In cases where no family member is interested in taking over your business or if you do not have a potential successor in your family, there are two options for non-family succession: Buy-sell option – selling your share of the business to other owners Management buyout – selling your business to employees Buy-Sell Option For […]
To get your business ready for sale, there a few important things you need to consider. Because of this, it is no wonder that almost 80 per cent of Australian businesses are not attractive to buyers in their present conditions and 96 per cent of business owners have not drafted a plan for generation transfer. […]
A vital part in planning your will is the creation of a family trust. It can entail terms and conditions to protect your assets that you will leave behind and guide your family in handling the financial consequences of inheriting your wealth. Testamentary trust The Australian Tax Office (ATO) defines testamentary trust as a trust […]
The Tax Office is setting its sights on the $500 million sharing economy, which consists of various platforms that let hundreds of thousands of Australian earn a bit of cash on the side by renting their spare rooms and parking spaces, lending their cars and driving people around the city. In 2015, the ATO hit […]
Trust A trust structure is a tool that provides flexibility to investors and businesses. It is a way for income to be distributed to lower income earners, assets to be safeguarded and wealth to be passed on to the next generation with little trouble and minimal or zero tax. There is no “one-size-fits-all” form of […]
The Australian government has passed a law allowing small businesses to amend their legal structure without making them liable for capital gains tax (CGT). According to Small Business and Assistant Treasurer Kelly O’Dwyer, small businesses that discover that their current legal structure no longer suits them don’t have to be stuck with it. With this […]
Before the financial year ends is the best time for small and medium sized businesses to assess outstanding invoices and bad debts. Many SMEs are no stranger to bad debts. As a business owner, you most likely have had customers who failed to pay for your goods and services. You’ve performed the work, invoiced the […]
Because of the relentless increase in property prices, many prospective home buyers could be excused for thinking that the only way they could own a home is through inheritance. What occurs when you find out you’ve inherited property. In Australia, unlike in other countries, there are no death duties or inheritance tax. However, it does […]
PJS Accountants
Level 1, “The Hub”
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