How to sell your home tax free
If you’re an Australian, your family home is often your largest asset. And the ability to sell back home tax-free is an important part of your overall financial strategy.
How to defend yourself against a preference claim
Basically, you’re in business and someone pays you, they go into liquidation and the liquid they want you to pay your money back. Not a good position to be in, but there’s a couple of ways that you can defend yourself against a preference claim.
Claiming Tax on Staff Christmas Gifts
Coming up to Christmas and a lot of people want to give their staff and their team a little reward as a thank you for doing a good job and if you give your staff a bonus as a cash bonus, they’re going to pay tax on it, which is not such a great idea.
Common sense in accounting
The election on Saturday was an incredible response: one that was not anticipated by our practice. It is important to look back on why this was potentially important. It was important because the opposition government had anticipated a range of significant tax changes that would have made an incredible change to the tax and business […]
Snapshot of the stimulus provided by the Federal government
The Federal Government has released a $17.6 billion stimulus in response to Covid-19. A second Federal Stimulus is in the works and we will keep you updated on the details as they are released. We’ve put together a little infographic with a quick snapshot of the stimulus and what it means for businesses. According to […]
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.
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 […]
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 […]