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Family Business Succession Ep 6: Planting a seed beyond the family enterprise

[vc_row row_type="row" use_row_as_full_screen_section="no" type="full_width" text_align="left" css_animation="" box_shadow_on_row="no"][vc_column width="2/3"][vc_column_text] This is the sixth blog, in a series of seven, where we talk about successful family businesses and, especially, when transitioning to the next generation. We talk, in-depth, with our resident family business expert, Michael Fox. As our...

Christmas tax tips

It's that time of the year again - Christmas countdown has begun! Whilst parties might be off the agenda for some Australian businesses this year due to COVID-19, employers may want to give Christmas gifts to their employees, contractors and clients. An important part of...

Family Business Succession Ep 5: Unpacking family business succession by aligning values

[vc_row row_type="row" use_row_as_full_screen_section="no" type="full_width" text_align="left" css_animation="" box_shadow_on_row="no"][vc_column width="2/3"][vc_column_text] This is the fifth blog, in a series of seven, where we talk about achieving succession and wealth for the next generation. In this interview with our Managing Director and resident family business expert, Michael Fox, he talks...

Tax tips 2020–21

With the end of 2020 approaching quickly, here are some tax tips to assist with managing your business accounting. Varying your PAYG instalments You can vary your PAYG instalments throughout the year if you think you will pay too much tax, compared with your estimated tax for...

Understand how depreciation works with negative gearing

Negative gearing is a heavily debated topic throughout the property industry and is often in the headlines at election time. As one of the major drawcards to investing in property, investors must factor it into their ongoing strategy. Before exploring the negative gearing and depreciation relationship,...

Latest SMSF updates 2020

Our KMT Spring Edition Newsletter 2020 is ready. Highlights in this edition: SMSFs - LOOKING TO THE FUTURE - A review of how recent changes affect you as an SMSF trustee. ATO UPDATE – New ATO guidance on when it will remit SMSF trustee penalties. TRUSTEE Q &...

Family Business Succession Ep 4: Keeping it together in a family enterprise

[vc_row row_type="row" use_row_as_full_screen_section="no" type="full_width" text_align="left" css_animation="" box_shadow_on_row="no"][vc_column width="2/3"][vc_column_text] This is the fourth blog, in a series of seven, where we talk about the family enterprise and, in particular, successfully managing succession from one generation to the next. We interview our Managing Director and family business expert,...

JobKeeper update

The new alternative decline in turnover test To claim JobKeeper, you must have suffered a significant decline in turnover. Generally, this is measured by comparing a relevant quarter in 2020 (called the turnover test period) with the equivalent quarter in 2019. However, there is an alternative decline...

Budget measures now law

A number of measures announced in the Federal Budget 2020–21 are now law. These are: •   Bringing forward the personal tax cuts and the new low income tax offset by two years to 2020–21 – new PAYG withholding schedules are available. •   Retaining the low and middle...