Managing Australian Death Taxes: Essential Insights for Estate Planning
A common misconception is that Australia has no inheritance tax. While that is technically true, it is not the case in practice. The death of a loved one almost always raises a raft of tax issues and triggers events that have a tax implication or trigger a tax event. As Perth tax accountants, tax planning […]
Loan Funded Share Plans for Succession
Tax law structuring options for employee share schemes are generally not attractive to medium-sized businesses and their accounting advisers in Perth. The ATO-endorsed employee share scheme incentives are good on scale, but the tax-free discount of $30k ($1,000 for others) for start-ups is ordinarily too small compared to the accounting advice and valuations needed for […]
Everything you Need on the 50% Capital Gains Tax Discount
When it comes to capital gains tax, the 50% CGT tax discount is a powerful tool. The knowledge that you can potentially enjoy half of your profits tax-free is common among Perth tax accountants and business families, but it’s also a key advantage that can significantly impact your financial decisions and how you go about […]
What Accounting Reports are Presented to a Board?
Preparing the board reports for your first board meeting in Perth can be confronting. Whether you are a family business founder, CFO, Perth business accountant, or CEO, preparing the board reports in the first board meeting so they hit home and drives value for the family business can be challenging. The timing of the meetings […]
New! Super Tax Changes Coming 1 July
As we approach the new financial year, exciting tax changes are on the horizon, offering Australians an opportunity to optimize their superannuation funds—whether they’re SMSF managed by a Perth tax advisor or APRA funds. Effective 1 July, the enhanced concessional super contribution tax limits will potentially help people increase their retirement and reduce their overall […]
Have You Outgrown Xero? (10 Signs)
For most SMEs in Perth, Xero is the dominant cloud accounting package. Xero’s ease of use and functionality help Perth family business owners and their accountants gain control of their business and finances, making it a market leader. However, Xero is not everything to all business owners. As a Perth SME grows, it has more […]
Your Complete List of New Tax Changes for Residential Property Investors
Residential property investments are a significant part of every business family’s portfolio in Perth. The recent tax changes in this sector have profoundly impacted how tax accountants structure the taxes for these families and manage their investment portfolios. Understanding these changes is crucial for every residential property investor in Perth. Of course, many business families […]
GST and the Margin Scheme
Most property developers around Perth understand how the margin scheme can reduce the Goods and Services Tax liability when they sell a property. But the question many tax accountants around Perth is: “Do I pay GST on the sale of my property, and can the GST margin scheme help me lower the GST cost?” This […]
How to Use a Bucket Company to Save on Tax
Many small to medium-sized businesses across Perth have used bucket companies to save on tax with the help of their Perth tax accountant. However, the tax benefits and structuring of bucket companies require thought and planning, and they also have tax downsides that need thought and preparation. This blog will outline the tax saving strategies […]
Are SMSFs Better for Families in Business?
For the last few decades, many tax accountants around Perth have held the mantra that SMSFs are the “go-to” tax vehicle for family business owners. However, with a massive change in technology, taxation, legal and investment changes, the question remains—are SMSFs still worth it for family businesses in Perth, and where are SMSFs ever worth […]