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?
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
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
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
Ask yourselves a question: would you drive a car blindfolded? I sincerely hope that you answered that question with a firm no. Now ask yourself another question: how is your business going today? If you cannot answer that question with complete confidence then you are driving a car blindfolded. We have all heard the stories… Continue reading Chart of Accounts – Building a stronger business by David Hewitt
