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 […]

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 […]

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 […]

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 […]

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 […]

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 […]