The use of a testamentary trusts for estate planning has been common practice for many Perth business families. The testamentary trust has fantastic taxation, asset protection and estate planning flexibility. However from 1 July 2019 the government is intending to strip down the tax benefit that people enjoy in a testamentary trust. However to understand… Continue reading Government tax attack on testamentary trusts changes estate plans
Many families will have systems in place when their kids buy their first home. Just like they help with all taxation, investment and superannuation concessions. Because the purchase of the first home is a large investment decision and the success of the child’s home ownership will impact on how the legacy is transferred. And with… Continue reading Helping the kids buy their first home: taxation and superannuation
For a long time government has been concerned that the R&D tax system is being abused. And with a recent cases of tax advisors who take a success fee going to jail it is no wonder. So the recent budget has targeted businesses with a turnover of more than $20m (and this covers a big… Continue reading How the new R&D Tax changes will affect family businesses
The end of financial year is a great time for family business accountants and tax advisors. Families and businesses across Perth are normally calling their accounting taxation and business advisors for any last minute strategies coming up to 30 June. Your trust distribution minute is important Many accountants have created a discretionary trust. And… Continue reading Getting ready for the end of financial year
Choosing an accountant can be difficult. Cutting through technical jargon and marketing hype is a daunting process to any business owner. So we have a list of questions you can use to interview and compare between accountants. What tax leadership roles in the profession have you done in the last 12 months? Every accountant will… Continue reading 10 questions to ask when choosing your accountant
Recent taxation changes have effectively reduced the tax deductions on one tonne utes. A ute is not a car If you keep your company car garaged at the family home it is deemed to being used privately. So employer will incur fringe benefits tax on the provision of the car – even if John uses… Continue reading Increased taxation on utes, trucks and panel vans
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)
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
An accountant for a family business is constantly looking at forward cash flows. Be it upcoming tax liabilities, loan repayments or lease obligations. The management of forward cashflow makes the interplay between short-term v long-term lending critical. And the management of these amounts can be critical for the ongoing success of family-owned businesses (especially start-ups).… Continue reading Short-term vs long-term financing
At some stage every family business will contemplate branching overseas – either online, export or inbound services. And at that point that family business will have to think about tax. And we are not talking about Australian tax that we all (supposedly) understand and we have a basic gut feeling about how it should work.… Continue reading Heading internationally? Here are some tax tips for your family business
