Dominic Papaluca CPA

About Dominic Papaluca – Accounting & Tax Solutions

Dom Papaluca is a CPA who started his accounting career with some big corporates such as Chamberlain John Deere, Air Liquide, Pennant Holdings and Portman Mining to name a few. He witnessed the ups and downs of the heady 80s where it became clear to him that no matter how big or small the business may be, business owners were continually distracted by the same “background noise” of cash flow problems, surprise tax bills and people management. Dom commenced public practice in 1994 with a mission to reduce the background noise so that business owners could concentrate on what they went into business for in the first place.

As a business owner himself, he understood how this feeling (out of control) results in a “siege mentality”, where the business owners try to do everything. This usually makes short-cuts look attractive, and decisions are rushed or skewed by fear.  Conversely, he knew that business owners would flourish when they let their passion drive them, safe in the knowledge that they have somebody who “has their back” when it comes to the finances.

After all, when you are in control, you are relaxed, creative and have the time to lift your head up and look around. Dom sees himself as a teacher/mentor who keeps his clients focused on what they should be doing and letting somebody else handle everything else. He would be happy to show you how to take control of your business.

Agricultural/Farming Accounting Expert

Dom excels as an agricultural accounting expert, offering financial strategies tailored to the complexities of the farming industry. Leveraging his profound understanding of agricultural economics, he assists rural businesses in enhancing their profitability and sustainability. By integrating cutting-edge technology and data analytics, Dom provides actionable insights into crop management, cost control and fluctuating cash flow, and market trends, ensuring his clients stay ahead in a competitive and evolving sector.

Start-Ups

Dom is a cornerstone for start-ups, guiding them through their formative phases with insightful strategies and support. His expertise includes navigating early-stage financial challenges, securing funding and strategic planning, helping new businesses lay a strong foundation for growth. By staying attuned to the latest industry innovations and leveraging his extensive network, Dom ensures start-ups not only survive but thrive in the dynamic business landscape.

Business Coach/Mentoring

As a seasoned business coach, Dom empowers entrepreneurs to realise their full potential and achieve their ambitious goals. His approach involves personalised mentoring, where he combines strategic planning with leadership development, helping individuals navigate business challenges effectively. Dom’s coaching extends beyond mere advice, fostering a culture of continuous improvement and resilience among entrepreneurs.

Succession Planning

In the realm of succession planning, Dom stands out for his meticulous approach to ensuring seamless leadership and ownership transitions. He collaborates closely with business owners to craft strategies that respect both financial aspirations and personal values, ensuring legacies are preserved and future generations are set for success. His expertise in estate planning and family governance further solidifies the foundation for a smooth transition.

Business Exit Planning

Dom specialises in business exit planning, providing a clear roadmap for business owners looking to sell or hand over their enterprises. His guidance covers the entire exit process, from valuation to negotiation, ensuring owners maximise their financial return while transitioning out with confidence. Dom’s strategic foresight and attention to detail make complex exits smoother and more profitable.

Tax Planning

In tax planning, Dom’s expertise is invaluable in devising strategies that optimise tax positions while ensuring full compliance with regulations. His approach is proactive, focusing on uncovering opportunities for savings through deductions, credits and efficient tax structuring. Dom’s deep knowledge of tax law and its implications for businesses of all sizes translates into significant financial advantages for his clients.

Business Structuring

Dom’s strategic acumen in business structuring is instrumental in helping clients build efficient, risk-mitigated operational frameworks. His advice is tailored to each business’ unique goals and challenges, focusing on legal structuring, financial health and operational efficiency. Dom’s guidance ensures businesses are not only well-organised but also primed for scalability and resilience in the face of changing market dynamics.

Business tips from Dom

Whether you are farming or selling widgets for a living, always remember the “Three Bs”: Book it, Bill it and Bank it.

1. Stay on top of your bookwork daily/weekly;
2. Have a system in place which sends your invoices out as close as possible to doing the work (same day preferably);
3. Follow up to make sure you get paid asap.

Get to know Dom

Born and raised in Perth to Italian migrant parents, Dom hated school and had plans to be a professional musician when he was in his teens. Instead he ended up coming full circle and studying at night school to get an accounting degree when the music thing didn’t work out (surprisingly, maths and music are very closely related).

He thinks he is a country boy, having lived and worked in Katanning since 1990, and fell in love with all-things agriculture and the farming fraternity. During his time in “KA”, he developed a real sense of community – and enjoys giving back by sitting on club boards and is actively involved in mentoring younger people. He is a past Commodore of Claremont Yacht Club and currently serving on the CYC committee. Dom is back in Perth now, and has three grown-up kids who have all flown the coop. This gives him the chance to spend more time following his passion for cricket, sailing and music.

His heroes are Capt. James Cook, Capt. Matthew Flinders, Dennis Lillee, Terry Alderman, Chad Smith and Stewart Copeland. Alas, he is too old to open the bowling for Australia, but he and his wife Anne are both keen watchers of the game. He plans to do a “Matthew Flinders” and sail around Australia one day, but this will be cancelled immediately should the “Red-Hot Chilli Peppers” or “Sting” put the call out for a new drummer.