Getting the family business sale ready
A common theme we discuss with our clients is the concept of getting your business “sale ready”. And the recurrent focus for many of our clients is that they would prefer to focus on current, urgent, issues – tax, cashflow, HR, accounting software and the like. However, increasing the sale price of your business will […]
Getting ready for an ATO Next 5,000 review
The ATO is currently undertaking “Next 5,000 reviews” on our client base and those wealthier families across Perth generally. Who is the focus of an ATO Next 5,000 review? The review is targeted primarily at the families in Australia whose wealth is from the Top 500 to the top 5,500 (hence the name “Next 5,000”). […]
Busting 7 crypto tax myths
With the explosion of interest in Crypto currencies; a lot of tax myths have been popping up around Perth about how crypto currencies are taxed. So we will go through a few of them to get the tax facts straight. Buying crypto is a hobby The extension of this concept is that if crypto currency […]
How to help your adult children buy a house
Many business families are focused on helping their adult children purchase a home – the primary purpose of many family businesses are so that the business can provide for future generations. How a family in business helps a child purchase a home, or develop a property portfolio, are wide and varied. And the impact of […]
How a wealthy family can lose it all – 5 ways to mess it up
As advisors to families in business the protection of the family’s wealth is always on our mind. And our combined experience as a specialist firm has shown us almost all of the ways a families wealth can be eroded quickly. The following are 5 ways your family wealth can be attacked. 1. Litigation Perth now […]
13 bookkeeping mistakes in Xero
As family business accountants we absolutely love Xero. The ability to automate low value tasks in bookkeeping and create clean data is a godsend to family business owners around Perth. Sadly Xero still requires a smart person to run it. And we have seen a raft of bookkeeping errors within our client base. So we […]
Understanding SAPTO (Senior Australians and Pensioners Tax Office)
The number of tax offsets, and especially SAPTO (Senior Australians and Pensioners Tax Offset) in our tax legislation confuses many people and also represents an opportunity for those looking towards structuring their retirement or family succession. What is a tax offset? The primary difference between a tax offset and a tax credit is that the […]
What is a sophisticated investor?
As accountants, many successful families in business request us to issue them with a “sophisticated investor certificate”. In fact it is commonplace for every wealthy (ish) business minded family. So why do you want to become a sophisticated investor? A retail investor has many protections and mandatory disclosure obligations. These can include a prospectus, investigating […]
Tax Implications on Cryptocurrencies
Recently cryptocurrency has become increasingly popular and due to the recent pandemic, more people are getting invested in trading on a variety of platforms. Jenny and Lewis will be discussing how important it is to keep a record of your trades and how buying and selling can trigger a number of tax requirements.
How the crooks use your tax file number
The increasing risk of identity theft is of concern to everybody. And one of the most important identifying documents an Australian has is their tax file number. Dodgy tax lodger If a criminal obtains your TFN your identity can be compromised in several ways. At a basic level a criminal can lodge your tax return […]