Westcourt

How the Export Market Development Grant can help business families

If you are a small business or a medium sized business looking to expand your presence offshore by exporting, the export market development grant is especially designed to help you do that. How much is the Export Market Development Grant? The maximum grant payable is $770,000 over an 8 year period. It is capped at… Continue reading How the Export Market Development Grant can help business families

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

Structuring property to reduce Western Australian land tax costs

The cost of land tax is a commonly overlooked tax within Perth’s tax advisors. The common focus on the “big” taxes of income tax, main residence exemption, CGT, GST and the 50% CGT discount is a primary driver for many families structuring their investments. However as a family grows their property investment portfolio the land… Continue reading Structuring property to reduce Western Australian land tax costs

Getting ready for an ATO Next 5,000 review

The ATO is currently undertaking “Next 5,000 reviews” on our client base and those wealthier families across Perth generally. Who is the focus of an ATO Next 5,000 review? The review is targeted primarily at the families in Australia whose wealth is from the Top 500 to the top 5,500 (hence the name “Next 5,000”). … Continue reading Getting ready for an ATO Next 5,000 review

How to help your adult children buy a house

Many business families are focused on helping their adult children purchase a home – the primary purpose of many family businesses are so that the business can provide for future generations. How a family in business helps a child purchase a home, or develop a property portfolio, are wide and varied.  And the impact of… Continue reading How to help your adult children buy a house

13 bookkeeping mistakes in Xero

As family business accountants we absolutely love Xero.  The ability to automate low value tasks in bookkeeping and create clean data is a godsend to family business owners around Perth. Sadly Xero still requires a smart person to run it.  And we have seen a raft of bookkeeping errors within our client base.  So we… Continue reading 13 bookkeeping mistakes in Xero

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

Tax and government incentives for hiring apprentices

The government has a raft of tax and other incentives for business families who are hiring apprentices.  And for Perth and Western Australia – an economy driven by mining and food – this is especially important. The starting point when looking at the incentives is to contact Australian Apprenticeships to see if your business is… Continue reading Tax and government incentives for hiring apprentices

Directors Identification Numbers are coming

It is surprising for many families in business that you do not need to prove the identity of a person when they become a director.  In effect a company could be created with fake directors’ present (like Donald Trump or Julius Ceasar) and ASIC will not impact or follow up on the application. This creates… Continue reading Directors Identification Numbers are coming

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