News - Westcourt

Navigating the Tax Implications in Divorce

Learn 30.10.2023

Navigating the Tax Implications in Divorce

Divorce is a life-altering event that is often difficult and confusing. And there is a myriad of family, legal, tax and financial aspects of a divorce. The allocation of tax debts, money and assets within the divorcing couple is a significant consideration and emotionally charged. And the tax impact of that asset split from your Perth tax accountant is essential.

7 Common SMSF Mistakes of 2023

Learn 20.10.2023

7 Common SMSF Mistakes of 2023

As an SMSF Trustee, you have a lot of obligations to manage an SMSF and to understand what is a SMSF and how does it work. As SMSF tax accountants across Perth, we see a common list of mistakes Perth SMSF trustees make for a range of reasons.

What is a Permanent Establishments for Australian Taxation?

Learn 16.10.2023

What is a Permanent Establishments for Australian Taxation?

When conducting international business operations in Australia, it is essential to understand the concept of a Permanent Establishment (PE) under Australian tax law. A PE is a critical element that can have far-reaching consequences on the international tax impact of your operations in Australia.

5 Reasons to Budget and Forecast in your Business

Learn 10.10.2023

5 Reasons to Budget and Forecast in your Business

The adage “You need to spend money to make money” is a common refrain in business and across the business accounting community in Perth. However, without sound budgeting and financial planning, Perth SME’s risk overspending and accumulating excessive debt. A well-structured budget crafted by your business accountant acts as a compass guiding family business owner toward their goals. Establishing a budget with your Perth business accountant before starting on expenditures is imperative for entrepreneurs and business owners. Here are some advantages of crafting a disciplined budget for your business:

Frequent Flyer Programs and their Tax Impact

Learn 03.10.2023

Frequent Flyer Programs and their Tax Impact

Perth tax accountants have discussed the taxation of frequent flyer points over the years. This blog post provides a comprehensive understanding of the income tax and fringe benefits tax implications surrounding frequent flyer programs and classic reward flights in the wake of the Federal Court’s decision in Payne v. FC of T (1996) 66 FCR 299, often referred to as Payne’s case. We will delve into the taxation characteristics of flight rewards and consumer loyalty programs, examine their tax impact on different individuals and entities, and discuss the valuation methods of frequent flyer points.

Understanding Capital Gains and Taxes

Learn 26.09.2023

Understanding Capital Gains and Taxes

You generate a taxable capital gain when you sell an asset, like property, for more than you paid. Conversely, you incur a capital tax loss if you sell the asset for less than your original investment. These gains or losses need to be reported on your income tax return, and you’ll usually owe taxes on the gains. And as capital gains tax is a national tax, you will pay the tax regardless of whether the taxing point arose in Perth or elsewhere in Australia. STE

Navigating 50/50 Unit Trusts with SMSFs

Learn 14.09.2023

Navigating 50/50 Unit Trusts with SMSFs

The landscape of Self-Managed Super Funds (SMSFs) is continually evolving, and a growing trend involves investments in 50/50 unit trusts (or, more technically, an unrelated unit trust).

Land Tax Planning in Perth: Useful Tips and Tricks

Learn 12.09.2023

Land Tax Planning in Perth: Useful Tips and Tricks

Land tax is a critical yet frequently overlooked consideration for tax advisors in Perth. While most families prioritize these ‘big-ticket’ taxes when organizing their investments, the land tax remains a significant factor, especially as a family’s property portfolio expands.

How Fuel Tax Credits Can Boost Perth SME’s Cashflow

Learn 31.08.2023

How Fuel Tax Credits Can Boost Perth SME’s Cashflow

Managing cash flow is vital for the growth and sustainability of small and medium enterprises (SMEs). One often overlooked avenue to boost cash flow is claiming Fuel Tax Credits. Specifically, for Perth-based businesses, this article sheds light on understanding Fuel Tax Credits and how they can (through the Australian Tax Office) help your cash flow.

10 Debt Collection Tips Using Cloud Accounting Software

Learn 25.08.2023

10 Debt Collection Tips Using Cloud Accounting Software

Cash flow is the lifeblood of any business, and nowhere is this more understood than in Perth’s bustling commercial scene. With the deep knowledge of Westcourt as a business tax accountant in Perth, you have an arsenal of cloud accounting software programs to manage debtors effectively.

Starting a Testamentary Trust as a Deceased Estate Beneficiary: Is it a good idea?

Learn 21.08.2023

Starting a Testamentary Trust as a Deceased Estate Beneficiary: Is it a good idea?

Navigating the intricacies of estate planning and management can be daunting, especially when faced with the unfamiliar term “testamentary trust.” Understanding its role and benefits can be crucial for beneficiaries. This article will demystify what a testamentary trust is, its purpose, and when it may benefit beneficiaries to consider establishing one.

Understanding Payroll Tax Grouping by RevenueWA

Learn 14.08.2023

Understanding Payroll Tax Grouping by RevenueWA

Understanding nuances such as payroll tax grouping is paramount, especially for businesses in Perth. It’s about ensuring compliance and optimizing operations, financial planning, and preventing potentially significant liabilities. Here, we delve deeper into how Perth tax accountants can be your beacon in navigating payroll tax grouping as laid out by RevenueWA.

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