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4 ways to protect your business assets and inheritance on death

4 WAYS TO PROTECT YOUR INHERITANCE TO FAMILY MEMBERS Most families want to protect their business, their financial assets and their family legacy in the most effective way possible – both for tax and intention of the assets. However, there are times when certain family members may not make the best decisions when placed in charge of a family business and its assets. This is often the case for many families and careful consideration must be made to protect vulnerable or dependent family members. The complexity of family business matters and tax implications can make planning for this type of situation more difficult. The following options are available to ensure your legacy is managed well with vulnerable family members. Pension Death Benefits Children can continue to receive benefits from a pension after death occurs. A superannuation pension can be paid efficiently in regard to taxes if it is paid from a self-managed superannuation fund. This makes the pension outside the reach of th
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The Ration Your Family Business Can Run On

The DuPont Formula The Ratio Your Family Business Can Run On Every business owner must make sense of complicated and uncertain businesses environment world with numbers, equations, legislation and complex tax regulation. If you have a family business then you need to understand accounting as well. The numbers in your business is the way your business talks to you.  You need to keep accurate financial records and produce financial statements for reporting taxes – but you also need a simply way to understand how your business is talking to you. Accounting may be confusing, but what if we told you that there was a universal figure, a simple number that can shed light on how your business is running? While it may sound too good to be true. There is indeed a number that can provide insight into how efficient your business is running and that number is the result of the DuPont Formula. What is the DuPont Formula? The DuPont Formula was developed in 1912 by Donaldson
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10 Benefits of a Family Trust

A family trust is often used by Australian families in businesses. The practice often arises because of the the income tax and capital gains tax benefits that a family trust provides family-based businesses.  However a trust is a powerful family tool independent of Income tax and capital gains tax 10 Benefits of Establishing a Family Trust Land Tax We’ve established that family trusts are often created for tax benefits, but many family businesses usually overlook the land tax benefits of having a family trust. For land tax purposes in Western Australia, a family trust is considered a separate “person” or entity. This can greatly reduce marginal land tax rates payable by a family. Protection of Assets A family trust can protect assets from bankruptcy, death, or loss of capacity of any of its beneficiaries. This is because trust assets are owned by the family as a whole and not individual family member beneficiaries. Financial Privacy Successful families a
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5 Steps for getting your property portfolio to become amazing | Family Business Accountants Perth | Perth Tax Accountants

Owning rental properties is a great way to accumulate long lasting wealth, while at the same time diversifying your investments. Investing in real estate can provide solid returns. However, real estate investing is not about making money fast. Investing in rental real estate is an excellent way to build long-term wealth for you and your family. Investing in rental properties isn’t without risks. Therefore, it’s essential to correctly plan your family’s property portfolio. What is a property portfolio? A property portfolio is a collection of real estate and property investments that are owned by an individual, a company, a trust, partnership, or a combination. However too often people will jump into the asset structuring of a property portfolio.  And while that is incredibly important the purchase needs a lot more thinking and planning to get a great outcome towards your family and the legacy you want to create. Planning your property portfolio Before you begin buying
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