Franking credits are essentially refunds given to shareholders of Australian companies. Since these companies have already paid taxes on their earnings, the concept is to prevent double taxation of the same profits for the shareholders. Hence, investors receive a tax credit for these dividends at tax time.

With Christmas just around the corner, many families in business are talking to their Perth tax accountants about how to give money to their children tax effectively.

Many Small and Medium Sized Businesses are being requested to report on their Carbon Accounting Emissions for their group of companies.

The tax impact of a business sale, merger or acquisition takes on many forms. The capital gains tax exemption offered by a scrip for scrip rollover is a key mechanism discussed by savvy Perth tax accountants among their clients. A “scrip for scrip rollover” is common when another company acquires a business during a merger and acquisition process. Instead of getting cash for the sale of your business, you receive shares in the acquiring company. These shares effectively replace the money you would have otherwise earned from the sale. This process is essentially a direct exchange of shares for cash between two companies. Moreover, the scrip for scrip rollover is a strategy to provide relief from Capital Gains Tax (CGT). You or your Self-Managed Super Fund (SMSF) can avoid the capital gains typically associated with selling your business by receiving shares instead of cash.

Rentvesting is a tax strategy many Perth tax accountants use to eliminate private debt on the family home while maintaining the main residence exemption for capital gains tax. While the tax advice on the strategy is complex, it is worthwhile to understand the full range of tax implications and financial implications many Perth tax accountants will raise when talking about reinvesting.

The government’s proposal to tax SMSF’s and super fund trustees with a new 30% tax has a range of confusion and angst by many Perth tax accountants and their clients. Here are 10 tax tips about the new 30% SMSF tax that families in business should consider.

It is common for small and medium-sized businesses in Perth to incur tax penalties and interest from the Australian Tax Office. The ATO will often waive or reduce tax penalties and interest charges when the right circumstances are put before the ATO in the correct way.

Most directors of small and medium-sized companies across Perth know about asset protection from a company. Operating a business through a company for its asset protection advantages is one of the main reasons that business accountants across Perth recommend companies.