As small business accountants we often come across business owners who find that accounting is a foreign language that will never makes sense. And the fundamental fault for this lies in the person presenting the information – the small business accountants. The language of small business accountants is simply a language. And the better the… Continue reading What is business accounting?
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.
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
The use of a testamentary trusts for estate planning has been common practice for many Perth business families. The testamentary trust has fantastic taxation, asset protection and estate planning flexibility. However from 1 July 2019 the government is intending to strip down the tax benefit that people enjoy in a testamentary trust. However to understand… Continue reading Government tax attack on testamentary trusts changes estate plans
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 words of “family office” conjure a sense of excitement and exclusive appeal. As Perth accountants we have been fortunate enough to come across many ultra-high net worth individuals with a private family office. We have detailed some of our common findings: Beware the advertising A family office is just actually that. An office for… Continue reading Starting a family office
The end of financial year is a great time for family business accountants and tax advisors. Families and businesses across Perth are normally calling their accounting taxation and business advisors for any last minute strategies coming up to 30 June. Your trust distribution minute is important Many accountants have created a discretionary trust. And… Continue reading Getting ready for the end of financial year
Many family businesses in Perth simply want to cut red tape. And the act of lodging a fringe benefits tax return is simply another form that must be prepared and another cost paid to accountants that is effectively sunk money – especially when the amount of fringe benefits paid is potentially low. Motor vehicles The… Continue reading How to avoid lodging a fringe benefits tax return
Choosing an accountant can be difficult. Cutting through technical jargon and marketing hype is a daunting process to any business owner. So we have a list of questions you can use to interview and compare between accountants. What tax leadership roles in the profession have you done in the last 12 months? Every accountant will… Continue reading 10 questions to ask when choosing your accountant
As a kid my parents drilled home the importance of saving money for my retirement. And logic says that is a great idea. However, the tax system and superannuation system are not fully based on logic. Why? Because the government aged pension actively works to reduce your income as you earn more. So the value… Continue reading Having more in your super fund may not mean a higher income