News - Westcourt

How WA Family Businesses Can Reduce Payroll Tax

Learn 11.04.2025

How WA Family Businesses Can Reduce Payroll Tax

In Western Australia, payroll tax remains one of the most significant state taxes facing thriving family-owned businesses. Once your payroll creeps above $1 million — not uncommon in a family business — every additional dollar in salary attracts up to 5.5 cents in tax.

GST When Buying and Selling Second-Hand Goods: A Guide for Business Owners

Learn 03.04.2025

GST When Buying and Selling Second-Hand Goods: A Guide for Business Owners

The Goods and Services Tax (GST) framework in Australia is complex, and it becomes incredibly nuanced when it comes to trading in second-hand goods. For businesses such as used car and machinery

Investing in a granny flat on your Perth property can offer significant benefits

Learn 26.03.2025

Investing in a granny flat on your Perth property can offer significant benefits

Investing in a granny flat on your Perth property is becoming an increasingly common tax strategy, offering significant tax benefits, including the granny flat tax exemption. However, it’s essential to understand the complete tax implications associated with investing in a Perth granny flat. This comprehensive guide explores key tax considerations when looking at the Australian tax rules for granny flats, including the main residence exemption, negative gearing, land tax, Goods and Services Tax (GST), the 6-year rule, and stamp duty related to property subdivision.

11 Steps to Managing a Deceased Estate

Learn 18.03.2025

11 Steps to Managing a Deceased Estate

Administering a deceased estate in Western Australia involves specific procedures and timeframes. Below is a guide tailored to WA’s legal requirements and resources.

Maximising Savings on Electric Vehicles: Understanding the FBT Exemption and Novated Leasing

Learn 12.03.2025

Maximising Savings on Electric Vehicles: Understanding the FBT Exemption and Novated Leasing

The Fringe Benefits Tax (FBT) exemption allows salaried employees to finance an electric vehicle (EV) through a novated lease, paying for it entirely from their pre-tax income. This arrangement helps employees save significantly by avoiding the fringe benefits tax, which typically applies when an employer provides a vehicle for personal use.

What happens if your company is in liquidation?

Learn 05.03.2025

What happens if your company is in liquidation?

If your company is in liquidation and you’re a director, you can’t walk away. You have an obligation to help the liquidator and remain engaged, but you are no longer running the company and you can’t make decisions. This can be a confronting position. If your company is in liquidation the process varies considerably depending on whether the liquidation is a members (shareholders) voluntary liquidation or a creditors liquidation.

When to start an SMSF pension

Learn 05.03.2025

When to start an SMSF pension

The primary tax benefit of starting a superannuation pension is that the monies invested in your SMSF will enjoy tax-free investment earnings up to the Transfer Balance Account limit ($2m from 1 July 2025). Lifestyle choices can also affect the decision to start a pension. However, this blog is directed at family business owners with multiple income streams who are flexible in how their tax affairs are structured and how they choose to work. For those family owners, the tax benefits of an SMSF, delivered by their Perth tax accountants who are structuring their tax affairs, at a holistic level are more important than identify cash to fund their retirement income.

Taxes and the Accidental Property Developer

Learn 17.02.2025

Taxes and the Accidental Property Developer

Many family business owners in Perth invest in property as a wealth strategy. However, what happens when a simple investment turns into a full-fledged development project? The shift from property investor to property developer comes with significant tax implications that can impact the project’s after-tax profitability.

Selling Your Business Tax Free

Learn 10.02.2025

Selling Your Business Tax Free

As a business owner, you probably did not enjoy superannuation guarantee contributions along the way as your employees did. The act of growing and creating your own business was your superannuation. The government acknowledges a range of tax-efficient ways to sell the business and either avoid or reduce the tax on the sale of the process entirely through the small business capital gains tax concessions.

Using Scrip for Scrip Rollovers When Selling the Business

Learn 06.02.2025

Using Scrip for Scrip Rollovers When Selling the Business

When you are getting ready to sell your family business, the tax restructuring of the family business will often include multiple tax structuring options, including a scrip-for-scrip rollover. While the action is frequently talked about, many Perth tax accountants don’t correctly understand how the tax measure works, how to access it, or how a scrip-for-scrip tax rollover can help the family business.

Managing a deceased estate with offshore assets

Learn 30.01.2025

Managing a deceased estate with offshore assets

As business families become increasingly mobile and global, it is common for a deceased estate to have interests and assets beyond Australia. They can be overseas business branches, foreign real estate holdings, offshore shares, or bank accounts. All of these assets and interests will have tax consequences on income generated within the deceased estate has tax consequences on the sale of the assets, and also tax implications on the transfer of assets to the beneficiaries.

Export Market Development Grant (EMDG) Program: Updates and Opportunities for Australian SMEs

Learn 20.01.2025

Export Market Development Grant (EMDG) Program: Updates and Opportunities for Australian SMEs

The Export Market Development Grant (EMDG) program is a flagship initiative by the Federal Government designed to support Australian small and medium enterprises (SMEs) in promoting their goods, services, and intellectual property in international markets. Recent changes to the program aim to provide increased funding opportunities, though not all applicants will secure a grant.

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