Succession & Estate Planning

Estate Planning

Ask yourself this question: If I died today, have I taken the appropriate steps to provide for the smooth, effective transition of my business and to protect my family?

Estate planning is a process that allows you to transfer assets to your heirs without unnecessary loss of value.  In basic terms, it is ‘getting your affairs in order’ and it is an on-going process.

Parallax Accounting can help you identify and implement estate plans that will reduce the amount of tax your estate will have to pay upon your death.

Services we offer:

• Review of current estate planning and estimate of taxes that would be payable
• Help you restructure your estate plan to make it tax effective

If you would like to discuss how we can help improve your business please contact us for a no-obligation consultation.

Business Succession Planning

One day it is inevitable that you’ll want to exit your business. 

Parallax Accounting can help you develop a succession (exit) plan that will help your business transition smoothly to the new owner.  By planning your exit early, you can ensure you maximise the sale value of your business in a tax effective way.  This will increase the benefits you will have available for your retirement.  

Services we offer:

• Help you develop a succession plan to map out how to smoothly exit your business in a tax effective manner
• Help you develop internal systems and procedures to maximise your business value and prepare it for sale
• Prepare business valuations 
• Review your business structure and help bring in new business partners 

If you would like to discuss how we can help improve your business please contact us for a no-obligation consultation.

Business Structuring

There are a myriad of different types of business structures to choose from, each with their own benefits and disadvantages.

Choosing the wrong structure to operate your business through or even holding investments in can have a huge effect on your long term wealth and asset protection plans.  Some of the critical questions you should consider when selecting the right business structure for you are:

• What will the income earning activity of the structure be (e.g. business or passive income)?
• Will the entity hold significant assets (e.g. real estate)?
• Will the entity offer asset protection?
• Can the entity gain access to various capital gains tax concessions?
• Will negatively gearing the entity isolate the tax loss from individuals?
• Does the entity provide ease for entry / exit of new owners or partners?
• Do the benefits of a complex structure outweigh the added costs?
• Do you understand the structure?
• How will any income or capital gains in the structure be taxed?
• Have you considered alienation of personal service rules?
• Will franking credits be available or do Family Trust Elections need to be made?
• If funds need to be injected into the structure have you considered other taxes (e.g. stamp duty)?
• How can profits be extracted from the entity and the associated tax consequences?

As you can see choosing the right business structure or investment vehicle is a very important decision which will have ongoing ramifications for you and your family well into the future.  Parallax Accounting can help you go weigh up the pros and cons of each entity so you can be confident that business structure you chose offers flexibility and asset protection in a tax effective way.

Services we offer:

• Matching your goals and objectives against the business/investment entity that best suits your needs
• Set up all business structures to get you on your way faster
• Educate you on the advantages & disadvantages of your structures.
• Complete a structure review and provide suggestions to improve asset protection and minimize tax

If you would like to discuss how we can help improve your business please contact us for a no-obligation consultation.

Business Development

Put simply business development involves utilising your financial statements and other tools to find relationships that indicate the health of your business.

With this knowledge we can help you to take active steps within your business to create long-term value.

Parallax Accounting can help you understand the interdependent nature of the financial system in your business.  Let us treat the causes not the symptoms and start improving your business today.

We can offer your business a comprehensive and focused development package.  Our package will allow you to see the ‘Big Picture’ within your business so you can focus your energy in the correct place to achieve real transformations within your business.  We can also help you with a one off diagnosis of your business health and give suggestions about changes that you could implement within your business.

Our services we offer to you:

• Financial statements ratio analysis – financial performance review
• Benchmarking data (your business to other similar businesses)
• Review of cause and effects problems within your business
• Review your working capital cycle – help implement systems to manage it
• Break even analysis  - managing your costs, volume & pricing
• Help you prepare budgets and cash flows and plan for your business growth
• Help you design and implement policies, procedures and systems in your business to drive real value
• Help you prepare a business plan to focus your efforts on building real value;
• Succession Planning – help prepare your business for sale;

If you would like to discuss how we can help improve your business please contact us for a no-obligation consultation.