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How to reduce your $1.6m transfer balance cap

If you are near retirement you will know about the $1.6m transfer balance.  It is the amount of money a person can put into their pension phase and enjoy tax-free earnings later on. For example Cosimo and Agathe live in Perth, they are over 60 and contemplating retirement.  They have $1.5m and $1.4m in their […]

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 […]

Preparing for the new Goods and Services Tax (GST) on low-value goods imports

From July 1st, 2018 any product, such as toys, linen, cosmetics, or clothing will incur GST on the full price of the goods sold on importation into Australia. What are the GST changes for low value imported goods? So from 1 July 2018, GST applies to low-value physical goods that have been imported to Australia […]

Government tax attack on testamentary trusts changes estate plans

The use of a testamentary trusts for estate planning has been common practice for many Perth business families.  The testamentary trust has fantastic taxation, asset protection and estate planning flexibility. However from 1 July 2019 the government is intending to strip down the tax benefit that people enjoy in a testamentary trust. However to understand […]

Let’s tell the truth – the paperless office is a myth

Sadly the accounting function in a family business is typically covered in a tonne of paper. Very few businesses in Perth become truly “paperless”.  There is marketing documents, business cards and “wet signatures” for important key contracts. However, with the right combination of cloud technology applications from accounting, taxation and customer relationship management you can […]

Starting a family office

The words of “family office” conjure a sense of excitement and exclusive appeal.  As Perth accountants we have been fortunate enough to come across many ultra-high net worth individuals with a private family office. We have detailed some of our common findings: Beware the advertising A family office is just actually that.  An office for […]

Getting ready for the end of financial year

The end of financial year is a great time for family business accountants and tax advisors.  Families and businesses across Perth are normally calling their accounting taxation and business advisors for any last minute strategies coming up to 30 June.   Your trust distribution minute is important Many accountants have created a discretionary trust.  And […]

So what is a family business?

Our Perth advice business only focusses on family owned businesses.  However many of our clients do not think of themselves as a “family business”. We have defined a family business as: A business that is controlled and significantly owned by two or more members of the same family with the hope that the business legacy […]