Tax Restructuring Away from a Trust
Traditionally, many family businesses in Perth structured their business through a trust, as tax reasons made trust the “go-to” tax vehicle. However, as tax law has changed and the tax advice given by Perth tax accountants evolves, operating a business through a trust is becoming increasingly difficult. How a Trust is Not Great for Operating […]
13 Key Points When Selling the Family Business
Every successful family business has an exit point planned well in advance – either selling to an outsider or the next generation. However, getting a successful sales outcome is difficult and takes significant planning. In this blog we focus on 13 key points that family business owners in Perth should consider when they considering Perth […]
The Tax Benefits of Superannuation Splitting
The unique Australian tax advantages of superannuation are well known. And a key component of the tax benefits is dependent on the age of the person retiring and the amount of money a person retires on. This focus on the single member of a superannuation fund directly compares to how a family in business will […]
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”. […]
Tax and government incentives for hiring apprentices
The government has a raft of tax and other incentives for business families who are hiring apprentices. And for Perth and Western Australia – an economy driven by mining and food – this is especially important. The starting point when looking at the incentives is to contact Australian Apprenticeships to see if your business is […]
2021 Budget Highlights
Budget Highlights The Federal Budget contains a raft of tax changes. We have summarised the relevant tax changes for our clients (with the most relevant at the top). Temporary full expensing Business can expense all plant and equipment purchased and installed before June 2023. This is an extension of the previous position of having the […]
Five ways to make a more sustainable business
The focus on many business operators is to provide a more stable business stream. In a world of volatility and uncertainty the business that can have an ongoing and stable income stream are highly valued. However the process to creating such a business is long and has many elements. Some of the major ones to […]
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 […]
Helping the kids buy their first home: taxation and superannuation
Many families will have systems in place when their kids buy their first home. Just like they help with all taxation, investment and superannuation concessions. Because the purchase of the first home is a large investment decision and the success of the child’s home ownership will impact on how the legacy is transferred. And with […]