We are often asked “what is a self managed superannuation fund? A Self Managed Superannuation Fund (SMSF) is a privately run super fund. Technically it is a trust that elects, under tax law, to comply with the Superannuation Industry Supervision Regulations which then gives that trust a range of tax benefits. The SMSF laws regulating… Continue reading What are the Benefits and Downsides of a SMSF
If you are thinking about buying a business you will immediately ask the question: how should I go about valuing the business and how should I find out what it is worth? And given the emotions and dollars involved in buying a business or selling a business the task of valuing a business can be… Continue reading How Should I Value a Business and Find Out What it is Worth?
If you are running a family business, you have a unique opportunity to financially educate your children over and above those of everyday employs. The amount of money within a family business and the financial reporting obligations that a business creates unique touch points for children to understand how money moves, breathes and is tracked… Continue reading 8 Ways to Financially Educate Your Children in a Family Business
Trying to manage, remove or simply receiving a Directors Penalty Notice (DPN) from the Australian Taxation Office is always a cause for concern. However simply because you have a Directors Penalty Notice does not automatically mean that you are required to pay it, you will lose your personal wealth and it does not mean that… Continue reading How to Deal with an ATO Directors Penalty Notice
The tax and succession benefits of a family trust are widely known – but the starting question should always be – is a family trust right for me? There are many instances when a family trust is a poor business and investment structure and we go through the 9 instances when this is the case. … Continue reading 9 Reasons Why a Family Trust Might Not Be a Good Idea
If you are starting a business, you are in for an exciting time. The opportunity to create a business start-up and scale it up is incredibly exciting. And unless your start-up business is giving tax advice – you are likely a bit green when it comes to expert tax advice and business accounting. We have… Continue reading Tax Tips for Entrepreneurial Start-Ups
As a business the use of contractors makes a lot of commercial sense across Perth and the rest of Australia. The flexibility offered by contractors and the shortage of labour makes contractors a classical recommendation given by smart business accountants. And while contractors can be a simple option – there are a lot of tax… Continue reading New Tax Traps to Consider When Employing Contractors
As a wealthier individual the subject of taxation is much more important. Wealthy individuals simply pay a disproportionately lot more in tax than the rest of the general population. And they also attract a lot more attention from the Australian Taxation Office. Know your lodgement date The general population who engage a tax agent generally… Continue reading 5 Tax Tips for Wealthy Individuals
Maintaining cashflow is currently the most important issue in family-owned businesses right now. The high growth, and rising costs, across Perth private businesses is creating opportunity but often the lack of cashflow is hindering the ability for businesses in hire, train and develop team members or install machinery. Even the investment into trading stock and… Continue reading Unlocking Working Capital and Cashflow in Your Business
If you are thinking about buying or selling a business the words ‘due diligence’ will often be bandied around. The process of undertaking due diligence typically starts once a non-disclosure agreement is signed and clarity on the transaction is set. The process of due diligence is an investigatory one. The purchaser is undertaking a deep… Continue reading Getting a Handle on Due Diligence
