Westcourt

Getting a Handle on Due Diligence

If you are thinking about buying or selling a business the words ‘due diligence’ will often be bandied around.  The process of undertaking due diligence typically starts once a non-disclosure agreement is signed and clarity on the transaction is set.  The process of due diligence is an investigatory one.  The purchaser is undertaking a deep… Continue reading Getting a Handle on Due Diligence

What is offshore taxation and its impact on business globally?

As businesses from Perth expand internationally looking for growth the difficult issue of offshore taxation becomes relevant. In effect as you generate profits from another country – that country will seek to tax those profits in that other country. And understanding offshore taxation requires clarity on the tax regimes in both countries. Introduction to offshore… Continue reading What is offshore taxation and its impact on business globally?

Employee v Contractor- the tax confusion goes on

Modern workplace arrangements have changed the concept of employment.  The presence of working from home, flexi time work and the “gig economy” has meant that the concept of employment and contracting has moved significantly over time.  This is especially true in Perth with the physical distance of our state requires innovative business solutions. The concept… Continue reading Employee v Contractor- the tax confusion goes on

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 do family businesses fail?

The reasons for a failed business can come through thick and fast. In a world faced with technology change, high taxes, high employment costs and digital automation the reasons for a failed business are literally endless. So what is the major reason a family business fails? In our experience it is the family. The ability… Continue reading Why do family businesses fail?

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

Getting ready to transition your family business

The act of moving the family business from one generation to the next is a life long journey.  It is affected by the location of the heirs (Perth or international), the capacity of heirs and their relationships within the family.  Understanding, educating and helping the next generation to prepare to control the family wealth and… Continue reading Getting ready to transition your family business

How to reduce your $1.6m transfer balance cap

If you are near retirement you will know about the $1.6m transfer balance.  It is the amount of money a person can put into their pension phase and enjoy tax-free earnings later on. For example Cosimo and Agathe live in Perth, they are over 60 and contemplating retirement.  They have $1.5m and $1.4m in their… Continue reading How to reduce your $1.6m transfer balance cap

The R&D Tax Incentive: What is it and how do I get it?

Many family businesses in Perth are doing incredible work.  And it is great to know that the research and development tax incentive or the research and development tax offset are specifically designed to assist these family owned businesses in Perth. How much is the R&D Incentive worth? In effect: if you turnover less than $20m… Continue reading The R&D Tax Incentive: What is it and how do I get it?

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