Westcourt

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. Classically the tax depreciation of an asset roughly lined up with the time-period that the asset… Continue reading Running a fixed asset and tax register

Your definitive guide to Business Tax Planning Strategies

With 30 June just around the corner many business operators across Perth and greater Western Australia are thinking about tax planning for business and their structures. Why is tax planning important? Taxation is a primary factor in the after-tax returns from a family business. And tax planning is an important step in strategically managing your… Continue reading Your definitive guide to Business Tax Planning Strategies

Small business enjoys independent tax review

The Tax Office have made their independent review service a permanent feature of the tax landscape.  The service is open to any business with a turnover under $10m.  So, if you are being audited by the Tax Office, and you receive notification of the audit results, you can request an independent person with the ATO… Continue reading Small business enjoys independent tax review

Understanding the importance of tax law compliance

Whenever you move money and generate profits – either business, investment or wages – taxation and tax compliance is a consideration. And with tax potentially taking nearly half of the income generated almost every family in business is interested in genuinely reducing their tax burden they carry. And every family we have ever met has… Continue reading Understanding the importance of tax law compliance

Fixing tax mistakes with private company loans (Div 7a)

If you run a small to medium business through a company you are likely enjoying a lower tax rate.  The company tax rate is currently at 25% for a trading business (<$50m) which compares well to the individual highest tax rate of 47%. The tax rate differential is an incentive for many Perth based small… Continue reading Fixing tax mistakes with private company loans (Div 7a)

Six handy tips on avoiding Superannuation Guarantee Charge Penalties (SGC)

As a business employer you have an obligation to pay superannuation on behalf of your staff.  And the tax penalties and tax administration of the superannuation guarantee system is complex and littered with multiple tax penalties ranging from higher superannuation, administration fees, loss of tax deductions and interest costs. The SGL applies to employment Australia… Continue reading Six handy tips on avoiding Superannuation Guarantee Charge Penalties (SGC)

Asset valuation guide for SMSFs

Many families in business use the unique tax benefits of SMSFs.  And this guide is to help SMSF trustees understand their obligations to getting a valuation. Getting a valuation If you are running a SMSF you have obligations as a trustee to do a range of tasks.  And while we effectively manage a lot of… Continue reading Asset valuation guide for SMSFs

Getting an understanding of personal services income

Tax law has a fundamental premise that the income of a person belongs to that person regardless of how they structure their affairs.  And for many smaller operators like IT, legal and medical professionals this concept of bringing the income home to the relevant professional is expressed in the concept “alienation of personal services income”.… Continue reading Getting an understanding of personal services income

Employee v Contractor- the tax confusion goes on

Modern workplace arrangements have changed the concept of employment.  The presence of working from home, flexi time work and the “gig economy” has meant that the concept of employment and contracting has moved significantly over time.  This is especially true in Perth with the physical distance of our state requires innovative business solutions. The concept… Continue reading Employee v Contractor- the tax confusion goes on

What to do in a Tax Audit

What to do in the event of a tax audit with our advisors Nick and Adam.

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