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You've heard the sayings 'married to the Business' and 'the Business is their life'! 'The Business comes first!'
Sound familiar?
But what happens when not everyone involved has that view of work and life, particularly in a family Business?
You may be the owner, manager, patriarch, parent, or sibling. This multi-wearing of hats can and does easily blur the lines between personal and business lives, identity and roles. This lack of clear boundaries and expectations is one of the biggest challenges facing Family Businesses.
Why are clear boundaries so important, and how can we set them?
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Setting boundaries is important, as it gives your family Business structure and a framework with roles, responsibilities and accountability.
You could say these two ingredients are instrumental to Business success. They complement the other strategies and sound business sense that make a Business succeed while others flounder or fail.
It's captured in detail. According to Western Australia's Small Business Development Corporation (SBDC), WA's small Business sector is generating a record $87.2 billion in annual activity.
- SBDC says new research shows small Businesses account for 97.3% of all Businesses in WA, employ more than 540,000 people and generate 35% of all private sector jobs.
- Five years ago, small businesses contributed around $50 billion to our economy, and today it's $87 billion. This growth reflects the ambition, optimism and hard work of many Western Australians who backed themselves, created jobs and invested in their communities.
Are you one of those operators playing such a vital role in our economy and continued prosperity?
If you answered yes, and if I asked the question, did optimism and opportunity play a part, along with overcoming adversity, facing challenges, and the highs and lows, I am sure you would answer with a Big yes.
On that note, you may concur with the following findings or have contributed to them as part of the recent Australian Chamber of Commerce and Industry (ACCI) Small Business Conditions survey.
Eligible corporate tax entities can claim a refundable tax offset in 2026-27 tax returns to help with their cashflow.
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The introduction of the loss carry-back tax offset that was announced by the Australian Government in the 2026-27 Budget is now law. (ATO Bulletin published 8 September 2026)
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The law change is intended to help with cashflow and resilience. If you have paid tax during profitable years and then make a loss, you may be able to claim some of that tax back.
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The changes apply to income years starting on or after 1 July 2026.
Need advice or help with this or any Business matters? Contact Blackburn Accounting, your Family Business Specialists. We offer a range of services which include Family Business Management, Cashflow Management and Business Development.
Is that you, your Business!
Your Business is generating income; it looks good on paper, but your bank account doesn't have the corresponding available cash deposits!
In accounting language, your Profit and Loss statement can look healthy, but your bank balance paints a different picture.
This challenge faces many Businesses as they struggle with this cashflow disconnect, particularly during periods of transition or growth.
You may recognise these symptoms and causes.
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Infrequent or irregular expenses. If expenses such as loan repayments, insurance premiums or quarterly BAS are not factored or forecast in advance, their arrival can have a disastrous impact on cashflow reserves.
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No separation of funds. If all monies are bundled together in one account, it can make tracking the various items difficult. Payments like Tax, and GST can be overlooked or confused.
Don't wait or leave it to chance, hope or to those left behind; take simple steps in advance to put your affairs and ‘house’ in order.
The key elements in Estate Planning include;
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A Will
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Powers of Attorney
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Superannuation nominations
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Personal Records
Getting started. More than ever, as scams and AI technology invade our privacy and security, establishing and proving our identity and verification is crucial. It is a precursor and protection for later life, both in living and in passing, and essential in all areas of Estate Planning.
Tip: Begin by ensuring your Estate Planning is clearly documented, with all details accurately recorded and matching other documents and records.
For example, problems can arise for those born overseas if they have adopted English versions of their name or identified with familiar ‘family’ names rather than those recorded on birth certificates.
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