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

Business Conflict

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 […]

How the new R&D Tax changes will affect family businesses

R&D Tax changes will affect family businesses

For a long time government has been concerned that the R&D tax system is being abused.  And with a recent cases of tax advisors who take a success fee going to jail it is no wonder. So the recent budget has targeted businesses with a turnover of more than $20m (and this covers a big […]

10 questions to ask when choosing your accountant

choosing your accountant

Choosing an accountant can be difficult.  Cutting through technical jargon and marketing hype is a daunting process to any business owner. So we have a list of questions you can use to interview and compare between accountants. What tax leadership roles in the profession have you done in the last 12 months? Every accountant will […]

Is your keyman insurance policy tax deductible? (and other succession q’s)

insurance policy tax

The death of a fellow shareholder in a business is a distressing period. Sure – the period of grief may not have been intense as say, the death of your child, but it is still an extremely distressing period. So getting the documentation, funding and tax aspects of the business are critical for its success. […]

Short-term vs long-term financing

Short-term vs long-term financing

An accountant for a family business is constantly looking at forward cash flows. Be it upcoming tax liabilities, loan repayments or lease obligations. The management of forward cashflow makes the interplay between short-term v long-term lending critical. And the management of these amounts can be critical for the ongoing success of family-owned businesses (especially start-ups). […]