Tax Audit: When is the best time to get ready?
Nobody wants a tax audit. It’s always a little bit disconcerting when they come around. When should you get ready for a tax audit?
Five ways to make a more sustainable business
The focus on many business operators is to provide a more stable business stream. In a world of volatility and uncertainty the business that can have an ongoing and stable income stream are highly valued. However the process to creating such a business is long and has many elements. Some of the major ones to […]
Common sense in accounting
The election on Saturday was an incredible response: one that was not anticipated by our practice. It is important to look back on why this was potentially important. It was important because the opposition government had anticipated a range of significant tax changes that would have made an incredible change to the tax and business […]
Snapshot of the WA State Government stimulus package COVID-19
The WA State Government has released their own $607 million stimulus package in response to Covid-19. This includes payroll relief for small to medium businesses as well as a freeze on household rate increases. Check out our info graphic below for more information. Please contact us if you need advice or help.
Death Taxes and how they affect you
We’ve actually been 40 years since Australia got rid of our death taxes, but a lot of us think that’s the end of it and unfortunately that’s not the case. We still have death taxes contained within our superannuation system.
Snapshot of the stimulus provided by the Federal government
The Federal Government has released a $17.6 billion stimulus in response to Covid-19. A second Federal Stimulus is in the works and we will keep you updated on the details as they are released. We’ve put together a little infographic with a quick snapshot of the stimulus and what it means for businesses. According to […]
Why do family businesses fail?
The reasons for a failed business can come through thick and fast. In a world faced with technology change, high taxes, high employment costs and digital automation the reasons for a failed business are literally endless. So what is the major reason a family business fails? In our experience it is the family. The ability […]
Getting the bank to back your family business: going beyond the broker
In most family-owned businesses the bank is an extremely important business partner. Quite often the bank will be the second largest source of finance (after the family). So the management of the relationship with the bank is often an important part of the success. And the time to manage the bank relationship is when the […]
Boosting your superannuation fund through the small business CGT concessions
The small business capital gains tax concessions offer a myriad of ways to enjoy the sale of the family business with a small amount, or no tax payable. And while they are a complex mindfield, the end outcome of the concessions is so incredible that every long term tax plan should have it. The small […]
How to create a business plan that impacts on a family business
Creating a business plan for a family business is often seen as an academic affair. Quite often the small business accountant will be sent an email with a request to write a business plan and then presto! In two weeks the document will arrive. And then stagnate. Why a business plan is valuable The value […]