the financial information that is available from the business broker. This will provide an initial indication of whether the business is financially stable and whether the asking price is fair. At least three years of profit and loss statements should be provided to check whether the business is consistently profitable, margins, types of expenses, and revenue generated yearly. If profits are up and down or following a declining trend, the acquisition might be risky. The drivers behind profit variation need to be understood. The seller will often provide adjusted profit and loss statements to the buyer. These remove certain income and expenses to adjust for those specific to the seller, unusual or non-recurring. These adjustments should be understood, and any queries should be clarified. It is also important to understand whether it is the shares in the business or just some of the business assets being acquired. Most small business acquisitions involve buying just some of the business assets, such as plant and equipment, goodwill, IP, client lists, etc. However, occasionally, the shares or the company itself are acquired. In this situation, the buyer will acquire all the company's assets and liabilities and take on all past, current, and future liabilities. If this is the case, the balance sheet should be requested and reviewed, and thorough due diligence should be performed before settlement. Understand the Asking Price It is important to understand whether the asking price for the business is reasonable. A common valuation method for small businesses involves using a multiple of the business’s earnings before interest, taxes, depreciation, and amortisation (EBITDA), which is essentially the adjusted profit. It is highly advisable to get an accountant or business advisor to assist you with this task. Engage a Lawyer Once the initial review of the asking price and financials has been performed, the next task is usually to sign an offer and acceptance contract. It is very important that a lawyer assists with this if the buyer is not confident in their ability to understand the terms and conditions of the contract. Some key conditions that are typically included in the contract by the buyer are to make the offer subject to securing finance and subject to due diligence. These terms are aimed at ensuring that if the buyer cannot secure finance or has concerns following due diligence, the contract ceases, and their deposit is recovered. Securing Finance Approaching a finance broker or bank with a sense of urgency (or getting pre-approval) is advisable, as securing finance can take some time. The bank will typically require cash flow forecasts for the business and a business plan from the buyer and these can take some time to prepare. An accountant or business advisor will usually assist with this process and can liaise with the bank if required. Once finance is secured it is also important that the buyer understands the terms of the finance offered. This will likely be discussed with the accountant when cash flow forecasts are prepared, however, if not, the buyer needs to understand key terms such as interest rates, term of loan, the type of loan facility offered, repayments, and the risk involved in securing finance against personal assets. Perform Due Diligence Due diligence involves requesting and reviewing information about the business to ensure no hidden issues could become a problem for the buyer after settlement. For a very small business, this process can be less involved. Key areas that due diligence will cover include: Legal and compliance checks. Contract and lease reviews. Thorough financial review. Review of employee and management contracts and discussions with the seller around roles, responsibilities, key staff and their resistance to change. Inventory and equipment review, including review of equipment condition and whether the price in the contract represents market value. Legal and Regulatory Considerations Once finance has been secured and due diligence has been finalised, the next step will be completing the settlement. A lawyer or settlement agent will usually assist with this process. Prior to settlement, some key legal and regulatory considerations need to be addressed to ensure a smooth settlement and changeover of business ownership. These might include: Choosing a business structure. Applying for an ABN or ACN (if necessary). Organising the transfer of business name. Registering for GST and PAYG. Applying for a TFN (if necessary). Setting up a business bank account. Writing to customers to explain the change of ownership and new bank account details. Contacting suppliers to organise new accounts. Purchasing a small business can be an exciting and rewarding experience. Still, it requires careful planning, thorough research, and an understanding of the business acquisition process, along with knowledge of the financial and operational aspects of the business. The information above is by no means exhaustive; however, it provides potential business owners with some key issues to consider. Ideally, advisors will be engaged throughout the business acquisition process by both the seller and buyer to ensure that each party is well-informed and that correct decisions are made. This approach also helps minimise risk, stress and delays, which are great outcomes for both parties. If you need help navigating the business acquisition process, please contact Smith Thornton , and we will be happy to help.