PKB Advisory

23/10/2023

*reminder* If you need a 2023 tax return lodgment extension you need to be on an tax agent’s lodgment list before 31 October. PM for assistance!

16/01/2023

Do you love being an employee or are you dreaming of doing your own thing? At PKB Advisory we can help you get setup and on your way! From selecting the right structure, creating a business plan, to compliance and coaching - we can provide as much (or little!) help as you need to get you where you want to go!

08/01/2023

Happy New Year! 🥳

We’d like to thank our clients and friends for a great 2022 and feeling refreshed and ready to get stuck into 2023.

If you need help with tax planning & advise, structuring your new business, cross border taxation, finding a bookkeeping solution, getting your lodgments up to date or considering selling a major asset, send us a message!

10/11/2022

A couple of *reminders*! Deadline to obtain a DIN is at the end of November, and if you haven’t lodged your 2022 tax it’s important to appoint an agent ASAP! Get in touch for assistance!

27/10/2022

Aus budget 2022

The Government will provide $80.3 million to the ATO to extend the Personal Income Taxation Compliance Program for 2 years from 1 July 2023.

It has never been more important to have your affairs in order as the ATO aims to engage sooner with taxpayers where they spot potential compliance risk, PM for assistance!

25/10/2022

Watched the budget last night? Here is a high level take on ‘winners and losers’ by AFR. We will take a deep dive into the issues that affect businesses and individuals in the coming week, stay tuned!

There is relief for families in the form of cheaper childcare and expanded paid parental leave, but multinationals, investors and consultants take a hit.

25/10/2022

Structuring series spotlight on: Unit Trusts *Pros*: Provides a fixed interest which can be sold partially without the need to sell the underlying asset. In combination with a company it provides asset protection and receives the 50% GCT discount - best of both worlds! *Cons*: Initial establishment cost, compliance and stamp duty still applies on sale of units in land rich trust. One to consider if investing in capital assets with friends or associates, PM to discuss!

24/10/2022

Structuring series spotlight on: Trusts *Pros*: In combination with a company it provides excellent asset protection and there is flexibility when profit is distributed among family members. A trust also receives the 50% CGT discount and is an effective vehicle for holding assets and transferring family wealth. *Cons*: Initial establishment cost and increased compliance. There has been some restrictions imposed on trusts and it is a complex area of law which is why it is imperative to get comprehensive advice before deciding if it’s the right structure for your assets or enterprise, PM to discuss!

21/10/2022

Structuring series spotlight on: Companies *Pros*: The gold standard in asset protection, limited liability and as a vehicle of going into business with others. *Cons*: Initial establishment cost and increased compliance. Distribution of income is not flexible and a company does not receive the 50% CGT discount when selling investment assets held for more than 12 months. Going into business with a partner? PM to discuss further!

20/10/2022

Structuring series spotlight on: Partnerships *Pros*: Simple and inexpensive way for two or more individuals or entities to go into business or invest with increased borrowing power. *Cons*: Can mean no separation between the business and individuals in business. You also become jointly and severally liable for all the debt of the partnership (even your partners share if things go wrong!). There is a place for the partnership model but the intent and structure behind the partnership is paramount, PM to discuss further!

18/10/2022

Structuring series focus on: Sole Trader *Pros*: The administratively simplest and most inexpensive way to trade for an individual. *Cons*: No separation between the business and yourself. At PKB Advisory we rarely recommend this structure as it provides no asset protection and leaves you personally responsible if anything goes wrong in the business (whether your fault or not!). However, if you’re looking at a contracting role there is definitely a place for this structure, PM to discuss further!

18/10/2022

*reminder* if you need a 2022 tax return lodgment extension you need to be on an tax agent’s lodgment list before 31 October. PM for assistance!