Give your kids a job description
One of the greatest joys in being a parent is that your children cannot sack you and find another. You can repeatedly make mistakes time and time again and still keep the jobs of “Mum” or “Dad”. You’re there for life. Sadly you cannot sack your children – no matter how tempting that might be. […]
When a family buys a business to expand
A family will often look at purchasing another business in addition to the current one. This strategy is quite common and can work well if considered properly. Sadly, more often than not, the strategy of purchasing a new business is not as successful as first anticipated. We go through a few reasons why families in […]
2017/18 Federal Budget Highlights
Mr Scott Morrison, the Federal Treasurer, has handed down his second Budget (the government’s first of its three-year term). Mr Morrison said the Budget is focused on boosting the economy and households, so that “we live within our means and are able to return the Budget to balance in 2020/21”. The government is proposing to […]
The budget and downsizing the family home
The recent budget changes now allow for a family to downsize the family home and contribute this to their superannuation fund. And while the legislation is not yet around to go over; it looks like the net result will work like this: Antonio and Concetta (both 71) currently have $800k in their superannuation fund and […]
Planning your families property portfolio
Careful long term planning of your property portfolio can make a big difference. Stamp duty planning Stamp duty planning is an often overlooked part of a strategy for families. Typically a family will develop and build a property portfolio and the cost of stamp duty is considered an unavoidable by-product of buying portfolio. This is […]
Salary packaging super from 1 July 2017
From 1 July 2017 employees will be able to claim superannuation deductions for contributions made to a superannuation fund. Currently the only contributions that could be claimed would be ones that were made by an employer or if the employee’s salary is a minor part of their overall income. For families who own businesses these […]
Why should you have a family trust other than for reducing tax
By Westcourt Blogger. The use of a discretionary trust (often called a “family trust”) for families in business is popular in Australia and for a good reason. Income tax! Capital gains tax! And tax is one of the many good reasons why many of our Perth based, commercially focussed families in business use a discretionary […]
Protecting your credit rating and the Tax Office
By Westcourt Blogger. For a long time families in business have used the Tax Office as a second bank when a cash flow crisis hits. And why wouldn’t you – no setup fees, no application process and no real implications for not paying on time. You just incur a higher than normal, tax deductible, interest […]
11 tips for buying property across an extended family
By Westcourt Blogger Families in business will often buy property across generations or between siblings. It might be an acquisition of a new farm or just a way to give the next generation a hand up into the property market. These are the top 11 things to think about before you do it. Buy it […]
How franking credits work
By Westcourt Blogger. To understand franking credits we need to take a step back. Australian tax law has an underlying principal. Regardless of how you take cash from a company: the ultimate tax payable by you is the same. So a company can pay you rent on a factory you own. Or it could pay […]