Sadly, almost every family business in Perth has asked their tax accountant – how is the tax treatment of my unfair dismissal payment treated? The tax treatment of legal fees paid on unfair dismissal If your family business incurs legal fees defending an unfair dismissal claim, the legal fees paid are tax deductible. The legal… Continue reading The Tax Impact on Unfair Dismissal Claims
Inventory management covers the enter SME process from raw materials and work-in-progress to finished goods. This process for Perth SMEs and their business accountants includes monitoring inventory levels, establishing the ideal stock quantities, and coordinating the procurement and storage of inventory for customer needs. Efficient inventory management through cloud accounting software is essential for businesses… Continue reading How Inventory Management Can Improve Customer Satisfaction
Most families in business around Perth are aware of the tax benefits of negative gearing in real estate. The tax law surrounding negatively geared share investments is almost the same and differs when looking at the tax effect of capital-protected loans. When Perth family businesses talk to their tax accountants about the tax benefit of… Continue reading What is the Tax Effect of a Capital-Protected Loan?
Every successful family business has an exit point planned well in advance – either selling to an outsider or the next generation. However, getting a successful sales outcome is difficult and takes significant planning. In this blog we focus on 13 key points that family business owners in Perth should consider when they considering Perth… Continue reading 13 Key Points When Selling the Family Business
Franking credits are essentially refunds given to shareholders of Australian companies. Since these companies have already paid taxes on their earnings, the concept is to prevent double taxation of the same profits for the shareholders. Hence, investors receive a tax credit for these dividends at tax time. Investors typically enjoy franking credits when their Perth… Continue reading What are Franking Credits and How Do they Work?
With Christmas just around the corner, many families in business are talking to their Perth tax accountants about how to give money to their children tax effectively. Is it a gift or a loan? When parents decide to transfer money to their children, it’s crucial to determine if the transfer is a gift or a… Continue reading Tax Effectively Giving to Your Children at Christmas
Rentvesting is a tax strategy many Perth tax accountants use to eliminate private debt on the family home while maintaining the main residence exemption for capital gains tax. While the tax advice on the strategy is complex, it is worthwhile to understand the full range of tax implications and financial implications many Perth tax accountants… Continue reading What is Rentvesting?
Most directors of small and medium-sized companies across Perth know about asset protection from a company. Operating a business through a company for its asset protection advantages is one of the main reasons that business accountants across Perth recommend companies. What is a company? A company, as legally defined by the Corporations Act 2001 (Cth),… Continue reading When the Corporate Veil is Broken: Asset Protection Gone Wrong
Divorce is a life-altering event that is often difficult and confusing. And there is a myriad of family, legal, tax and financial aspects of a divorce. The allocation of tax debts, money and assets within the divorcing couple is a significant consideration and emotionally charged. And the tax impact of that asset split from your… Continue reading Navigating the Tax Implications in Divorce
When conducting international business operations in Australia, it is essential to understand the concept of a Permanent Establishment (PE) under Australian tax law. A PE is a critical element that can have far-reaching consequences on the international tax impact of your operations in Australia. Why is a permanent establishment critical? As international tax accountants in… Continue reading What is a Permanent Establishments for Australian Taxation?