For most SMEs in Perth, Xero is the dominant cloud accounting package. Xero’s ease of use and functionality help Perth family business owners and their accountants gain control of their business and finances, making it a market leader. However, Xero is not everything to all business owners. As a Perth SME grows, it has more… Continue reading Have You Outgrown Xero? (10 Signs)
Residential property investments are a significant part of every business family’s portfolio in Perth. The recent tax changes in this sector have profoundly impacted how tax accountants structure the taxes for these families and manage their investment portfolios. Understanding these changes is crucial for every residential property investor in Perth. Of course, many business families… Continue reading Your Complete List of New Tax Changes for Residential Property Investors
Most property developers around Perth understand how the margin scheme can reduce the Goods and Services Tax liability when they sell a property. But the question many tax accountants around Perth is: “Do I pay GST on the sale of my property, and can the GST margin scheme help me lower the GST cost?” This… Continue reading GST and the Margin Scheme
Many small to medium-sized businesses across Perth have used bucket companies to save on tax with the help of their Perth tax accountant. However, the tax benefits and structuring of bucket companies require thought and planning, and they also have tax downsides that need thought and preparation. This blog will outline the tax saving strategies… Continue reading How to Use a Bucket Company to Save on Tax
For the last few decades, many tax accountants around Perth have held the mantra that SMSFs are the “go-to” tax vehicle for family business owners. However, with a massive change in technology, taxation, legal and investment changes, the question remains—are SMSFs still worth it for family businesses in Perth, and where are SMSFs ever worth… Continue reading Are SMSFs Better for Families in Business?
Receiving your annual land tax assessment is never welcome. Even with effective land tax planning strategies, the cost of land tax is a significant burden on families in businesses with substantial land holdings. And even if you can pass on land tax to your tenants, your customers and tenants carry the cost, which is reflected… Continue reading How to Object to a RevenueWA Land Tax Assessment
Traditionally, many family businesses in Perth structured their business through a trust, as tax reasons made trust the “go-to” tax vehicle. However, as tax law has changed and the tax advice given by Perth tax accountants evolves, operating a business through a trust is becoming increasingly difficult. How a Trust is Not Great for Operating… Continue reading Tax Restructuring Away from a Trust
Farming families control a significant asset and managing their tax liability is essential to maximizing the yield and value of the property. To assist in identifying pertinent opportunities for discussion with your Perth tax consultant, we have compiled a list of tax regulations farmers should consider for tax planning this year. Although some applicable tax… Continue reading Tax Strategies for Farmers and Pastoralists
Sadly, almost every family business in Perth has asked their tax accountant – how is the tax treatment of my unfair dismissal payment treated? The tax treatment of legal fees paid on unfair dismissal If your family business incurs legal fees defending an unfair dismissal claim, the legal fees paid are tax deductible. The legal… Continue reading The Tax Impact on Unfair Dismissal Claims
Inventory management covers the enter SME process from raw materials and work-in-progress to finished goods. This process for Perth SMEs and their business accountants includes monitoring inventory levels, establishing the ideal stock quantities, and coordinating the procurement and storage of inventory for customer needs. Efficient inventory management through cloud accounting software is essential for businesses… Continue reading How Inventory Management Can Improve Customer Satisfaction
