How is a deceased estate taxed?
Sadly death comes to everybody. It is a natural part of life. When a loved one dies it is a time of reflection, mourning and grief. A time for sometimes being alone and for sometimes being with family. It is not a time to drive into Perth and see your lovely tax accountant. However for […]
Giving your staff shares in your family business can be a bad idea
At some stage in a family business the question will come about: should I give my staff equity? Almost universally the answer should be no. This will come as a surprise to many but we will give our thoughts below Costly to set up If you give staff shares in the business you will put […]
A tax deductible mid-life crisis? 7 Options
So. I am now 45. You cannot really argue that 45 is “early 40’s”. Especially as an accountant. It gets you thinking. My career is pretty much going to go in the same pathway from here on in. I am not going to make some massive change and become the CEO of Westpac or Tesla. […]
Why your family business should offer shares to your staff
So we have given everybody a raft of reasons why issuing shares to staff in your family business is a bad idea. However, the simple fact remains that many people do issue shares and it works spectacularly well. So why do people issue shares to their staff? The staff want them Quite often the great […]
How to protect your inheritance to vulnerable family members
Every family wants to make sure that their legacy, and the family business, is preserved and continues – in a tax effective and controlled manner. However sadly some family members are more vulnerable and the family legacy might be affected when it is controlled by these people. This concept of care and protection for these […]
Doubling your superannuation tax deductions through reserves
It would be great if life operated in a straight line. Your business would slowly go on a nice upward trajectory year in year out. There would be no big wins and no staggering losses. You would pay tax consistently for cash-flow planning. A forecast for your business and investments would be simple. Sadly that […]
Unit trusts and property investors: a perfect combination for your family
The much maligned unit trust has a key role in families undertaking property investments. Why most accountants do not like unit trusts Traditionally a unit trust was used for two independent families to go into business together. The legal ownership and separation of the units, together with the trust deed, was seen as a way […]
Negatively geared rental properties under a government tax attack
Recent government tax changes have affected the negative gearing of rental properties. However the changes, while significant for many, do not impact the large benefits of negative gearing. Many families in business will continue to use the tax benefits of negative gearing on rental properties for creating a future legacy. We go through the changes […]
How to know if your CFO is good
The CFO in a family business is a key employee. Second to the CEO of the family business the CFO is your most valued employee. Sadly we see many CFO’s of a family business effectively working as a glorified bookkeeper. And for many families the world of accounting and finance is a complex and confusing […]
Getting rid of receipts while travelling
I recently did a technical presentation in Bangkok to a group of family business people. And while the material, and discussions afterwards, were enlightening, I was eager to see some of this great city. A group of us went to the Skybar. It was incredible. The view was amazing. The people (except me of course) […]