Family Businesses

DBA Accountants work extensively with family-owned businesses.

We believe our clients should be allowed to concentrate on being excellent at their trade or profession and allow us to help with the business of being in business.

Examples of the support we provide are as follows:

  • Throughout the year
  • Obtaining finance and dealing with brokers and banks
  • Managing cash flow and preparing cash flow budgets
  • Negotiating time to pay taxes
  • Supporting your in-house bookkeeper
  • Preparation and lodgment of Business Activity Statements, Instalment Activity Statements and other returns to regulators
  • Pre-30 June review to plan for the year-end and its tax and financial consequences
  • Tax planning and (legal) minimisation
  • Business, tax and finance advice

End of Year:

  • Preparation of end-of-year reports and tax returns for lodgement with authorities and regulators
  • Analysing and explaining these reports and helping our clients use the information in them to make better business management decisions

The Big Issues that need to be considered for Family Businesses:

  • Protecting the family home
  • Protecting the business from the illness or death of Mum and Dad
  • Securing crucial business assets
  • Use of a self-managed super fund to buy the premises
  • Family members working in the business, or not
  • Mum and Dad getting time off
  • Mum and Dad exiting the business – the children buying in sell it, hand it over to younger family members, close it
  • The estate planning, legal and taxation consequences of Mum and Dad exiting
  • Structuring the business to facilitate all of the above