Navigating Christmas Tax Rules: A Guide for Australian Business
The 2024 has proved to be yet another difficult and rewarding year for many, marked by elections, interest rates and volatile commodity prices. Yet, as Australia and Perth continue to deliver strong housing returns and mining activity, there is all the more reason for Perth family businesses to celebrate what their employees and accountants have […]
How to Set Up Payroll in Xero: A Guide for Australian Businesses
Setting up payroll in Xero might seem daunting, but it can be straightforward and efficient when the initial platform is properly created, followed through with a systematic approach, and supported by a Perth tax accountant. This guide provides a step-by-step process to help Australian businesses streamline their payroll setup using Xero’s intuitive platform. Overview: Simplifying […]
10 Factors when managing an ATO Tax Audit
Nobody wants to learn that the Australian Taxation Office is auditing them. Even if the family in business is doing everything right, and their Perth tax accountant has been on the ball – the fear that something has been missed, or the cost and effort to respond to the audit, is never seen as a […]
Reducing your tax through a tax haven
Reducing your Australian tax bill through a fancy offshore tax haven is appealing. And, the idea that up to half of your wealth will be taxed on income to the Australian government is not appealing to many business-minded families in Perth and across Australia. In this blog we will consider how income in tax havens […]
EBIT and EBITDA – what’s the difference
If you’re buying a business in Perth, understanding EBITDA and EBIT is essential to both you and your Perth business accountant. Both EBIT and EBITA give insight into a company’s profitability and financial health. This analysis is needed when making decisions about growth, financing, or even a potential sale. This blog explores the difference between […]
Tax impacts of subdividing the family home
If you are dealing with large amounts of money, taxation will always be on your radar. In Perth, the subdivision of the family home is a large financial transaction, so the tax impact of subdividing the family home will always be front of mind for a successful business-focused family and their tax advisors. Does income […]
4 Reasons to Use a Company Trustee for your Discretionary Trust
It is well known that a family trust has many benefits beyond tax. So, when a Perth business accountant discusses tax law structuring for family trusts, one of the first essential questions raised is: Who should be the trustee of my discretionary trust? The choice of a trustee significantly impacts succession, tax efficiency, asset protection […]
Understanding how capital works tax deductions can help property investors
Property depreciation is a non-cash tax deduction available to the owners of income-producing properties. It is one of the few tax benefits that Perth tax accountants can discuss with their clients, and it does not require the ultimate cash payment to enjoy. As a building ages, items wear out—they depreciate. The Australian Taxation Office allows […]
Tax traps for Perth SMEs with offshore staff
It is common for SMEs based in Perth to send their staff and team overseas while operating a business. Or if staff choose to work remotely in another country. It is important to gauge the tax traps that Perth SMEs can encounter when their team is working offshore. The simple case If you send your […]
Engaging a private CFO for your family
Many Perth business owners recognise the benefits of using a CFO for their business operations. From forecasting cashflow to structuring deals in Perth, business accounting, managing tax compliance, and setting long-term strategy, an engaged smart business CFO helps drive the operations and success of a successful professional family business. Using the Business CFO as a […]