Westcourt

When a family buys a business to expand

A family will often look at purchasing another business in addition to the current one.  This strategy is quite common and can work well if considered properly.  Sadly, more often than not, the strategy of purchasing a new business is not as successful as first anticipated. We go through a few reasons why families in… Continue reading When a family buys a business to expand

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2017/18 Federal Budget Highlights

Mr Scott Morrison, the Federal Treasurer, has handed down his second Budget (the government’s first of its three-year term). Mr Morrison said the Budget is focused on boosting the economy and households, so that “we live within our means and are able to return the Budget to balance in 2020/21”. The government is proposing to… Continue reading 2017/18 Federal Budget Highlights

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Planning your families property portfolio

Careful long term planning of your property portfolio can make a big difference. Stamp duty planning Stamp duty planning is an often overlooked part of a strategy for families.  Typically a family will develop and build a property portfolio and the cost of stamp duty is considered an unavoidable by-product of buying portfolio. This is… Continue reading Planning your families property portfolio

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The budget and downsizing the family home

The recent budget changes now allow for a family to downsize the family home and contribute this to their superannuation fund.  And while the legislation is not yet around to go over; it looks like the net result will work like this: Antonio and Concetta (both 71) currently have $800k in their superannuation fund and… Continue reading The budget and downsizing the family home

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Protecting your credit rating and the Tax Office

By Westcourt Blogger.  For a long time families in business have used the Tax Office as a second bank when a cash flow crisis hits. And why wouldn’t you – no setup fees, no application process and no real implications for not paying on time. You just incur a higher than normal, tax deductible, interest… Continue reading Protecting your credit rating and the Tax Office

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Why should you have a family trust other than for reducing tax

By Westcourt Blogger.  The use of a discretionary trust (often called a “family trust”) for families in business is popular in Australia and for a good reason. Income tax!  Capital gains tax! And tax is one of the many good reasons why many of our Perth based, commercially focussed families in business use a discretionary… Continue reading Why should you have a family trust other than for reducing tax

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11 tips for buying property across an extended family

By Westcourt Blogger Families in business will often buy property across generations or between siblings.  It might be an acquisition of a new farm or just a way to give the next generation a hand up into the property market. These are the top 11 things to think about before you do it. Buy it… Continue reading 11 tips for buying property across an extended family

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How franking credits work

By Westcourt Blogger. To understand franking credits we need to take a step back. Australian tax law has an underlying principal.  Regardless of how you take cash from a company: the ultimate tax payable by you is the same. So a company can pay you rent on a factory you own.  Or it could pay… Continue reading How franking credits work

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