The government’s proposal to tax SMSF’s and super fund trustees with a new 30% tax has a range of confusion and angst by many Perth tax accountants and their clients. Here are 10 tax tips about the new 30% SMSF tax that families in business should consider. The new tax is 15% not 30% Contrary to… Continue reading 10 Tax Tips about the New $3m Super Tax
It is common for small and medium-sized businesses in Perth to incur tax penalties and interest from the Australian Tax Office. The ATO will often waive or reduce tax penalties and interest charges when the right circumstances are put before the ATO in the correct way. As Perth tax consultants, we also understand that simply… Continue reading How to reduce ATO Tax Penalties and Interest
Most directors of small and medium-sized companies across Perth know about asset protection from a company. Operating a business through a company for its asset protection advantages is one of the main reasons that business accountants across Perth recommend companies. What is a company? A company, as legally defined by the Corporations Act 2001 (Cth),… Continue reading When the Corporate Veil is Broken: Asset Protection Gone Wrong
Divorce is a life-altering event that is often difficult and confusing. And there is a myriad of family, legal, tax and financial aspects of a divorce. The allocation of tax debts, money and assets within the divorcing couple is a significant consideration and emotionally charged. And the tax impact of that asset split from your… Continue reading Navigating the Tax Implications in Divorce
As an SMSF Trustee, you have a lot of obligations to manage an SMSF and to understand what is a SMSF and how does it work. As SMSF tax accountants across Perth, we see a common list of mistakes Perth SMSF trustees make for a range of reasons. The benefits and downsides of an SMSF… Continue reading 7 Common SMSF Mistakes of 2023
When conducting international business operations in Australia, it is essential to understand the concept of a Permanent Establishment (PE) under Australian tax law. A PE is a critical element that can have far-reaching consequences on the international tax impact of your operations in Australia. Why is a permanent establishment critical? As international tax accountants in… Continue reading What is a Permanent Establishments for Australian Taxation?
The adage “You need to spend money to make money” is a common refrain in business and across the business accounting community in Perth. However, without sound budgeting and financial planning, Perth SME’s risk overspending and accumulating excessive debt. A well-structured budget crafted by your business accountant acts as a compass guiding family business owner… Continue reading 5 Reasons to Budget and Forecast in your Business
Perth tax accountants have discussed the taxation of frequent flyer points over the years. This blog post provides a comprehensive understanding of the income tax and fringe benefits tax implications surrounding frequent flyer programs and classic reward flights in the wake of the Federal Court’s decision in Payne v. FC of T (1996) 66 FCR… Continue reading Frequent Flyer Programs and their Tax Impact
You generate a taxable capital gain when you sell an asset, like property, for more than you paid. Conversely, you incur a capital tax loss if you sell the asset for less than your original investment. These gains or losses need to be reported on your income tax return, and you’ll usually owe taxes on… Continue reading Understanding Capital Gains and Taxes
The landscape of Self-Managed Super Funds (SMSFs) is continually evolving, and a growing trend involves investments in 50/50 unit trusts (or, more technically, an unrelated unit trust). In this structure, an SMSF holds a 50% interest in a unit trust, with another unrelated person holding the remaining 50%. The other unrelated party can be another… Continue reading Navigating 50/50 Unit Trusts with SMSFs
