As tax accountants we are often asked by our clients across Perth – What do I need to do for my business succession plan?

As an employer you are required to validate the Right to Work for your employees and your contractors. And simplifying your cloud accounting and HR compliance together (including your Right to Work) is at the top priority list for many employers across Perth. Further, there is a series of heavy fines for not considering your HR obligations as part of your payroll or outsourced payroll. And we often find that many family-owned businesses across Perth are not using their tax accounting and payroll software to integrate their Right To Work obligations. So many clients of our firm are actively engaging with us at their Perth tax accountant to understand their Right to Work obligations.

As business accountants across Perth we see a range of mistakes that start-up business operators make. The act of starting up a new business is challenging enough without adding to the headache so we have listed a few accounting business tips for start-ups to help you along the way.

As Perth and Australia re-opens many families are looking offshore for growth and many families and the businesses they own are looking to relocate to Australia. And the international tax implications of when you change tax residency, generate income offshore (including through a foreign pension) or move capital into Australia from overseas has huge ramifications – both in terms of the Australian tax landscape but also the tax implications of the country where the money, or family, is leaving. Of course many Australian businesses look to the export market development grant to help them when they are first trying to open their overseas markets.

Tax law contains penalty taxes if you put more than a set limit into your superannuation. And one of those exceptions to the excess non-concessional contributions tax triggering is if you make a downsizer super contribution.

Human resources is a deep and complex area. It ranges from engaging team culture to HR compliance with a range of Fairwork, tax, super and compliance obligations. And while the use of cloud accounting programs like Xero payroll, together with add-on programs like EmploymentHero and KeyPay are spectacular we still see a range of common mistakes that businesses across Perth make that disrupt their overall HR and payroll departments.

As crypto currency like BitCoin and Ethereum become mainstream many clients are looking to invest into crypto currency in their SMSF. And managing the tax obligations of investing into crypto currency in your SMSF is incredibly important before you begin. This will typically happen once your grapple the concept of what is a self-managed super fund and how does it work.

Structuring your tax affairs to help your children buy a house is a common objective for many founders of family owned businesses. And engaging with your Perth tax accountants to help you structure your tax affairs can create successful outcomes including using your super fund to help your kids buy their first home.