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?
Across Perth and wider Western Australia business owners are faced with ensuring that their staff and team members are wearing facemasks and PPE to come to work. And typically the provision of this personal protective equipment in a tax effective way is of up most importance to ensure that your team is functional and working… Continue reading The tax deductibility of surgical facemasks
The cost of land tax is a commonly overlooked tax within Perth’s tax advisors. The common focus on the “big” taxes of income tax, main residence exemption, CGT, GST and the 50% CGT discount is a primary driver for many families structuring their investments. However as a family grows their property investment portfolio the land… Continue reading Structuring property to reduce Western Australian land tax costs
Over the summer holidays a lot of small to medium business will have a small to non-existent finance team as everybody starts to go on holidays – especially in Perth where the weather is so good. And this concern is even more so for family business’s when a family member is given the role of… Continue reading 5 Tips to manage cashflow over the holiday season
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
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?
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 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
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
For a long time government has been concerned that the R&D tax system is being abused. And with a recent cases of tax advisors who take a success fee going to jail it is no wonder. So the recent budget has targeted businesses with a turnover of more than $20m (and this covers a big… Continue reading How the new R&D Tax changes will affect family businesses