On February 2023, the Australian government proposed changes to the taxation of superannuation funds that will take effect in July 2025. These changes will affect individuals whose total superannuation balance exceeds $3 million including those in a self managed superannuation fund. The proposed changes aim to ensure that the superannuation system remains sustainable and fair for all Australians. In this article, we will explore the proposed changes to the taxation of superannuation funds and what they will mean for individuals with superannuation balances of $4 million, $5 million, and $10 million.

As the end of the fringe benefits tax year approaches (31 March) , Australian employers should begin preparing for the Fringe Benefits Tax (FBT) return. The FBT return will be due by sometime at the end of April or May depending on whether you engage with a registered tax agent (or tax accountant) in Perth or Australia. And undertaking fringe benefits tax planning service is important to stay ahead of your tax law obligations and to reduce your tax liability. FBT is a tax employers pay on certain benefits they provide to their employees or their employees’ associates. To ensure you are well-equipped to minimise your FBT liability and effectively manage your tax planning, we have compiled a list of hints and strategies to consider before the deadline.

It is inevitable that every owner of a family business will consider tax reduction strategies. In effect every dollar saved from a tax reduction strategy will give the business another dollar to work with – to invest in working capital, branding, OH & S system or to reward staff for their hard work. However the tax reduction strategy for business owners is not the same across every type of business. Business accountants across Perth will have to consider the legal entity operating the business, the size of the business, the ownership model, commercial issues and also future expansion plans and possible tax issues associated with international expansion if that is on the cards.

If you own and operate a large proprietary requirement ASIC will require that your company becomes audited and lodges financial reports. This requirement will apply regardless of whether your only shareholders are family members and regardless of whether you have bank debt or not.

The task of choosing a tax accountant for many Perth business owners can be daunting. Trying to sift through the masses of marketing and promotional material and getting a true understanding of the capacity and skills of your tax accountants around Perth is no easy feat. To assist business owners choose their new tax accountant we have drafted up the following question.

It is often talked about that real estate investments are tax effective. But the question often remains – How is real estate a tax effective investment? And understanding the tax effectiveness of real estate is critical to the overall act of planning your families property portfolio.

Everybody loves the idea of getting a tax refund. And looking for ways to get a tax refund, or to reduce your tax paid to the Australian Tax Office is a primary job for your local tax accountant either in Perth or across Australia generally. It is important to remember that the simplest way to get a tax refund is to become dodgy and lodge a negligent or reckless tax return. And given the high tax penalties and risk associated with poor tax governance – it is important that family businesses focus on getting a tax refund (or a lower tax debt) while properly considering the tax law. The following are some of the common ways people can properly undertake tax planning and strategy to increase their tax refund.

The Australian Tax Office (ATO) have recently revised their approach for the taxation of Personal Services Income. And the change to the rules will affect the ways that Perth tax accountants interact and advise on how contractors in Perth and the rest of Western Australia approach and document their tax affairs.