News - Westcourt

Using the Tax System Downsizer Super Contribution to Maximise Your Super Fund

Learn 20.12.2022

Using the Tax System Downsizer Super Contribution to Maximise Your Super Fund

Tax law contains penalty taxes if you put more than a set limit into your superannuation. And one of those exceptions to the excess non-concessional contributions tax triggering is if you make a downsizer super contribution.

5 HR Rules that Might Surprise You

Learn 12.12.2022

5 HR Rules that Might Surprise You

Human resources is a deep and complex area. It ranges from engaging team culture to HR compliance with a range of Fairwork, tax, super and compliance obligations. And while the use of cloud accounting programs like Xero payroll, together with add-on programs like EmploymentHero and KeyPay are spectacular we still see a range of common mistakes that businesses across Perth make that disrupt their overall HR and payroll departments.

How to Manage Crypto and the ATO Inside Your SMSF

Learn 08.12.2022

How to Manage Crypto and the ATO Inside Your SMSF

As crypto currency like BitCoin and Ethereum become mainstream many clients are looking to invest into crypto currency in their SMSF. And managing the tax obligations of investing into crypto currency in your SMSF is incredibly important before you begin. This will typically happen once your grapple the concept of what is a self-managed super fund and how does it work.

How to Use Your Super Fund to Help Your Kids Buy a House

Learn 28.11.2022

How to Use Your Super Fund to Help Your Kids Buy a House

Structuring your tax affairs to help your children buy a house is a common objective for many founders of family owned businesses. And engaging with your Perth tax accountants to help you structure your tax affairs can create successful outcomes including using your super fund to help your kids buy their first home.

How does the R&D Tax Incentive Work for Small Businesses?

Learn 24.11.2022

How does the R&D Tax Incentive Work for Small Businesses?

The R&D Tax Incentive is a significant boost for small to medium sized business with a turnover of under $20m. However, the mechanics of understanding “how does the R&D Tax Incentive work for small business” can be a difficult concept to grasp.

Am I a Tax Resident for Australian ATO Purposes?

Learn 14.11.2022

Am I a Tax Resident for Australian ATO Purposes?

If you are considering any investments or business dealings offshore: then international tax services becomes top-of-mind. The interplay of taxation and tax administrations across countries can create tax opportunities for the smart tax accountants and tax headaches for those with poorly structured tax advice.

How to Use ServiceM8 for Tradies and Services

Learn 09.11.2022

How to Use ServiceM8 for Tradies and Services

At Westcourt we understand that trade and services business are time poor. This include businesses like plumbers, electrical contractors, locksmiths, cleaners and gardeners. In effect any business that runs and operates jobs with staff in the field.

How Do I Make a Payment Arrangement with the Tax Office?

Learn 02.11.2022

How Do I Make a Payment Arrangement with the Tax Office?

Every start-up business owner will inevitably ask themselves “How do I make a payment arrangement with the Tax Office”?” And while such a question is a natural, often logical, step for the founder of a family business there is a few steps to consider before you start to talk to your Perth tax accountant about creating a tax payment arrangement with the ATO.

How is Payroll Tax Calculated in WA?

Learn 22.10.2022

How is Payroll Tax Calculated in WA?

Payroll tax for many family-owned businesses in Perth is often a forgotten sleeper. Too often many tax accountants and business owners are so fixated on the cost of income tax that the payroll tax cost in a business is forgotten.

Using the Family Farm Stamp Duty Exemption for Farm Succession

Learn 10.10.2022

Using the Family Farm Stamp Duty Exemption for Farm Succession

The family farm is commonly the largest single asset for a farming family. And the succession of the family farm is an important and significant step in operating and maintaining the farming business.

What are the Benefits and Downsides of a SMSF

Learn 06.10.2022

What are the Benefits and Downsides of a SMSF

We are often asked “what is a self managed superannuation fund? A Self Managed Superannuation Fund (SMSF) is a privately run super fund. Technically it is a trust that elects, under tax law, to comply with the Superannuation Industry Supervision Regulations which then gives that trust a range of tax benefits. The SMSF laws regulating how the trust is created, operated, invested and managed are complex. And because every SMSF member must also be a trustee (or a director of the corporate trustee) it is important that every member is across what the SMSF is doing and why they are a member. Of course: superannuation is not the only option to invest. And understand the best way to structure your affairs for stock market investing is an important part of your tax strategy.

How Should I Value a Business and Find Out What it is Worth?

Learn 23.09.2022

How Should I Value a Business and Find Out What it is Worth?

If you are thinking about buying a business you will immediately ask the question: how should I go about valuing the business and how should I find out what it is worth? And given the emotions and dollars involved in buying a business or selling a business the task of valuing a business can be very difficult.

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