William Buck Australia
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
The William Buck Hour could be the most profitable hour you spend this year.
Sweeping changes to financial reporting may impact your financial position and business operations.
Our experts are here to help you understand what you need to know about Safe Harbour legislation.
Check our Private Business Tax Reform resource centre to see how the most significant changes may affect you and your business.
William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
With the skills to help tech companies grow from startup to exit – we provide tailored tech company solutions, supported by access to a range of specialists across numerous service lines and industries.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
The William Buck Health Hour could be the most profitable hour you spend this year.
We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
We’re more than just accountants and advisors, we aspire to create positive change in the lives of our clients and our people.
Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
Whatever your needs, we have the expert resources to create the best outcome for you and your business. As our client, you’ll benefit from our integrated services model that puts you at the core of its business.
We create and implement personal wealth plans and tax strategies that give our clients greater certainty that their financial and personal goals will be met.
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Our professionals are experts in their fields and are skilled at providing jargon-free, practical and comprehensive advice, allowing you to get to the heart of your matter.
Interested in joining our team? We have positions across Australia and New Zealand for forward thinking, enthusiastic, intelligent individuals.
Looking to join a team that offers more than just co-workers? We’re proud to have built a firm which engenders loyalty and provides an environment in which life-long professional connections and friendships can flourish.
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We offer a workplace where striving for excellence and being supported to achieve your professional and personal best, are par for the course.
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We foster a dynamic and respectful work culture, where growth and development are encouraged, and initiative is rewarded.
We’re committed to recruiting outstanding people. Our culture is built on respect and team work, making William Buck a great place to develop a rewarding career. From day one, you will be given every opportunity to realise your full potential.
We boast a culture that values each individual employee as an essential part of the team and places a high priority on helping you reach your full potential, personally and professionally.
Hello. Kia Ora. Talofa. Ni Ho. However, you say it, there’s always a warm welcome at William Buck. Creating an enjoyable environment to spend our days is part of our master plan to create an exceptional place to work.
Applying for a graduate position at William Buck is the first step in a rewarding career.
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Established in 1895, we’re more than just advisors; offering a full range of services and 360 degree support, we aspire to create a positive change in the lives of our clients and our people.
As a member of Praxity, the world’s largest international accounting alliance, our local team is supported by our extensive network, representing an unrivalled global resource and knowledge pool.
From Western Australia, to New Zealand; and everything in-between; check out our offices, and local team, representing an unrivalled global resource and knowledge pool.
Protecting personal assets from business-related claims is often overlooked by business owners. In addition, where strategies have been implemented they sometimes fail to be monitored.
When considering asset protection most business owners tend to focus on business and professional insurance products to mitigate risk. However, there are several other strategies that can be used to provide additional degrees of personal asset protection.
Firstly, ensure your business is operating under the most effective legal structure.
It is worthwhile investigating business structures before you commence business and seeking professional advice as to which structure would be best suited. If you are buying into an established business, it would be valuable to have the standing structure reviewed. Our William Buck Hour Report (link) uncovered that 30% of business owners have a fundamental issue with their business structure.
Regarding which business structure to choose, you’ll find there is often a trade-off between the cost to establish a business, taxation outcomes and asset protection. These days it is relatively inexpensive to establish an entity such as a company or trust, which make these viable options for asset protection purposes. The alternative is to operate as a sole trader or as an individual in-partnership. However, this can put your personal assets at risk where they’re in the same name as your business assets
Operating the business through an entity such as a company or trust (with a corporate trustee) provides an enhanced degree of personal asset protection via the corporate veil. However, this structure is not without its challenges. It is important not to accumulate assets such as cash or investments surplus to the working capital requirements of the business, in the entity that also operates the business, as they could come under attack if a claim arises. Having a strategy of regularly declaring and paying out cash as dividends or profit distributions helps to mitigate this, however the trade-off is that these payments will be subject to income tax in the hands the shareholder or beneficiary.
If you are a business owner operating through a company or trust then the Personal Services Income (PSI) rules apply, and income received by the business will be treated as your individual income and need to be declared in your individual tax return. This has essentially the same effect as the dividend or profit distribution above.
Business premises should be considered as an investment separate to the business. To protect the asset it should be owned by a different entity to the one operating the business. In practice it is usually held by a trust or superannuation fund with a formal market value lease agreement in place with the business.
It is important to note that operating through a company or trust does not protect against acts of negligence or fraud. Insolvent trading claims by liquidators against directors may be initiated if a director knowingly incurs company debts which cannot be paid as and when they fall due.
And if cashflow issues arise in the business and it is unable to pay and report superannuation for employees or PAYG Withholding, the Australian Taxation Office can take personal action against directors to recover the unpaid amounts and charge interest and penalties.
A commonly used strategy for married couples to insulate personal assets from potential business claims is to purchase or transfer personal assets such as the family home to the non-risk spouse, i.e. the spouse who is not involved in the business and is not a director of the corporate entity. Caution should be exercised here as any transfers that are made at under-value or to deliberately defeat creditor claims could be subject to claw-back provisions available to liquidators and bankruptcy trustees. Taxation implications, such as income tax and stamp duty (different rules apply for each State), should be considered before transferring assets and it is best to seek advice in this area.
There is no one size fits all bullet-proof approach when it comes to personal asset protection as it depends on your personal goals and circumstances. There are however various strategies and options available to minimise risk to assets. You should always seek professional advice to ensure the best strategy and options are implemented.
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