Give him another chance The host of the convention says, “We are all here today to prove to the world that Accountants are not stupid. Can I have a volunteer?” One Accountant steps up. The host says to him, “What is 15 plus 15?” After 15 or 20 seconds he says “Eighteen.” Obviously everyone is […]
What is a Trust? A trust is a fiduciary relationship in which a person (“trustee’) is the holder of an interest in property but is subject to an equitable obligation to use or keep the property for the benefit of another person or entity or to some commitment object or purpose. A non-discretionary trust is […]
What is a Sole Trader? A person wishes to go into business can simply trade in their own name or register a name of business (trading name) with the Department of Consumer and Employment Protection in WA. Set up Procedure Register for ABN Register for GST (if applicable). Register a Trading name with DOCEP (if […]
What is a Self-Managed Superannuation Fund (SMSF)? An SMSF has less than five members, each individual trustee of the fund is a fund member, each member of the fund is a trustee, no member of the fund is an employee of another member of the fund unless those members are related. The requirement that all […]
What is a Partnership? Two or more people can enter into an agreement either verbally or under contract to enter into a business and share in the risks and profits. Partners are jointly and severally liable for any debts and litigations of the partnership. We can assist Register for separate TFN Register for ABN Register […]
Trust – noun signifying belief, confidence, faith, and (in Australia) a tool for wealth creation It is said that “There are two certainties in life – death and taxes”. There is one death but there are scores of taxes. No wonder tax is big business. It is all pervasive in modern life. There is no […]
What is a Trust? A trust is a relationship of “trust” in which a person (“trustee”) is the holder of an interest in property but is subject to an equitable obligation to use or keep the property for the benefit of another person (“beneficiary”) or for some commitment object or purpose. In a discretionary trust, […]