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What is the Tax Effect of a Capital-Protected Loan?

Most families in business around Perth are aware of the tax benefits of negative gearing in real estate.  The tax law surrounding negatively geared share investments is almost the same and differs when looking at the tax effect of capital-protected loans.    When Perth family businesses talk to their tax accountants about the tax benefit of […]

Scope 3 Carbon Accounting Emissions for Perth SME’s  

Carbon Accounting Emissions

Many Small and Medium Sized Businesses are being requested to report on their Carbon Accounting Emissions for their group of companies.  What is Carbon Accounting for my Group?  Carbon accounting involves calculating and accounting for a business’s greenhouse gas (GHG) emissions to assess its carbon footprint within defined emissions boundaries.  This process includes measuring emissions […]

Understanding Capital Gains and Taxes 

Capital Gains Tax

You generate a taxable capital gain when you sell an asset, like property, for more than you paid. Conversely, you incur a capital tax loss if you sell the asset for less than your original investment.  These gains or losses need to be reported on your income tax return, and you’ll usually owe taxes on […]

5 Tax Tips for Wealthy Individuals 

Tax Tips for Wealthy Individuals

As a wealthier individual the subject of taxation is much more important.  Wealthy individuals simply pay a disproportionately lot more in tax than the rest of the general population.  And they also attract a lot more attention from the Australian Taxation Office.  Know your lodgement date  The general population who engage a tax agent generally […]

Getting an understanding of personal services income

Tax law has a fundamental premise that the income of a person belongs to that person regardless of how they structure their affairs.  And for many smaller operators like IT, legal and medical professionals this concept of bringing the income home to the relevant professional is expressed in the concept “alienation of personal services income”. […]

Employee vs Contractor- the tax confusion goes on

Modern workplace arrangements have changed the concept of employment.  The presence of working from home, flexi time work and the “gig economy” has meant that the concept of employment and contracting has moved significantly over time.  This is especially true in Perth with the physical distance of our state requires innovative business solutions. The concept […]

Why do family businesses fail?

The reasons for a failed business can come through thick and fast. In a world faced with technology change, high taxes, high employment costs and digital automation the reasons for a failed business are literally endless. So what is the major reason a family business fails? In our experience it is the family. The ability […]

Getting ready to transition your family business

The act of moving the family business from one generation to the next is a life long journey.  It is affected by the location of the heirs (Perth or international), the capacity of heirs and their relationships within the family.  Understanding, educating and helping the next generation to prepare to control the family wealth and […]

How to deal with conflict in the family business

If you are a family running a business you will inevitability have conflict.  The conflict might be over financial matters, the tax structuring, how you talk to each other, the business strategy, remuneration or just the colour of your business cards. Conflict is normal.  And conflict is a good thing.  It challenges how the business […]

The R&D Tax Incentive: What is it and how do I get it?

Many family businesses in Perth are doing incredible work.  And it is great to know that the research and development tax incentive or the research and development tax offset are specifically designed to assist these family owned businesses in Perth. How much is the R&D Incentive worth? In effect: if you turnover less than $20m […]