Westcourt

Employee vs Contractor- the tax confusion goes on

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

Labour’s attack on negative gearing: how to structure your portfolio

We have seen numerous examples of governments attacking the tax benefits of negative gearing.  However,the most significant tax attack is proposed by Labour with the position of scrapping negative gearing altogether. A family business, especially from Perth, almost always has property as a significant asset and factor in the succession planning of the family business. … Continue reading Labour’s attack on negative gearing: how to structure your portfolio

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Why saving tax is the wrong place to start family business succession

The discussion of succession in a family business in Perth is difficult.  Often the conversation is difficult and taxation can be a large stumbling block: and the long value driver of an effective family business succession is often at odds with tax effective structuring. We will go over a few classic examples of how tax… Continue reading Why saving tax is the wrong place to start family business succession

When can a binding death benefit nomination be a bad idea?

Estate planning for business families is difficult.  There is a raft of legal terms like enduring powers of attorney, testamentary trusts and complex tax outcomes depending on the structures and the family dynamics.  If that complexity is not enough some business advisors in Perth are not independent and everybody has a different approach. What is… Continue reading When can a binding death benefit nomination be a bad idea?

Getting ready to transition your family business

The act of moving the family business from one generation to the next is a life long journey.  It is affected by the location of the heirs (Perth or international), the capacity of heirs and their relationships within the family.  Understanding, educating and helping the next generation to prepare to control the family wealth and… Continue reading Getting ready to transition your family business

Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business

It is a sad fact that doing the accounting taxation, and financial management for a family business in Perth involves a lot of paperwork.  There is a lot of retyping data and filing documents endlessly. Thankfully, and after an incredibly long time, technology is automating the mindless paper chase. And incredibly it is now working.… Continue reading Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business

How to deal with conflict in the family business

If you are a family running a business you will inevitability have conflict.  The conflict might be over financial matters, the tax structuring, how you talk to each other, the business strategy, remuneration or just the colour of your business cards. Conflict is normal.  And conflict is a good thing.  It challenges how the business… Continue reading How to deal with conflict in the family business

Getting a conversation started on wealth succession

For many family business owners the pathway to success has been a very purposefully driven process.  Key targets have been set, goals have been identified and actions have been carried out to achieve a degree of success. For many, the success of the family business has generated in wealth for the family.  However, the difference… Continue reading Getting a conversation started on wealth succession

Helping the kids buy their first home: taxation and superannuation

Many families will have systems in place when their kids buy their first home.  Just like they help with all taxation, investment and superannuation concessions.  Because the purchase of the first home is a large investment decision and the success of the child’s home ownership will impact on how the legacy is transferred. And with… Continue reading Helping the kids buy their first home: taxation and superannuation

The rule of 72: An old diamond in finance

As accountants we typically have to do numbers on the spot.  We are often visiting family businesses around Perth and regional towns and the rule of 72 is a great tool for everyday financial calculations. In short if you want to know how long something will take you to do double your money use the… Continue reading The rule of 72: An old diamond in finance

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