Why LCT still matters to regional businesses Australia’s Luxury Car Tax (LCT) can add thousands to the price of common passenger cars. If you’re a primary producer registered for GST, you may be entitled to a refund of up to $10,000 on one eligible vehicle per financial year, yet many agribusinesses still don’t claim it. […]
Current Super Landscape: Quarterly SG, SGC Consequences, and Compliance Reality Under today’s rules, most employers remit Superannuation Guarantee (SG) quarterly, with monthly cycles common in larger organisations. Missed or late SG triggers the Superannuation Guarantee Charge (SGC), which replaces deductibility with a statutory charge that includes components like interest; penalties and interest are not deductible. […]
When it comes to accounting services, many practices focus exclusively on tax returns and compliance. These services are necessary, of course, but for mid-size, multi-generational family businesses, they often fall short of addressing the complexities and aspirations unique to these enterprises. Family businesses need more than just financial record-keeping and compliance; they require a partner […]
Overview of the Proposed Division 296 Tax The Australian Government has proposed a new tax measure, known as Division 296, targeting individuals with total superannuation balances exceeding $3 million. Set to commence on 1 July 2025, this measure introduces an additional 15% tax on earnings corresponding to the portion of the balance above the $3 […]
Niribi Farms is a 5,400-hectare mixed farming operation based in Buntine, Western Australia, around 300 kilometres north of Perth. Owned and managed by Mike and Narelle Dodd, the farm has been in the family for multiple generations and continues to grow under the active involvement of their son, Ryan. It’s a story of succession done […]
For business owners and professionals considering a Self-Managed Super Fund (SMSF), it’s essential to understand the opportunities and responsibilities that come with managing your own retirement savings. Thorntons, a Western Australia-based accounting and advisory firm, has a reputation for providing expert guidance to businesses, professionals, and high-net-worth individuals navigating the complexities of SMSFs. Their dedicated […]
Nooganginnie Agventure is a family-owned wheat farming operation based in Mullewa, Western Australia. Founded by Carlie Rowe and her husband Gerard, the business was formed after they made the bold decision to step away from a multi-generational family farm and take on the challenge of running their own independent operation. With 9,000 hectares dedicated to […]
Succession planning in multi-generational family businesses often gets swept under the rug. Despite its critical importance, many family-run businesses find themselves unprepared for the future. So, what makes this process so difficult? In this article, we look at the key reasons why succession planning can become a stumbling block for family businesses and the role […]
As the leader of a mid-size, multi-generational family business, you’ve likely built enduring relationships that have spanned decades—none more steadfast than the one with your accounting firm. But with the evolving demands of the modern business landscape, you might find yourself questioning whether your long-standing advisors are still the best fit for your businesses needs […]
The quality of service and advice you receive from your accountant directly influences your business’s financial success, growth potential, and longevity. For owners of family businesses, it’s not just about compliance—it’s about preserving your legacy, optimising your operations, and ensuring that your business thrives for future generations. Ensuring you have the best possible accountant is […]