Westcourt | Family Business Accountants

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

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