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 […]
Tax tips & traps: Investing overseas
Owning a rental property overseas can be a great idea for a business family. It gives you diversification, tax perks and potentially better market returns. However offshore property investment also bring about tax risk and estate planning risk as well. The tax system and residency As an Australian tax resident you pay tax on your […]
The main residence exemption: Strategies to get it working for you
Our best tax lurk ever. The main residence exemption is incredible. You can sell your home tax free. This is a rare situation in terms of tax regimes across the world and we put it a lot of emphasis in getting the sale of your home as a tax free sale. After all – a […]
Using your SMSF to buy your first home
A lot of people have used their superannuation fund to buy a property. And on the face of it; it is a great idea. The ability to borrow money in a SMSF together with the tax advantages that superannuation funds have on offer make it look like that it is a match made in heaven. […]
How much stock should I be holding?
The level of inventory you hold in your family business is often a great worry to the CEO and the family who own the business. Simply put – stock makes you money and it doesn’t. Often a family business owner will want a high level of stock as it simply means better service. If you […]
Tax strategies to keep your assets safe from attack
Every business family has worries. Money worries. Strategy worries. Staff worries. Tax worries. One of the biggest worries is that somebody outside of the family will attempt to gain access to the family wealth. This outsider attacking the family asset might be a liquidator, the Tax Office, an in-law of a child, or simply an […]
Tax advantages from the right property development structures
A break even property development can still lose money. Property development structures can make or break a project. Sadly taxation law does not follow common sense. Common sense would say that if you had a house in Perth, and you spend an extra $700k developing it; and you generate an extra $700k in sales from […]
Increased taxation on utes, trucks and panel vans
Recent taxation changes have effectively reduced the tax deductions on one tonne utes. A ute is not a car If you keep your company car garaged at the family home it is deemed to being used privately. So employer will incur fringe benefits tax on the provision of the car – even if John uses […]
Having more in your super fund may not mean a higher income
As a kid my parents drilled home the importance of saving money for my retirement. And logic says that is a great idea. However, the tax system and superannuation system are not fully based on logic. Why? Because the government aged pension actively works to reduce your income as you earn more. So the value […]
So what is a family business?
Our Perth advice business only focusses on family owned businesses. However many of our clients do not think of themselves as a “family business”. We have defined a family business as: A business that is controlled and significantly owned by two or more members of the same family with the hope that the business legacy […]