The governments temporary full expensing of assets has changed the concept of depreciation. If your family business buys an asset it is deductible in full the year it is ready and it is not expensed over its useful life. Classically the tax depreciation of an asset roughly lined up with the time-period that the asset… Continue reading Running a fixed asset and tax register
With 30 June just around the corner many business operators across Perth and greater Western Australia are thinking about tax planning for business and their structures. Why is tax planning important? Taxation is a primary factor in the after-tax returns from a family business. And tax planning is an important step in strategically managing your… Continue reading Your definitive guide to Business Tax Planning Strategies
The Tax Office have made their independent review service a permanent feature of the tax landscape. The service is open to any business with a turnover under $10m. So, if you are being audited by the Tax Office, and you receive notification of the audit results, you can request an independent person with the ATO… Continue reading Small business enjoys independent tax review
With the increasing pressure to reduce greenhouse gases many people are touting the environment benefits of electric cars. However, part of the decision to purchase an electric car is a financial decision as well – and the financial impact of purchasing an electric car will be significantly impacted by the taxes and tax incentives of… Continue reading The tax benefits of electric cars
The Australian Tax Office have released a long awaited draft tax rulings on the tax treatment of trust distributions to family members. In effect the ATO are looking at tax strategies which arrange for family trusts to allocate trust profits to family members (or companies) that are potentially on a lower tax rate where that… Continue reading New ATO attack on family trusts
Whenever you move money and generate profits – either business, investment or wages – taxation and tax compliance is a consideration. And with tax potentially taking nearly half of the income generated almost every family in business is interested in genuinely reducing their tax burden they carry. And every family we have ever met has… Continue reading Understanding the importance of tax law compliance
As businesses from Perth expand internationally looking for growth the difficult issue of offshore taxation becomes relevant. In effect as you generate profits from another country – that country will seek to tax those profits in that other country. And understanding offshore taxation requires clarity on the tax regimes in both countries. Introduction to offshore… Continue reading What is offshore taxation and its impact on business globally?
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
With the property market booming across Perth the tax structuring and asset protection for property investment is becoming a significant focus. And while no “one size fits all” approach ever works with tax advisory, the importance and benefits of a unit trust to acquire and hold residential and commercial property is increasingly important. A unit… Continue reading Why buying property in a unit trust is popular
Purchasing cars for many small and medium businesses can be a significant cost. And as accountants in Perth, we have clients with a single car salary packaged in the business and clients with a fleet of over 50 cars. Regardless of the size of your business the cost of buying, running and maintaining a car… Continue reading How to structure your cars properly for tax
