Westcourt

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

Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business

It is a sad fact that doing the accounting taxation, and financial management for a family business in Perth involves a lot of paperwork.  There is a lot of retyping data and filing documents endlessly. Thankfully, and after an incredibly long time, technology is automating the mindless paper chase. And incredibly it is now working.… Continue reading Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business

The rule of 72: An old diamond in finance

As accountants we typically have to do numbers on the spot.  We are often visiting family businesses around Perth and regional towns and the rule of 72 is a great tool for everyday financial calculations. In short if you want to know how long something will take you to do double your money use the… Continue reading The rule of 72: An old diamond in finance

Government tax attack on testamentary trusts changes estate plans

The use of a testamentary trusts for estate planning has been common practice for many Perth business families.  The testamentary trust has fantastic taxation, asset protection and estate planning flexibility. However from 1 July 2019 the government is intending to strip down the tax benefit that people enjoy in a testamentary trust. However to understand… Continue reading Government tax attack on testamentary trusts changes estate plans

Let’s tell the truth – the paperless office is a myth

Sadly the accounting function in a family business is typically covered in a tonne of paper. Very few businesses in Perth become truly “paperless”.  There is marketing documents, business cards and “wet signatures” for important key contracts. However, with the right combination of cloud technology applications from accounting, taxation and customer relationship management you can… Continue reading Let’s tell the truth – the paperless office is a myth

Getting ready for the end of financial year

The end of financial year is a great time for family business accountants and tax advisors.  Families and businesses across Perth are normally calling their accounting taxation and business advisors for any last minute strategies coming up to 30 June.   Your trust distribution minute is important Many accountants have created a discretionary trust.  And… Continue reading Getting ready for the end of financial year

How the new R&D Tax changes will affect family businesses

For a long time government has been concerned that the R&D tax system is being abused.  And with a recent cases of tax advisors who take a success fee going to jail it is no wonder. So the recent budget has targeted businesses with a turnover of more than $20m (and this covers a big… Continue reading How the new R&D Tax changes will affect family businesses

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?

GST changes for property developers are coming on 1 July 2018

Property developers and their extended family will face a significant change in the taxation of their developments. In particular the tax treatment of the goods and services tax remitted by purchasers of new residential premises will mean that Perth tax accountants will be called upon to help families doing the development. The tax changes will… Continue reading GST changes for property developers are coming on 1 July 2018

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