Having an optimised LinkedIn profile is key to gaining maximum online visibility and revenue through the professional social network. LinkedIn has over 97 million monthly active users around the world, so businesses need to start paying some attention to creating a decent profile if they want to stand out. Those with a complete profile are 40 times more likely to be found by others online. So how can small businesses create a ‘complete’ profile? Here are some basic tips to help make your profile as visible as possible:
Headline: Your LinkedIn headline is one of the most important aspects of your profile. Business owners should be succinct, creative and include key terms that make it easy for users to define your role in your industry.
Name: Include your first, last and middle name. LinkedIn is not the place for nicknames or funny references to job titles, like ‘business extraordinaire’.
URL: Customise your LinkedIn profile’s URL to make it easier for people to find you. You can find the URL in the light-grey box underneath your name.
Profile photo: First impressions matter, especially when people see your profile picture. When choosing the appropriate headshot, make sure you consider your industry, as well as potential customers and peers who will view the photo. It might be a good idea to hire a professional photographer to take the photo.
Your background: The background section of your LinkedIn profile only has room for 2000 characters. Therefore, owners should be careful to write a succinct description of themselves, including their present and future ambitions for their business. Add other points of contact if you have them, like your mobile number, Twitter page or email address.
Experience: Complement your career information and experience by including in-article quotes, images or other content that you have created that is related to your professional life. The better you can intrigue viewers, the longer they will view your profile, which can better your chances of making a new business connection online.
Projects: Add in any projects you have led or executed to demonstrate your skill set and reinforce the assertions made in your description. Adding links to your current projects can support your credibility.
Managing a trust comes with its share of responsibilities, especially regarding tax compliance.
To assist trustees and administrators, the ATO has provided a checklist that can be used to streamline the tax process. This is a crucial tool for ensuring that the trust’s affairs are managed efficiently and effectively in accordance with tax regulations.
Let’s delve deeper into what the Resolutions Checklist entails:
Distribution Resolutions: One of the primary tasks is to determine how income will be distributed among beneficiaries for the financial year. This resolution must be documented and finalised before 30 June to optimise tax outcomes for the trust and its beneficiaries. Trustees must consider each beneficiary’s tax position and financial circumstances when making distribution decisions.
Trustee Resolutions: Trustee decisions throughout the year, such as acquisitions or disposals of trust assets, loan agreements, or changes to the trust deed, need to be documented and ratified through resolutions. These resolutions serve as formal acknowledgments of the decisions made by the trustees and provide a clear record of the trust’s activities.
Trust Income Allocation: Trust income comprises various components, including assessable income, exempt income, and deductions. Trustees must accurately determine and record each component to ensure compliance with tax laws. Proper recording and reporting of income and expenses are essential for tax purposes and may impact the tax liabilities of both the trust and its beneficiaries.
Capital Gains Tax (CGT) Considerations: Trustees must review any CGT events during the year and determine the distribution of capital gains or losses among beneficiaries. CGT decisions can significantly affect the tax outcomes for both the trust and its beneficiaries, making careful consideration and documentation are essential.
Streaming Resolutions: Some trust deeds allow for income streaming, which involves allocating specific types of income to beneficiaries based on their individual tax preferences or circumstances. Trustees need to make resolutions to implement income streaming effectively, considering the trust deed provisions and tax implications.
Minutes and Records: All trustee resolutions and decisions must be documented in writing, including minutes of meetings and any supporting documentation. Proper record-keeping is crucial for demonstrating compliance with tax regulations and providing an audit trail of the trust’s activities.
Trust Deed Review and Update: Regular review and, if necessary, updating of the trust deed are essential to ensure that it remains compliant with current laws and regulations. Trust deeds should accurately reflect the intentions of the trustees and beneficiaries and provide a solid legal foundation for the trust’s operations.
Trustees can streamline the tax compliance process and minimise the risk of errors or oversights.
However, seeking professional advice is essential if you’re unsure about any aspect of trust management or tax obligations. With proper planning, documentation, and compliance, trustees can ensure that their trusts operate smoothly and remain compliant with tax laws.
Why not start a conversation with us today to find out how we could assist you with your trust documentation?
