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
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
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 v Contractor- the tax confusion goes on
The focus on many business operators is to provide a more stable business stream. In a world of volatility and uncertainty the business that can have an ongoing and stable income stream are highly valued. However the process to creating such a business is long and has many elements. Some of the major ones to… Continue reading Five ways to make a more sustainable business
The election on Saturday was an incredible response: one that was not anticipated by our practice. It is important to look back on why this was potentially important. It was important because the opposition government had anticipated a range of significant tax changes that would have made an incredible change to the tax and business… Continue reading Common sense in accounting
The reasons for a failed business can come through thick and fast. In a world faced with technology change, high taxes, high employment costs and digital automation the reasons for a failed business are literally endless. So what is the major reason a family business fails? In our experience it is the family. The ability… Continue reading Why do family businesses fail?
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
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
If you are near retirement you will know about the $1.6m transfer balance. It is the amount of money a person can put into their pension phase and enjoy tax-free earnings later on. For example Cosimo and Agathe live in Perth, they are over 60 and contemplating retirement. They have $1.5m and $1.4m in their… Continue reading How to reduce your $1.6m transfer balance cap
