What are the tax consequences of buying a holiday home?
At this time of year many Perth families travel down south. The idea of buying a holiday home always comes to mind. And once you look at the costs of owning a holiday home Perth business families always think about the tax outcome of buying holiday homes. Because if a holiday home becomes tax deductible […]
Chart of Accounts – Building a stronger business by David Hewitt
Ask yourselves a question: would you drive a car blindfolded? I sincerely hope that you answered that question with a firm no. Now ask yourself another question: how is your business going today? If you cannot answer that question with complete confidence then you are driving a car blindfolded. We have all heard the stories […]
Superannuation funds have a hidden death tax impacting your family
Did you know that your superannuation funds can have a hidden tax payable on death? A good tax advisor or SMSF Specialist, either in Perth or elsewhere, can help you maximise the tax liabilities in your superannuation fund – for both you and your extended family. So how does the death tax work for a […]
Does your bank manager need managing?
A family business, especially in Perth, must have a great relationship with a bank. The ability to get funds quickly and at a cost competitive rate is critical to the ongoing success of any business. The bank manager has a unique position. They act as both a policeman and as a friend. The concept that […]
Heading internationally? Here are some tax tips for your family business
At some stage every family business will contemplate branching overseas – either online, export or inbound services. And at that point that family business will have to think about tax. And we are not talking about Australian tax that we all (supposedly) understand and we have a basic gut feeling about how it should work. […]
GST changes for property developers are coming on 1 July 2018
Property developers and their extended family will face a significant change in the taxation of their developments. In particular the tax treatment of the goods and services tax remitted by purchasers of new residential premises will mean that Perth tax accountants will be called upon to help families doing the development. The tax changes will […]
Why it is dumb to pay down debt
Nobody likes debt. Most business accountants around Perth will tell you that you need to pay down debt to become financially free. So when we tell our families who own businesses “don’t pay down debt” as a tax strategy we get many strange looks. Let me explain. You do not need to pay down debt […]
Managing long service leave obligations in a family business
As a business owner, especially in Perth, understanding the cost of your employees is important. And the long service leave entitlements of your work force can become a significant additional burden on the business and reduce your gross profit ratio. Understanding your long service leave entitlements The first step is to go to your employee’s […]
“All good things must come to an end.” – How does the tax system apply then?
The tax effect on liquidating a company was probably not what Geoffrey Chaucer was contemplating when he created his famous quote. However the closure of a company has significant tax implications for many family owned businesses and many families in business. This is especially so in the Perth business environment right now. Many good families […]
A non-exec director can destroy a family business
The benefits of an independent board of directors are numerous. You enjoy discipline, outside thinking and you enjoy a level professionalism and accountability to the family business. This is near impossible to do if your advisory board, at either a family level or a family business level only consists of family and and operational staff. […]