News - Westcourt

How your office or factory sets your strategy

Learn 08.11.2021

How your office or factory sets your strategy

The strategy of a family business is fundamentally determined by the location and functionality of your office or factory. We go over a few things to consider.

Getting the family business sale ready

Learn 01.11.2021

Getting the family business sale ready

A common theme we discuss with our clients is the concept of getting your business “sale ready”. And the recurrent focus for many of our clients is that they would prefer to focus on current, urgent, issues – tax, cashflow, HR, accounting software and the like. However, increasing the sale price of your business will make a significant impact on the retirement and family succession plan for many business owners. So why not start getting the business sale ready now?

Getting ready for an ATO Next 5,000 review

Learn 25.10.2021

Getting ready for an ATO Next 5,000 review

The ATO is currently undertaking “Next 5,000 reviews” on our client base and those wealthier families across Perth generally.

Busting 7 crypto tax myths

Learn 18.10.2021

Busting 7 crypto tax myths

With the explosion of interest in Crypto currencies; a lot of tax myths have been popping up around Perth about how crypto currencies are taxed. So we will go through a few of them to get the tax facts straight.

How to help your adult children buy a house

Learn 11.10.2021

How to help your adult children buy a house

Many business families are focused on helping their adult children purchase a home – the primary purpose of many family businesses are so that the business can provide for future generations. How a family in business helps a child purchase a home, or develop a property portfolio, are wide and varied. And the impact of helping a child, the tax consequences, the accounting treatment, structuring, and communicating that help across the family are incredibly important. If property is in Perth the local tax issues must be compared to buying interstate. And we have detailed a few strategies we have seen to date which are in addition to the First Home Super Saver.

How a wealthy family can lose it all – 5 ways to mess it up

Learn 04.10.2021

How a wealthy family can lose it all – 5 ways to mess it up

As advisors to families in business the protection of the family’s wealth is always on our mind. And our combined experience as a specialist firm has shown us almost all of the ways a families wealth can be eroded quickly.

13 bookkeeping mistakes in Xero

Learn 30.09.2021

13 bookkeeping mistakes in Xero

As family business accountants we absolutely love Xero. The ability to automate low value tasks in bookkeeping and create clean data is a godsend to family business owners around Perth. Sadly Xero still requires a smart person to run it. And we have seen a raft of bookkeeping errors within our client base. So we thought we would go through a few of them.

Understanding SAPTO (Senior Australians and Pensioners Tax Office)

Learn 20.09.2021

Understanding SAPTO (Senior Australians and Pensioners Tax Office)

The number of tax offsets, and especially SAPTO (Senior Australians and Pensioners Tax Offset) in our tax legislation confuses many people and also represents an opportunity for those looking towards structuring their retirement or family succession.

What is a sophisticated investor?

Learn 14.09.2021

What is a sophisticated investor?

As accountants, many successful families in business request us to issue them with a “sophisticated investor certificate”. In fact it is commonplace for every wealthy (ish) business minded family.

Tax Implications on Cryptocurrencies

Learn 10.09.2021

Tax Implications on Cryptocurrencies

Transcript from "Tax Implications on Cryptocurrencies" Westcourt Video

How the crooks use your tax file number

Learn 06.09.2021

How the crooks use your tax file number

The increasing risk of identity theft is of concern to everybody. And one of the most important identifying documents an Australian has is their tax file number.

10 Tips for entrepreneurs starting a business

Learn 01.09.2021

10 Tips for entrepreneurs starting a business

When you start a business the initial phase is incredibly exciting. Sadly this excitement can quickly disappear into terror as the reality, loneliness and monotony of running a business really kicks in. As a business that started from nothing we understand how hard it can be – because we have done it as well. These are the top 10 start-up tips to get you through.

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