Death Taxes and how they affect you
We’ve actually been 40 years since Australia got rid of our death taxes, but a lot of us think that’s the end of it and unfortunately that’s not the case. We still have death taxes contained within our superannuation system.
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 […]
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 […]
Tax structuring for tax-deductible life insurance and income protection policies
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, […]
Debt recycling to get your family ahead
A lot of business owners and families in business in Perth actively look at debt recycling. And at its essence, the concept is a tax strategy used by families with private debt to help them pay it off more quickly. So the percentage of your total debt transfers from mainly personal to mainly tax […]
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 […]
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 […]
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 […]
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 […]
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. […]