So we have given everybody a raft of reasons why issuing shares to staff in your family business is a bad idea. However, the simple fact remains that many people do issue shares and it works spectacularly well. So why do people issue shares to their staff? The staff want them Quite often the great… Continue reading Why your family business should offer shares to your staff
So. I am now 45. You cannot really argue that 45 is “early 40’s”. Especially as an accountant. It gets you thinking. My career is pretty much going to go in the same pathway from here on in. I am not going to make some massive change and become the CEO of Westpac or Tesla. … Continue reading A tax deductible mid-life crisis? 7 Options
Sadly death comes to everybody. It is a natural part of life. When a loved one dies it is a time of reflection, mourning and grief. A time for sometimes being alone and for sometimes being with family. It is not a time to drive into Perth and see your lovely tax accountant. However for… Continue reading How is a deceased estate taxed?
The benefits of an independent board of directors are numerous. You enjoy discipline, outside thinking and you enjoy a level professionalism and accountability to the family business. This is near impossible to do if your advisory board, at either a family level or a family business level only consists of family and and operational staff.… Continue reading A non-exec director can destroy a family business
The much maligned unit trust has a key role in families undertaking property investments. Why most accountants do not like unit trusts Traditionally a unit trust was used for two independent families to go into business together. The legal ownership and separation of the units, together with the trust deed, was seen as a way… Continue reading Unit trusts and property investors: a perfect combination for your family
It would be great if life operated in a straight line. Your business would slowly go on a nice upward trajectory year in year out. There would be no big wins and no staggering losses. You would pay tax consistently for cash-flow planning. A forecast for your business and investments would be simple. Sadly that… Continue reading Doubling your superannuation tax deductions through reserves
Every family wants to make sure that their legacy, and the family business, is preserved and continues – in a tax effective and controlled manner. However sadly some family members are more vulnerable and the family legacy might be affected when it is controlled by these people. This concept of care and protection for these… Continue reading How to protect your inheritance to vulnerable family members
Recent government tax changes have affected the negative gearing of rental properties. However the changes, while significant for many, do not impact the large benefits of negative gearing. Many families in business will continue to use the tax benefits of negative gearing on rental properties for creating a future legacy. We go through the changes… Continue reading Negatively geared rental properties under a government tax attack
The start of a new financial year normally brings around a sense of trepidation among many. Was our stocktake done properly? Were the employee PAYGW certificates issued? What about the travel allowances? Can my dividends be franked this year? When do I have to schedule the auditors in? Do I have to schedule auditors? What… Continue reading Your new financial year resolutions
The CFO in a family business is a key employee. Second to the CEO of the family business the CFO is your most valued employee. Sadly we see many CFO’s of a family business effectively working as a glorified bookkeeper. And for many families the world of accounting and finance is a complex and confusing… Continue reading How to know if your CFO is good
