Getting a Handle on Due Diligence

Handle on Due Diligence

If you are thinking about buying or selling a business the words ‘due diligence’ will often be bandied around.  The process of undertaking due diligence typically starts once a non-disclosure agreement is signed and clarity on the transaction is set.  The process of due diligence is an investigatory one.  The purchaser is undertaking a deep […]

Employee vs Contractor- the tax confusion goes on

Employee v Contractor

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 […]

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 […]

Common sense in accounting

The election on Saturday was an incredible response: one that was not anticipated by our practice. It is important to look back on why this was potentially important.  It was important because the opposition government had anticipated a range of significant tax changes that would have made an incredible change to the tax and business […]

Helping the kids buy their first home: taxation and superannuation

buy their first home

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 […]

The rule of 72: An old diamond in finance

As accountants we typically have to do numbers on the spot.  We are often visiting family businesses around Perth and regional towns and the rule of 72 is a great tool for everyday financial calculations. In short if you want to know how long something will take you to do double your money use the […]

Government tax attack on testamentary trusts changes estate plans

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 […]

Starting a family office

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

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 […]

How to avoid lodging a fringe benefits tax return

fringe benefits tax return

Many family businesses in Perth simply want to cut red tape.  And the act of lodging a fringe benefits tax return is simply another form that must be prepared and another cost paid to accountants that is effectively sunk money – especially when the amount of fringe benefits paid is potentially low. Motor vehicles The […]