News - Westcourt

Your Complete List of New Tax Changes for Residential Property Investors

Learn 16.04.2024

Your Complete List of New Tax Changes for Residential Property Investors

Residential property investments are a significant part of every business family’s portfolio in Perth. The recent tax changes in this sector have profoundly impacted how tax accountants structure the taxes for these families and manage their investment portfolios. Understanding these changes is crucial for every residential property investor in Perth. Of course, many business families own and operate commercial properties in addition to their residential ones, including commercial property held in an SMSF, and some of these changes also apply to them.

How to Object to a RevenueWA Land Tax Assessment

Learn 20.03.2024

How to Object to a RevenueWA Land Tax Assessment

Receiving your annual land tax assessment is never welcome. Even with effective land tax planning strategies, the cost of land tax is a significant burden on families in businesses with substantial land holdings. And even if you can pass on land tax to your tenants, your customers and tenants carry the cost, which is reflected in the net rent they can pay to you. However, you can object to a land tax assessment. RevenueWA can and does get it wrong, and there is a formal process for objecting to your land tax assessment.

10 Tax Tips about the New $3m Super Tax

News 21.11.2023

10 Tax Tips about the New $3m Super Tax

The government’s proposal to tax SMSF’s and super fund trustees with a new 30% tax has a range of confusion and angst by many Perth tax accountants and their clients. Here are 10 tax tips about the new 30% SMSF tax that families in business should consider.

Understanding Tax Due Diligence: A Detailed Step Plan

Learn 31.07.2023

Understanding Tax Due Diligence: A Detailed Step Plan

Buying a small to medium-sized business in Perth is a considerable undertaking that can propel your business toward new avenues of growth and diversification. But the process has its share of challenges and risks. The vital safeguard against these perils is the comprehensive practice of tax due diligence facilitated by your Perth tax accountant. This process helps your medium-sized business identify and mitigate tax risks, verify tax obligations, and ensure a seamless investment. At no time does management want to allocate resources to looking at historical tax positions. While the penalties and fines for poor tax law compliance can be significant, the drain on management resources during a critical transition can be devastating.

Xero Retires WorkflowMax in June 2024: Managing the Transition

Learn 03.05.2023

Xero Retires WorkflowMax in June 2024: Managing the Transition

Xero, a leading provider of cloud-based accounting software, recently announced its decision to retire WorkflowMax, their popular project management solution, on 26 June 2024. While this decision has implications for clients of Perth business accountants who have relied on WorkflowMax for their project management needs, it also presents a unique opportunity for businesses to improve and leverage technology in a better way. In this blog, we will discuss how the retirement of WorkflowMax and the introduction of BlueRock as the official replacement can help businesses unlock new possibilities for growth and efficiency. TE

How are the New PSI Rules Affecting Me?

Learn 30.01.2023

How are the New PSI Rules Affecting Me?

The Australian Tax Office (ATO) have recently revised their approach for the taxation of Personal Services Income. And the change to the rules will affect the ways that Perth tax accountants interact and advise on how contractors in Perth and the rest of Western Australia approach and document their tax affairs.

Great Accounting Business Tips for Start-up’s

Learn 13.01.2023

Great Accounting Business Tips for Start-up’s

As business accountants across Perth we see a range of mistakes that start-up business operators make. The act of starting up a new business is challenging enough without adding to the headache so we have listed a few accounting business tips for start-ups to help you along the way.

New ATO Attack on Family Trusts

Learn 02.03.2022

New ATO Attack on Family Trusts

The Australian Tax Office have released a long awaited draft tax rulings on the tax treatment of trust distributions to family members. In effect the ATO are looking at tax strategies which arrange for family trusts to allocate trust profits to family members (or companies) that are potentially on a lower tax rate where that person does not effectively enjoy the trust distribution.

Understanding the New Export Markets Development Grant

Learn 28.05.2021

Understanding the New Export Markets Development Grant

The government is changing the Export Market Development Grant from 1 July 2021. And these changes will significantly help business families across Perth looking to expand their interest beyond our borders.

The new rules of finance can catch you unaware

Learn 24.11.2020

The new rules of finance can catch you unaware

We have known for a long time that most home owners are not aware of their interest rate. In fact a staggering 85% of borrowers are unaware of their interest rate (1).

How the new R&D Tax changes will affect family businesses

Learn 24.11.2020

How the new R&D Tax changes will affect family businesses

For a long time government has been concerned that the R&D tax system is being abused. And with a recent cases of tax advisors who take a success fee going to jail it is no wonder.

Preparing for the new Goods and Services Tax (GST) on low-value goods imports

Learn 24.11.2020

Preparing for the new Goods and Services Tax (GST) on low-value goods imports

From July 1st, 2018 any product, such as toys, linen, cosmetics, or clothing will incur GST on the full price of the goods sold on importation into Australia.

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