One of the easiest ways for a family in business to pay the correct amount of tax, is to keep a motor vehicle log-book. Whether you are attempting to reduce the fringe benefits tax obligations for the cars provided to your employees or even if you are trying to reduce the income tax cost for different… Continue reading Keeping a motor vehicle log book
The unique Australian tax advantages of superannuation are well known. And a key component of the tax benefits is dependent on the age of the person retiring and the amount of money a person retires on. This focus on the single member of a superannuation fund directly compares to how a family in business will… Continue reading The Tax Benefits of Superannuation Splitting
Tax law has a fundamental premise that the income of a person belongs to that person regardless of how they structure their affairs. And for many smaller operators like IT, legal and medical professionals this concept of bringing the income home to the relevant professional is expressed in the concept “alienation of personal services income”.… Continue reading Getting an understanding of personal services income
The government has a raft of tax and other incentives for business families who are hiring apprentices. And for Perth and Western Australia – an economy driven by mining and food – this is especially important. The starting point when looking at the incentives is to contact Australian Apprenticeships to see if your business is… Continue reading Tax and government incentives for hiring apprentices
The government is changing the Export Market Development Grant from 1 July 2021. And these changes will significantly help business families across Perth looking to expand their interest beyond our borders. The EMDG cash flow funding is better The most significant change to the scheme is that funding can now be paid out, and received,… Continue reading Understanding the new Export Markets Development Grant
Budget Highlights The Federal Budget contains a raft of tax changes. We have summarised the relevant tax changes for our clients (with the most relevant at the top). Temporary full expensing Business can expense all plant and equipment purchased and installed before June 2023. This is an extension of the previous position of having the… Continue reading 2021 Budget Highlights
Furtli advisor is the best of breed business accounting and financial analytic software. It can help West Australian business families with profit, cashflow and balance sheet forecasting, scenario modelling and reporting that is tailored to your business. And with the plug-in options like Xero for accounting data, the use of Futrli as a business reporting… Continue reading What is Furtli Advisor and how can it help families in business
It is surprising for many families in business that you do not need to prove the identity of a person when they become a director. In effect a company could be created with fake directors’ present (like Donald Trump or Julius Ceasar) and ASIC will not impact or follow up on the application. This creates… Continue reading Directors Identification Numbers are coming
Modern workplace arrangements have changed the concept of employment. The presence of working from home, flexi time work and the “gig economy” has meant that the concept of employment and contracting has moved significantly over time. This is especially true in Perth with the physical distance of our state requires innovative business solutions. The concept… Continue reading Employee vs Contractor- the tax confusion goes on
We often find advisors will shine a light on mega-corporations and tell family-owned businesses that “this is what you need to do!!”. Sadly the basic concept that publicly listed companies are ‘better’ than the family governance model is simply wrong. In fact, the opposite is actually true. In 2012, researchers Nicolas Kachaner, George Stalk and… Continue reading Five Things the ASX 200 can Learn from Family Businesses
