Understanding the key role of a Bookkeeper
The decision to hire a bookkeeper can be an important one. A start up family business is typically tight on cash on low on work; so “rolling up the sleeves” to do all of the menial work is part of the process. However a growing family business will quickly employ new staff. And a first […]
How do I make a crisis management plan?
A crisis management plan is a simple concept to explain. It is a plan to guide your loved ones in the event of a crisis. So yes we are talking about your death, a tragic accident or just a gradual loss of control over your financial affairs as you get older. Effective estate planning is […]
Is your keyman insurance policy tax deductible? (and other succession q’s)
The death of a fellow shareholder in a business is a distressing period. Sure – the period of grief may not have been intense as say, the death of your child, but it is still an extremely distressing period. So getting the documentation, funding and tax aspects of the business are critical for its success. […]
What are the tax consequences of buying a holiday home?
At this time of year many Perth families travel down south. The idea of buying a holiday home always comes to mind. And once you look at the costs of owning a holiday home Perth business families always think about the tax outcome of buying holiday homes. Because if a holiday home becomes tax deductible […]
Chart of Accounts – Building a stronger business by David Hewitt
Ask yourselves a question: would you drive a car blindfolded? I sincerely hope that you answered that question with a firm no. Now ask yourself another question: how is your business going today? If you cannot answer that question with complete confidence then you are driving a car blindfolded. We have all heard the stories […]
Can I crowdfund my business?
Crowdfunding is a new and evolving area for many business owners and their families. So the tax effect of crowdfunding is also developing (a few steps behind the process). So is my crowdfunding project taxable? If you are running a business, and crowdfunding is done in a systematic way, you will pay tax on the […]
GST changes for property developers are coming on 1 July 2018
Property developers and their extended family will face a significant change in the taxation of their developments. In particular the tax treatment of the goods and services tax remitted by purchasers of new residential premises will mean that Perth tax accountants will be called upon to help families doing the development. The tax changes will […]
Short-term vs long-term financing
An accountant for a family business is constantly looking at forward cash flows. Be it upcoming tax liabilities, loan repayments or lease obligations. The management of forward cashflow makes the interplay between short-term v long-term lending critical. And the management of these amounts can be critical for the ongoing success of family-owned businesses (especially start-ups). […]
Heading internationally? Here are some tax tips for your family business
At some stage every family business will contemplate branching overseas – either online, export or inbound services. And at that point that family business will have to think about tax. And we are not talking about Australian tax that we all (supposedly) understand and we have a basic gut feeling about how it should work. […]
Does your bank manager need managing?
A family business, especially in Perth, must have a great relationship with a bank. The ability to get funds quickly and at a cost competitive rate is critical to the ongoing success of any business. The bank manager has a unique position. They act as both a policeman and as a friend. The concept that […]