Managing Australian Death Taxes: Essential Insights for Estate Planning
A common misconception is that Australia has no inheritance tax. While that is technically true, it is not the case in practice. The death of a loved one almost always raises a raft of tax issues and triggers events that have a tax implication or trigger a tax event. As Perth tax accountants, tax planning […]
Everything you Need on the 50% Capital Gains Tax Discount
When it comes to capital gains tax, the 50% CGT tax discount is a powerful tool. The knowledge that you can potentially enjoy half of your profits tax-free is common among Perth tax accountants and business families, but it’s also a key advantage that can significantly impact your financial decisions and how you go about […]
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 […]
Tax Effectively Giving to Your Children at Christmas
With Christmas just around the corner, many families in business are talking to their Perth tax accountants about how to give money to their children tax effectively. Is it a gift or a loan? When parents decide to transfer money to their children, it’s crucial to determine if the transfer is a gift or a […]
What is Rentvesting?
Rentvesting is a tax strategy many Perth tax accountants use to eliminate private debt on the family home while maintaining the main residence exemption for capital gains tax. While the tax advice on the strategy is complex, it is worthwhile to understand the full range of tax implications and financial implications many Perth tax accountants […]
Navigating the Tax Implications in Divorce
Divorce is a life-altering event that is often difficult and confusing. And there is a myriad of family, legal, tax and financial aspects of a divorce. The allocation of tax debts, money and assets within the divorcing couple is a significant consideration and emotionally charged. And the tax impact of that asset split from your […]
7 Common SMSF Mistakes of 2023
As an SMSF Trustee, you have a lot of obligations to manage an SMSF and to understand what is a SMSF and how does it work. As SMSF tax accountants across Perth, we see a common list of mistakes Perth SMSF trustees make for a range of reasons. The benefits and downsides of an SMSF […]