Taxes and the Accidental Property Developer
Many family business owners in Perth invest in property as a wealth strategy. However, what happens when a simple investment turns into a full-fledged development project? The shift from property investor to property developer comes with significant tax implications that can impact the project’s after-tax profitability. Are You an Investor or a Property Developer? Understanding […]
Selling your business tax-free
As a business owner, you probably did not enjoy superannuation guarantee contributions along the way as your employees did. The act of growing and creating your own business was your superannuation. The government acknowledges a range of tax-efficient ways to sell the business and either avoid or reduce the tax on the sale of the […]
Using Scrip for Scrip Rollovers When Selling the Business
When you are getting ready to sell your family business, the tax restructuring of the family business will often include multiple tax structuring options, including a scrip-for-scrip rollover. While the action is frequently talked about, many Perth tax accountants don’t correctly understand how the tax measure works, how to access it, or how a scrip-for-scrip […]
Managing a deceased estate with offshore assets
As business families become increasingly mobile and global, it is common for a deceased estate to have interests and assets beyond Australia. They can be overseas business branches, foreign real estate holdings, offshore shares, or bank accounts. All of these assets and interests will have tax consequences on income generated within the deceased estate has […]
Export Market Development Grant (EMDG) Program: Updates and Opportunities for Australian SMEs
The Export Market Development Grant (EMDG) program is a flagship initiative by the Federal Government designed to support Australian small and medium enterprises (SMEs) in promoting their goods, services, and intellectual property in international markets. Recent changes to the program aim to provide increased funding opportunities, though not all applicants will secure a grant. The […]
Normalised earnings when selling your business
When a family business owner looks to sell their business as part of a succession or exit event, the financial reports prepared by your Perth business accountant will become critical. Your accountant’s vocabulary will inevitably move from a discussion of net profit after tax to normalised earnings. What are normalised earnings? Business financial reporting is […]
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 […]