As a non-resident SME doing business in Australia or operating with an Australian investment portfolio, GST is a tax that many SMEs consider very important. Managing your GST and BAS obligations is essential if your Australian SME operations are in Perth or across Australia. If you do not properly manage your GST obligations, the cost from top-line revenue could turn a profitable Australian business into a loss.

A three-way forecast, also known as the three financial statements model, is a financial tool that consolidates three essential reports into a single, comprehensive forecast. It integrates your financial statements – your Profit & Loss statement (income statement), balance sheet, and cash flow projections to provide a holistic view of your future cash position and overall financial health.

The tax consolidation rules in Part 3-90 of the Income Tax Assessment Act 1997 offer Perth SME’s and their business accountants a range of benefits. This is especially so for private groups, family businesses, and small to medium enterprises (SMEs).

Family Trust Elections (FTEs) and Family Trust Distribution Tax (FTDT) have been integral components of Australia’s income tax framework since 1998. While tax professionals across Perth, such as lawyers and accountants, should be well-versed in these concepts, it’s essential not to let familiarity lead to complacency. As families evolve and children grow, establishing new tax, businesses and financial structures, the definition of the “family group” might not align with the family’s perception. This discrepancy can inadvertently lead to appalling tax outcomes, including the imposition of a family trust distribution tax at a rate of 47%.