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
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.
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
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
Many family businesses in Perth are doing incredible work. And it is great to know that the research and development tax incentive or the research and development tax offset are specifically designed to assist these family owned businesses in Perth. How much is the R&D Incentive worth? In effect: if you turnover less than $20m… Continue reading The R&D Tax Incentive: What is it and how do I get it?
From July 1st, 2018 any product, such as toys, linen, cosmetics, or clothing will incur GST on the full price of the goods sold on importation into Australia. What are the GST changes for low value imported goods? So from 1 July 2018, GST applies to low-value physical goods that have been imported to Australia… Continue reading Preparing for the new Goods and Services Tax (GST) on low-value goods imports
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