News - Westcourt

8 Ways to Financially Educate Your Children in a Family Business

Learn 19.09.2022

8 Ways to Financially Educate Your Children in a Family Business

If you are running a family business, you have a unique opportunity to financially educate your children over and above those of everyday employs. The amount of money within a family business and the financial reporting obligations that a business creates unique touch points for children to understand how money moves, breathes and is tracked within a business.

How to Deal with an ATO Directors Penalty Notice

Learn 12.09.2022

How to Deal with an ATO Directors Penalty Notice

Trying to manage, remove or simply receiving a Directors Penalty Notice (DPN) from the Australian Taxation Office is always a cause for concern. However simply because you have a Directors Penalty Notice does not automatically mean that you are required to pay it, you will lose your personal wealth and it does not mean that the possible tax debts from “other people” are your fault.

9 Reasons Why a Family Trust Might Not Be a Good Idea

Learn 06.09.2022

9 Reasons Why a Family Trust Might Not Be a Good Idea

The tax and succession benefits of a family trust are widely known – but the starting question should always be – is a family trust right for me? There are many instances when a family trust is a poor business and investment structure and we go through the 9 instances when this is the case.

Tax Tips for Entrepreneurial Start-Ups

Learn 29.08.2022

Tax Tips for Entrepreneurial Start-Ups

If you are starting a business, you are in for an exciting time. The opportunity to create a business start-up and scale it up is incredibly exciting. And unless your start-up business is giving tax advice – you are likely a bit green when it comes to expert tax advice and business accounting. We have a few tax tips for Perth start-ups that we commonly give to new start-up businesses.

New Tax Traps to Consider When Employing Contractors

Learn 16.08.2022

New Tax Traps to Consider When Employing Contractors

As a business the use of contractors makes a lot of commercial sense across Perth and the rest of Australia. The flexibility offered by contractors and the shortage of labour makes contractors a classical recommendation given by smart business accountants. And while contractors can be a simple option – there are a lot of tax traps to consider with contractors. In effect, the increasing use of contractors as a substitute for employment has made the tax treatment of contractors similar in many ways to the tax treatment of employees.

5 Tax Tips for Wealthy Individuals

Learn 09.08.2022

5 Tax Tips for Wealthy Individuals

As a wealthier individual the subject of taxation is much more important. Wealthy individuals simply pay a disproportionately lot more in tax than the rest of the general population. And they also attract a lot more attention from the Australian Taxation Office.

Unlocking Working Capital and Cashflow in Your Business

Learn 04.08.2022

Unlocking Working Capital and Cashflow in Your Business

Maintaining cashflow is currently the most important issue in family-owned businesses right now. The high growth, and rising costs, across Perth private businesses is creating opportunity but often the lack of cashflow is hindering the ability for businesses in hire, train and develop team members or install machinery. Even the investment into trading stock and debtors can place a strain on the cashflow of a business as it expands.

Getting a Handle on Due Diligence

Learn 26.07.2022

Getting a Handle on Due Diligence

If you are thinking about buying or selling a business the words ‘due diligence’ will often be bandied around. The process of undertaking due diligence typically starts once a non-disclosure agreement is signed and clarity on the transaction is set. The process of due diligence is an investigatory one. The purchaser is undertaking a deep review of the business they are buying to see if it is worthwhile. So the purchase will undertaking the degree of problematic contracts, contingent future liabilities, strength of intellectual property, ongoing commitments and likelihood of forward cashflows.

Electric Cars are Now the Tax Vehicle of Choice

Learn 19.07.2022

Electric Cars are Now the Tax Vehicle of Choice

The recent labour government win in the election has one promise that will massively change the tax landscape when it comes to HR management and salary packaging motor vehicles for employees. The proposal is that no fringe benefits tax will apply to an electric car if the cost of the car is less than $84,916 (2023). And while the exemption should apply from 1 July 2022 we have not yet seen draft legislation or had that legislation pass both houses of parliament.

Getting your business set for 1 July 22 payroll & HR changes

Learn 17.06.2022

Getting your business set for 1 July 22 payroll & HR changes

From the start of the financial year obligations on employers will change regarding the superannuation guarantee obligations. So it is critical that your payroll and HR system is current because the current penalty regime for missed (and late) super guarantee payments is severe. Further, the mere catch-up payment of late superannuation obligations is not enough. Super guarantee charge assessment forms need to be lodged with the ATO to stop interest on late super accruing.

Running a Fixed Asset and Tax Register

Learn 13.06.2022

Running a Fixed Asset and Tax Register

The governments temporary full expensing of assets has changed the concept of depreciation. If your family business buys an asset it is deductible in full the year it is ready and it is not expensed over its useful life.

How the Export Market Development Grant can help business families

Learn 31.05.2022

How the Export Market Development Grant can help business families

If you are a small business or a medium sized business looking to expand your presence offshore by exporting, the export market development grant is especially designed to help you do that.

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