Snapshot of the WA State Government stimulus package COVID-19
The WA State Government has released their own $607 million stimulus package in response to Covid-19. This includes payroll relief for small to medium businesses as well as a freeze on household rate increases. Check out our info graphic below for more information. Please contact us if you need advice or help.
Death Taxes and how they affect you
We’ve actually been 40 years since Australia got rid of our death taxes, but a lot of us think that’s the end of it and unfortunately that’s not the case. We still have death taxes contained within our superannuation system.
Financial Reporting: 6 Simple Ways to Understand Your Financial Statements
The operation of a family business is difficult. And the ability to understand the financial performance and money flows inside a family business is critical to achieving long term success. This is true for every small, medium or large business. Every family business should make the effort to analyse financial information within their business, by […]
How to create a business plan that impacts on a family business
Creating a business plan for a family business is often seen as an academic affair. Quite often the small business accountant will be sent an email with a request to write a business plan and then presto! In two weeks the document will arrive. And then stagnate. Why a business plan is valuable The value […]
Boosting your superannuation fund through the small business CGT concessions
The small business capital gains tax concessions offer a myriad of ways to enjoy the sale of the family business with a small amount, or no tax payable. And while they are a complex mindfield, the end outcome of the concessions is so incredible that every long term tax plan should have it. The small […]
Getting the bank to back your family business: going beyond the broker
In most family-owned businesses the bank is an extremely important business partner. Quite often the bank will be the second largest source of finance (after the family). So the management of the relationship with the bank is often an important part of the success. And the time to manage the bank relationship is when the […]
Why do family businesses fail?
The reasons for a failed business can come through thick and fast. In a world faced with technology change, high taxes, high employment costs and digital automation the reasons for a failed business are literally endless. So what is the major reason a family business fails? In our experience it is the family. The ability […]
Using fringe benefits tax as a recruitment tool
A lot of family businesses think that fringe benefits tax (FBT) is simply another regulatory headache. With the presence of reportable fringe benefits, FBT accounting, registering for FBT and the impact of FBT employee contributions you could be excused for trying to avoid another connected with fringe benefits tax in any way. However, this does […]
Tax structuring for tax-deductible life insurance and income protection policies
Have I effectively tax structured my life insurance and income protection insurance policies? Life insurance and income protection insurance is a significant component of the succession plan for many family businesses around Perth. And the tax structuring of life, trauma and income protection is a key impact when trying to determine the after-tax cost. Sadly, […]
Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business
It is a sad fact that doing the accounting taxation, and financial management for a family business in Perth involves a lot of paperwork. There is a lot of retyping data and filing documents endlessly. Thankfully, and after an incredibly long time, technology is automating the mindless paper chase. And incredibly it is now working. […]