Westcourt

Structuring your business to combat inflation

In Australia inflation has effectively not been part of the family business and investing landscape for at least two decades. So dealing with rising prices and rising costs, and engaging cloud accounting software solutions to help that, in your commercial family business to make it prepared for inflation is important.  Here are some simple measures,… Continue reading Structuring your business to combat inflation

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

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)

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

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

What is Furtli Advisor and how can it help families in business

Furtli advisor is the best of breed business accounting and financial analytic software.  It can help West Australian business families with profit, cashflow and balance sheet forecasting, scenario modelling and reporting that is tailored to your business.  And with the plug-in options like Xero for accounting data, the use of Futrli as a business reporting… Continue reading What is Furtli Advisor and how can it help families in business

Five ways to make a more sustainable business

The focus on many business operators is to provide a more stable business stream.  In a world of volatility and uncertainty the business that can have an ongoing and stable income stream are highly valued. However the process to creating such a business is long and has many elements.  Some of the major ones to… Continue reading Five ways to make a more sustainable business

Common sense in accounting

The election on Saturday was an incredible response: one that was not anticipated by our practice. It is important to look back on why this was potentially important.  It was important because the opposition government had anticipated a range of significant tax changes that would have made an incredible change to the tax and business… Continue reading Common sense in accounting

Why saving tax is the wrong place to start family business succession

The discussion of succession in a family business in Perth is difficult.  Often the conversation is difficult and taxation can be a large stumbling block: and the long value driver of an effective family business succession is often at odds with tax effective structuring. We will go over a few classic examples of how tax… Continue reading Why saving tax is the wrong place to start family business succession

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