Sadly the accounting function in a family business is typically covered in a tonne of paper. Very few businesses in Perth become truly “paperless”. There is marketing documents, business cards and “wet signatures” for important key contracts. However, with the right combination of cloud technology applications from accounting, taxation and customer relationship management you can… Continue reading Let’s tell the truth – the paperless office is a myth
Many Perth based family businesses are looking internationally for growth. And as soon as you talk about dealing offshore you will start talking about foreign exchange risks. For example: Perth Business Accountants Pty Ltd (PBA) has a contract to sell USD $1m a month in business advisory services. The contract will last for 3 years.… Continue reading Understanding how foreign exchange markets work
For a long time government has been concerned that the R&D tax system is being abused. And with a recent cases of tax advisors who take a success fee going to jail it is no wonder. So the recent budget has targeted businesses with a turnover of more than $20m (and this covers a big… Continue reading How the new R&D Tax changes will affect family businesses
The words of “family office” conjure a sense of excitement and exclusive appeal. As Perth accountants we have been fortunate enough to come across many ultra-high net worth individuals with a private family office. We have detailed some of our common findings: Beware the advertising A family office is just actually that. An office for… Continue reading Starting a family office
The end of financial year is a great time for family business accountants and tax advisors. Families and businesses across Perth are normally calling their accounting taxation and business advisors for any last minute strategies coming up to 30 June. Your trust distribution minute is important Many accountants have created a discretionary trust. And… Continue reading Getting ready for the end of financial year
Choosing an accountant can be difficult. Cutting through technical jargon and marketing hype is a daunting process to any business owner. So we have a list of questions you can use to interview and compare between accountants. What tax leadership roles in the profession have you done in the last 12 months? Every accountant will… Continue reading 10 questions to ask when choosing your accountant
Our Perth advice business only focusses on family owned businesses. However many of our clients do not think of themselves as a “family business”. We have defined a family business as: A business that is controlled and significantly owned by two or more members of the same family with the hope that the business legacy… Continue reading So what is a family business?
As a kid my parents drilled home the importance of saving money for my retirement. And logic says that is a great idea. However, the tax system and superannuation system are not fully based on logic. Why? Because the government aged pension actively works to reduce your income as you earn more. So the value… Continue reading Having more in your super fund may not mean a higher income
A crisis management plan is a simple concept to explain. It is a plan to guide your loved ones in the event of a crisis. So yes we are talking about your death, a tragic accident or just a gradual loss of control over your financial affairs as you get older. Effective estate planning is… Continue reading How do I make a crisis management plan?
The death of a fellow shareholder in a business is a distressing period. Sure – the period of grief may not have been intense as say, the death of your child, but it is still an extremely distressing period. So getting the documentation, funding and tax aspects of the business are critical for its success.… Continue reading Is your keyman insurance policy tax deductible? (and other succession q’s)
