Helping the kids buy their first home: taxation and superannuation
Many families will have systems in place when their kids buy their first home. Just like they help with all taxation, investment and superannuation concessions. Because the purchase of the first home is a large investment decision and the success of the child’s home ownership will impact on how the legacy is transferred. And with […]
Let’s tell the truth – the paperless office is a myth
Sadly the accounting function in a family business is typically covered in a tonne of paper. Very few businesses in Perth become truly “paperless”. There is marketing documents, business cards and “wet signatures” for important key contracts. However, with the right combination of cloud technology applications from accounting, taxation and customer relationship management you can […]
Understanding how foreign exchange markets work
Many Perth based family businesses are looking internationally for growth. And as soon as you talk about dealing offshore you will start talking about foreign exchange risks. For example: Perth Business Accountants Pty Ltd (PBA) has a contract to sell USD $1m a month in business advisory services. The contract will last for 3 years. […]
How the new R&D Tax changes will affect family businesses
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 […]
Starting a family office
The words of “family office” conjure a sense of excitement and exclusive appeal. As Perth accountants we have been fortunate enough to come across many ultra-high net worth individuals with a private family office. We have detailed some of our common findings: Beware the advertising A family office is just actually that. An office for […]
Getting ready for the end of financial year
The end of financial year is a great time for family business accountants and tax advisors. Families and businesses across Perth are normally calling their accounting taxation and business advisors for any last minute strategies coming up to 30 June. Your trust distribution minute is important Many accountants have created a discretionary trust. And […]
The financial aspects of a divorce
A preliminary guide to common issues asked by couples who are separating. The act of leaving a spouse is always difficult. And almost always the financial aspect of the separation is a key discussion point. We have detailed a few financial and tax related things to go over for couples who are intending, or who […]
10 questions to ask when choosing your accountant
Choosing an accountant can be difficult. Cutting through technical jargon and marketing hype is a daunting process to any business owner. So we have a list of questions you can use to interview and compare between accountants. What tax leadership roles in the profession have you done in the last 12 months? Every accountant will […]
The new rules of finance can catch your unawares
We have known for a long time that most home owners are not aware of their interest rate. In fact a staggering 85% of borrowers are unaware of their interest rate (1). However the cost of fixed interest rates have recently began increasing for interest only loans compared to loan that repay principal and interest. […]
How to avoid lodging a fringe benefits tax return
Many family businesses in Perth simply want to cut red tape. And the act of lodging a fringe benefits tax return is simply another form that must be prepared and another cost paid to accountants that is effectively sunk money – especially when the amount of fringe benefits paid is potentially low. Motor vehicles The […]