A lot of people have used their superannuation fund to buy a property. And on the face of it; it is a great idea. The ability to borrow money in a SMSF together with the tax advantages that superannuation funds have on offer make it look like that it is a match made in heaven.… Continue reading Using your SMSF to buy your first home
Every business family has worries. Money worries. Strategy worries. Staff worries. Tax worries. One of the biggest worries is that somebody outside of the family will attempt to gain access to the family wealth. This outsider attacking the family asset might be a liquidator, the Tax Office, an in-law of a child, or simply an… Continue reading Tax strategies to keep your assets safe from attack
Owning a rental property overseas can be a great idea for a business family. It gives you diversification, tax perks and potentially better market returns. However offshore property investment also bring about tax risk and estate planning risk as well. The tax system and residency As an Australian tax resident you pay tax on your… Continue reading Tax tips & traps: Investing overseas
A break even property development can still lose money. Property development structures can make or break a project. Sadly taxation law does not follow common sense. Common sense would say that if you had a house in Perth, and you spend an extra $700k developing it; and you generate an extra $700k in sales from… Continue reading Tax advantages from the right property development structures
The decision to hire a bookkeeper can be an important one. A start up family business is typically tight on cash on low on work; so “rolling up the sleeves” to do all of the menial work is part of the process. However a growing family business will quickly employ new staff. And a first… Continue reading Understanding the key role of a Bookkeeper
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)
Crowdfunding is a new and evolving area for many business owners and their families. So the tax effect of crowdfunding is also developing (a few steps behind the process). So is my crowdfunding project taxable? If you are running a business, and crowdfunding is done in a systematic way, you will pay tax on the… Continue reading Can I crowdfund my business?
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… Continue reading What are the tax consequences of buying a holiday home?
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… Continue reading Chart of Accounts – Building a stronger business by David Hewitt
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… Continue reading GST changes for property developers are coming on 1 July 2018
