Westcourt

The labour government denial of franking credit refunds: 4 SMSF strategies to consider

The current labour government proposal to remove the refund of franking credits for SMSF’s and other taxpayers is a significant one. Many Perth based families in business have structured their succession plan taking into account the generous taxation treatment of superannuation and SMSF’s using the way imputation credits are treated.  The proposed removal of the… Continue reading The labour government denial of franking credit refunds: 4 SMSF strategies to consider

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Categorised as Tax

Using fringe benefits tax as a recruitment tool

A lot of family businesses think that fringe benefits tax (FBT) is simply another regulatory headache.  With the presence of reportable fringe benefits, FBT accounting, registering for FBT and the impact of FBT employee contributions you could be excused for trying to avoid another connected with fringe benefits tax in any way. However, this does… Continue reading Using fringe benefits tax as a recruitment tool

Tax structuring for tax-deductible life insurance and income protection policies

Close up man using calculator and doing finance in home office.

Have I effectively tax structured my life insurance and income protection insurance policies? Life insurance and income protection insurance is a significant component of the succession plan for many family businesses around Perth. And the tax structuring of life, trauma and income protection is a key impact when trying to determine the after-tax cost. Sadly,… Continue reading Tax structuring for tax-deductible life insurance and income protection policies

When a family member changes their tax residency

If a member of a family (in business) changes their tax residency they have a lot of short-term tax issues and strategic tax issues. The mere act of relocating to Perth or moving away from Perth is significant: however, the careful management of your tax profile can generate significant savings and opportunities for a family… Continue reading When a family member changes their tax residency

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Categorised as Tax

Why saving tax is the wrong place to start family business succession

The discussion of succession in a family business in Perth is difficult.  Often the conversation is difficult and taxation can be a large stumbling block: and the long value driver of an effective family business succession is often at odds with tax effective structuring. We will go over a few classic examples of how tax… Continue reading Why saving tax is the wrong place to start family business succession

When can a binding death benefit nomination be a bad idea?

Estate planning for business families is difficult.  There is a raft of legal terms like enduring powers of attorney, testamentary trusts and complex tax outcomes depending on the structures and the family dynamics.  If that complexity is not enough some business advisors in Perth are not independent and everybody has a different approach. What is… Continue reading When can a binding death benefit nomination be a bad idea?

Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business

It is a sad fact that doing the accounting taxation, and financial management for a family business in Perth involves a lot of paperwork.  There is a lot of retyping data and filing documents endlessly. Thankfully, and after an incredibly long time, technology is automating the mindless paper chase. And incredibly it is now working.… Continue reading Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business

How to deal with conflict in the family business

If you are a family running a business you will inevitability have conflict.  The conflict might be over financial matters, the tax structuring, how you talk to each other, the business strategy, remuneration or just the colour of your business cards. Conflict is normal.  And conflict is a good thing.  It challenges how the business… Continue reading How to deal with conflict in the family business

The R&D Tax Incentive: What is it and how do I get it?

Many family businesses in Perth are doing incredible work.  And it is great to know that the research and development tax incentive or the research and development tax offset are specifically designed to assist these family owned businesses in Perth. How much is the R&D Incentive worth? In effect: if you turnover less than $20m… Continue reading The R&D Tax Incentive: What is it and how do I get it?

Preparing for the new Goods and Services Tax (GST) on low-value goods imports

From July 1st, 2018 any product, such as toys, linen, cosmetics, or clothing will incur GST on the full price of the goods sold on importation into Australia. What are the GST changes for low value imported goods? So from 1 July 2018, GST applies to low-value physical goods that have been imported to Australia… Continue reading Preparing for the new Goods and Services Tax (GST) on low-value goods imports

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