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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… Continue reading How is a deceased estate taxed?

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.… Continue reading A non-exec director can destroy a family business

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… Continue reading Unit trusts and property investors: a perfect combination for your family

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… Continue reading Negatively geared rental properties under a government tax attack

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… Continue reading Doubling your superannuation tax deductions through reserves

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… Continue reading How to protect your inheritance to vulnerable family members

The one ratio that your family business can run on

Do you find the world of “accountant speak” confusing? It is no wonder. With with a world of numbers crossing into legal requirements and then back into real life – the complexity can be overwhelming. And if you then overlap the presentation of your financial statements into statutory tax obligations which can impose a mandated… Continue reading The one ratio that your family business can run on

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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)… Continue reading Getting rid of receipts while travelling

Family business tax planning for 2017

Sadly taxation is a major expense for most families and the businesses that they own.  And a clear tax planning strategy is essential for anybody wanting to create an enduring legacy. We have gone through a few strategies that we commonly use for the families, and the businesses they own, use. Of course – there… Continue reading Family business tax planning for 2017

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Your new financial year resolutions

The start of a new financial year normally brings around a sense of trepidation among many. Was our stocktake done properly? Were the employee PAYGW certificates issued? What about the travel allowances? Can my dividends be franked this year? When do I have to schedule the auditors in? Do I have to schedule auditors? What… Continue reading Your new financial year resolutions

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