Westcourt

Running a Fixed Asset and Tax Register

The governments temporary full expensing of assets has changed the concept of depreciation.   If your family business buys an asset it is deductible in full the year it is ready and it is not expensed over its useful life. Classically the tax depreciation of an asset roughly lined up with the time-period that the asset… Continue reading Running a Fixed Asset and Tax Register

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

A deep dive into the New Xero Ultimate package

As Xero scales up (and down) its cloud accounting solution for business across Perth and Australia it is exciting to see that Xero has recently released their new “Ultimate Plan” What is the Ultimate Plan? The Xero Ultimate Plan is the most comprehensive plan available to the families who own businsses.  It includes Xero’s core… Continue reading A deep dive into the New Xero Ultimate package

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

10 asset protection lessons for families that own small and medium sized businesses

For commercial families that own a medium sized or small business; protecting the family assets from the 3 d’s of business – death, divorce and debt – is important.  As Perth business accountants we have to balance the desire for simplicity, tax, and asset protection strategies against each other. Typically, the most simple solution creates… Continue reading 10 asset protection lessons for families that own small and medium sized businesses

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

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

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

10 Steps to consider before hiring staff internationally

The decision for a family business to employ staff in another country is a common first step to setting up a presence in another country.  So, before you start to officially employ staff you should consider the following steps. 1. What entity is going to employ the person? Many countries require that a contract of… Continue reading 10 Steps to consider before hiring staff internationally

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