How can we help you?
Yes. Westcourt can help with business structuring from simple company, trust or SMSF setup at your request to providing detailed advice about what is the best business structure for you.
I have a significant property portfolio but I do not operate a business. Do you help people like me?
If you are a property investor we simply look at the property portfolio as a business. The development, management and structuring of a property portfolio is a significant task and the numbers involved for many investors are significantly higher than a micro/small business operator.
In Perth, most “family businesses” are first generation business with one family member driving the business. In this instance our tax structure and business advice is focused on maximizing the current after tax wealth together with planning for how life changes could affect the business over the next 20 years.
If you go to the ASIC website you can quickly get a new company A.C.N. You will still need to attend to your statutory obligations like preparing a register of directors, preparing share certificates, directors consents and shareholder consents. Westcourt can help you properly create and attend to your new statutory obligations by ensuring your company obligations are properly managed.
Westcourt does not give investment advice or insurance advice. Our advice is focused on long term tax strategy, tax structuring, business financial advisory, property advice, CFO services, financial modelling, M&A, estate planning and succession. If you are looking to invest money in the stockmarket, look at your insurances or something like that we can work with a financial planner of your choice or respect your wishes to run the portfolio privately.
Our practice has an upfront pricing policy and we do not keep timesheets. Our prices range considerably depending on the complexity and size of the engagement and the quality of your internal team. As a guide, for a person needing a tax return prepared, with no investments or deductions, our cost will be $165 plus GST – however if that is all somebody actually needed we would likely show them how to prepare their own tax return online.
As a tax structuring practice we are committed to great tax advice. And we acknowledge, with the massive complexity of tax advice, that we do not know everything. For deeply complex matters, when we give advice, we will often engage a specialist tax barrister to provide a supporting tax opinion or we will apply for a private tax ruling. This will be agreed upon with you before hand and you will be given a quote so you are certain in costs.
No. The work we do is done in our offices in Perth or Melbourne. We have found that routine mechanical work can be handled well through automation and artificial intelligence rather than engaging people in another country (and the HR issues associated with managing people in another country).
The obligation to register for GST applies if your forecast Australian “taxable supplies” will exceed AUD $75,000 (among other tests). It is important to note that if your turnover exceeds $75k in a year the GST will most likely apply to the entire year of sales – not just the prior period.
Yes. While Xero is a great program it is not the answer to every possible option in the world. Our practice is a “client first” practice and we work collabertively with you to get the best outcome – and that might not be Xero.
We are not an elitest business. Some of our biggest clients have come from a business that was an vague idea that has grown over time – so yes we are more than prepared to help. And if we are not positive that we will generate true value to you and your business we will tell you from the start.
Yes we do. Our office is in the Perth CBD and we are next door to one of the last open air carparks. We have designated client parking and it is only 50 metres from the building entrance.
The best value we generate is face to face at your office, factory, shop or home. We genuinely understand a business so much more by being present where you operate and understanding the business and seeing what you do.
We are not finance brokers and we actively work with great finance brokers to help you get finance. And our services are targeted at engaging with banks and presenting your affairs and ensuring your loan structures are as tax effective as possible. So this can include forecasting, quarterly reporting, loan structuring and monitoring covenants and loan maturity dates.
Our advice on finance is independent. We do not get commissions or fees from banks or finance brokers by restructuring your loans.
Most of our business clients will employ a CFO, financial controller, office manager and bookkeepers to attend to the management of the business. So we actively work with your team to identify ways we can help and also support your team to grow and find value as well.
Futter, many of our higher net wealth clients have syndicated investments with third party investors and we actively work with other tax structuring accountants to get the best overall outcome.
If we will charge for the first meeting we will let you know in advance before we meet. As a guide, if you are operating a business with a strong turnover we will not charge for the first meeting.
All of our staff are front facing and engaging. If you call us and talk about where you are at in life and your business we will try and match you with the best person possible.
Our SMSF advisory team can engage with you on the tax benefits of a SMSF, the tax structuring implications of investing in property within a SMSF, the cost of operating a SMSF and the ongoing tax obligations including SMSF auditing and the need for statutory matters like an SMSF investment strategy, members statements and resolutions.
If you are not sure if a SMSF is right for you we will help you find a licensed investment advisor who can compare the forecast returns from your SMSF to other investment returns from other superannuation providers. Our SMSF advice team do not give investment advice and we do not actively promote or encourage people to transfer their superannuation monies to a SMSF. If you are clear on what you are looking for we can take instructions from you on how to move forward.
Honestly – it can be. Depending on the complexity of your affairs there will be effort on both your part and our side in getting an understanding of what is going on. And sometimes the record keeping by your former tax advisor might be poorly done.
At Westcourt we take on the cost of changing accountants and learning about your business and your needs. So, you are not paying for us to “learn” about you. It is an investment we make so we can look forward to a long term relationship.
The process of changing accountants should not be overly complicated – and if your former accountant is making life difficult for you we have the option of lodging complaints to Chartered Accountants Australia or CPA Australia.
If everybody is being professional and acting like an adult: it is not difficult.
This is an option. And with the current labour shortages hiring and keeping a senior internal accountant long term can be difficult. Engaging Westcourt to provide a CFO service simply takes away the HR hassle of having an internal CFO on board with all of the training, CPD and cultural issues associated with that team member.
Often our CFO services are cheaper than employing a full-time employee to do the same task. We do that by engaging leading edge technology and by focusing only on doing CFO work and then engaging different members to undertake bookkeeping tasks that many CFO’s are currently doing.
If you are already reading this the answer is probably yes. And if you are getting fines for late lodgement, you are not understanding why you pay so much tax, or if your technology and systems are more advanced than your accountants – then you probably have outgrown them.
Your accountant needs to have the ability to help you long term and their advice should be able to scale up as your business grows. However, if your accounting firm currently employs 50 times the number of staff that you do – then your accountant might have outgrown you!
If you are unsure if your accountant has the technical skills to handle your growing business: simply ask your accountant 5 questions – Do you (or your team) attend the National Xero or MYOB Convention? Do you or any of your staff regularly present at tax seminars in your profession? Do you have an international network of advisors who can help me offshore? Do you have an external coach who supports your own business growth? What major technical improvement in client services did you undertake last year?
If your accountant is unable to answer any of the above questions – then it might be time to change your accounting and tax needs across to Westcourt.
