5 Key Forces to Include in Your Business Plan
When you sit down with your accountant to strategically review your business plan: everybody needs to call the elephant in the room – blind spots. The process of business planning, monitoring and updating strategy can potentially become a group love-fest unless you have some critical high level thinking that is attempting to stretch the boundaries. […]
The Tax Benefits of Electric Cars
With the increasing pressure to reduce greenhouse gases many people are touting the environment benefits of electric cars. However, part of the decision to purchase an electric car is a financial decision as well – and the financial impact of purchasing an electric car will be significantly impacted by the taxes and tax incentives of […]
What is a Self Managed Super Fund and How Does it Work?
A lot of media focus is on self managed superannuation funds (SMSF’s) and their benefits. However, often the benefits and opportunities with a self managed super fund is often coloured and blurred with the investment opportunities available to a SMSF. So what is a SMSF? A self managed super fund is an Australian resident discretionary […]
7 Reasons Why Every Business Needs a CFO
The engagement of a Chief Financial Officer (CFO) in a business is currently a buzzword among accountants and bookkeepers across Perth. And the importance of a true CFO focusing on your business cannot be overstated to ensure your business is on track and progressing strategically. Even if your small business is not yet of a […]
New ATO Attack on Family Trusts
The Australian Tax Office have released a long awaited draft tax rulings on the tax treatment of trust distributions to family members. In effect the ATO are looking at tax strategies which arrange for family trusts to allocate trust profits to family members (or companies) that are potentially on a lower tax rate where that […]
10 Asset Protection Lessons for Families that own Small and Medium Sized Businesses
For commercial families that own a medium sized or small business; protecting the family assets from the 3 d’s of business – death, divorce and debt – is important. As Perth business accountants we have to balance the desire for simplicity, tax, and asset protection strategies against each other. Typically, the most simple solution creates […]
Understanding the Importance of Tax Law Compliance
Whenever you move money and generate profits – either business, investment or wages – taxation and tax compliance is a consideration. And with tax potentially taking nearly half of the income generated almost every family in business is interested in genuinely reducing their tax burden they carry. And every family we have ever met has […]
Xero v MYOB – Which is the Better Accounting Software for You?
The advent of cloud accounting has changed the face of bookkeeping and accounting for small businesses across Perth and the broader Western Australian region. And a common question for a start-up business is – should I start off with Xero or MYOB? And for those start-up owners who don’t like reading – our endgame answer […]
What is Offshore Taxation and Its Impact on Business Globally?
As businesses from Perth expand internationally looking for growth the difficult issue of offshore taxation becomes relevant. In effect as you generate profits from another country – that country will seek to tax those profits in that other country. And understanding offshore taxation requires clarity on the tax regimes in both countries. Introduction to offshore […]
The Tax Deductibility of Surgical Facemasks
Across Perth and wider Western Australia business owners are faced with ensuring that their staff and team members are wearing facemasks and PPE to come to work. And typically the provision of this personal protective equipment in a tax effective way is of up most importance to ensure that your team is functional and working […]