Westcourt

What is business accounting?

As small business accountants we often come across business owners who find that accounting is a foreign language that will never makes sense. And the fundamental fault for this lies in the person presenting the information – the small business accountants. The language of small business accountants is simply a language. And the better the… Continue reading What is business accounting?

What is Cloud Accounting and how does it help family businesses?

Cloud accounting is definitely the buzzword for Australian small and middle sized businesses.  And while cloud accounting is often talked about many Perth business owners are not completely sure about what is cloud accounting and what it means for their business. Cloud accounting is still accounting The primary reason why businesses do accounting is to… Continue reading What is Cloud Accounting and how does it help family businesses?

How to automate a sales quotation and win business

The practice of issuing a quote to your customers is an important part of running a small to medium sized business and should be part of your overall business plan.  The quote will give your customers an indication of price, service expectations and turnaround times. Around Perth the practice of requesting a quote is now… Continue reading How to automate a sales quotation and win business

Getting the family business sale ready

A common theme we discuss with our clients is the concept of getting your business “sale ready”.  And the recurrent focus for many of our clients is that they would prefer to focus on current, urgent, issues – tax, cashflow, HR, accounting software and the like. However, increasing the sale price of your business will… Continue reading Getting the family business sale ready

Busting 7 crypto tax myths

With the explosion of interest in Crypto currencies; a lot of tax myths have been popping up around Perth about how crypto currencies are taxed.  So we will go through a few of them to get the tax facts straight. Buying crypto is a hobby The extension of this concept is that if crypto currency… Continue reading Busting 7 crypto tax myths

10 Tips for entrepreneurs starting a business

When you start a business the initial phase is incredibly exciting. Sadly this excitement can quickly disappear into terror as the reality, loneliness and monotony of running a business really kicks in. As a business that started from nothing we understand how hard it can be – because we have done it as well.  These… Continue reading 10 Tips for entrepreneurs starting a business

Keeping a motor vehicle log book

One of the easiest ways for a family in business to pay the correct amount of tax, is to keep a motor vehicle log-book. Whether you are attempting to reduce the fringe benefits tax obligations for the cars provided to your employees or even if you are trying to reduce the income tax cost for different… Continue reading Keeping a motor vehicle log book

The Tax Benefits of Superannuation Splitting

The unique Australian tax advantages of superannuation are well known.  And a key component of the tax benefits is dependent on the age of the person retiring and the amount of money a person retires on.  This focus on the single member of a superannuation fund directly compares to how a family in business will… Continue reading The Tax Benefits of Superannuation Splitting

2021 Budget Highlights

Budget Highlights The Federal Budget contains a raft of tax changes.  We have summarised the relevant tax changes for our clients (with the most relevant at the top). Temporary full expensing Business can expense all plant and equipment purchased and installed before June 2023.  This is an extension of the previous position of having the… Continue reading 2021 Budget Highlights

So what is a family business?

Our Perth advice business only focusses on family owned businesses.  However many of our clients do not think of themselves as a “family business”. We have defined a family business as: A business that is controlled and significantly owned by two or more members of the same family with the hope that the business legacy… Continue reading So what is a family business?

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