Thorntons Accountants & Business Advisors

🎉 Happy Birthday, Troy!

We recently celebrated the birthday of Thorntons Director, Troy Anderson!

Troy has been part of Thorntons since the late 1990s, bringing not only decades of experience to the firm, but plenty of humour, banter and genuine interest in the people around him.

Troy enjoys creating a light mood in the office and takes a genuine interest in what the team is doing both at work and outside it, an approach that says a lot about the culture he helps create at Thorntons.

Outside the office, Troy is equally committed to keeping active, tackling four high-intensity bootcamp sessions a week and valuing the mental benefits just as much as the physical ones.

From everyone at Thorntons, we hope you had a fantastic birthday, Troy, and perhaps even gave yourself a day off from bootcamp! 🎂🎈

For more than 60 years, Murray and Barbara Williams have navigated the highs and lows of farming, shearing and crayfishing, with Thorntons by their side every step of the way.

Their story is a powerful reminder that trusted advice is about more than tax and compliance. It's about planning ahead, adapting to change, and helping family businesses build for the future.

Read how a relationship spanning six decades has helped one Western Australian family navigate every chapter of their journey: https://www.thorntonsadvisors.com.au/a-lifetime-on-the-land-six-decades-of-farming-family-and-trusted-advice-from-a-childhood-in-dardanup-to-a-lifetime-in-agribusiness/

Discover essential strategies for safeguarding your assets in this article, emphasising the pivotal role of professional advice in navigating tax and legal implications. Learn how to assess your asset landscape and implement effective investment and business structures as your first line of defence. Gain insights into strategic structures like trusts and companies, ensuring ongoing asset protection through regular reviews of your organisational chart, assets, ownership, and risks.

Read the full article for comprehensive insights: https://www.thorntonsadvisors.com.au/strategies-for-effective-asset-protection-in-family-businesses/

Is it time to reassess your relationship with your accounting firm? This article presents a checklist to guide family businesses in evaluating potential new advisors. It suggests focusing on expertise in family-owned businesses, proactive advisory approaches, effective communication, and the use of technology. By considering these areas, you can ensure that your advisor aligns with your long-term goals and family dynamics.

Read the full article to explore essential questions for evaluating your advisors.

https://www.thorntonsadvisors.com.au/rethinking-your-long-term-advisory-relationship-a-checklist-for-evaluating-new-accounting-and-advisory-firms/

For multi-generational family businesses, compliance services alone are insufficient to address their unique complexities. Thorntons delivers a holistic suite of advisory services, from growth strategies and risk mitigation to succession planning. By addressing challenges like market adaptation and leadership transitions, Thorntons helps safeguard family legacies while fostering resilience and intergenerational success. Thornton’s integrated approach ensures stability, efficiency, and trusted guidance for multi-generational family businesses in Western Australia.

To discuss your individual business needs and find out if we might be a fit for you, please contact Thorntons at [email protected] or call (08) 9421 1722

Thinking about a Self-Managed Super Fund (SMSF)?

SMSFs offer investment control and tax benefits but come with strict compliance rules. They’re great for business owners, high-net-worth individuals, and those wanting more control over retirement savings - but they require time, expertise, and careful management.

Lina Spadanuda, an SMSF specialist at Thorntons, shares key insights on who should consider an SMSF, its benefits, and the common pitfalls to avoid.

Read more here: https://www.thorntonsadvisors.com.au/self-managed-super-funds-what-you-need-to-know-before-making-the-move-insights-from-lina-spadanuda-smsf-accountant-at-thorntons/?utm_content=345293253&utm_medium=social&utm_source=facebook&hss_channel=fbp-467388039942336

Navigating Succession Planning Pitfalls:

Succession planning for family businesses is a multifaceted process requiring foresight and meticulous planning. This article outlines six common mistakes that can hinder successful transitions, emphasising the importance of early action, clear communication, and strategic ex*****on.

Read the full article here - https://www.thorntonsadvisors.com.au/the-6-most-common-mistakes-in-succession-planning-for-family-businesses/

A surge in restructuring work is expected after the government’s Budget announcement of a minimum 30 per cent tax rate on discretionary trust distributions from 1 July 2028.

The government says the measure is designed to improve tax system fairness by limiting the ability of individual trustees to reduce tax by distributing income to beneficiaries, usually family members, on lower tax rates.

From 1 July 2027, three years of rollover relief will also be available for small businesses and others seeking to move from discretionary trusts into alternative structures, such as companies or fixed trusts not subject to the minimum tax.

Source: CPA Australia

Read more: https://www.cpaaustralia.com.au/public-practice/inpractice/taxation/will-sme-clients-clamour-restructuring-changes-discretionary-trust-tax

Will small business clients clamour for restructuring following changes to discretionary trust taxation? | CPA Australia Post-Budget tax changes to discretionary trusts are looming. In response, should businesses consider restructuring? Tax experts weigh in.

Half of all Australian farms are held in family trusts, so how will farmers be affected by the federal tax overhaul?

Farmers use trusts to protect their assets, distribute income within their families and ensure the farm can be passed on to the next generation without incurring a large tax bill.

Source: ABC News

Read more: https://www.abc.net.au/news/2026-05-22/farm-tax-reform-capital-gains-tax-trusts/106683240