Westcourt

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

How to deal with conflict in the family business

If you are a family running a business you will inevitability have conflict.  The conflict might be over financial matters, the tax structuring, how you talk to each other, the business strategy, remuneration or just the colour of your business cards. Conflict is normal.  And conflict is a good thing.  It challenges how the business… Continue reading How to deal with conflict in the family business

Helping the kids buy their first home: taxation and superannuation

Many families will have systems in place when their kids buy their first home.  Just like they help with all taxation, investment and superannuation concessions.  Because the purchase of the first home is a large investment decision and the success of the child’s home ownership will impact on how the legacy is transferred. And with… Continue reading Helping the kids buy their first home: taxation and superannuation

Preparing for the new Goods and Services Tax (GST) on low-value goods imports

From July 1st, 2018 any product, such as toys, linen, cosmetics, or clothing will incur GST on the full price of the goods sold on importation into Australia. What are the GST changes for low value imported goods? So from 1 July 2018, GST applies to low-value physical goods that have been imported to Australia… Continue reading Preparing for the new Goods and Services Tax (GST) on low-value goods imports

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

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

Understanding how foreign exchange markets work

Many Perth based family businesses are looking internationally for growth.  And as soon as you talk about dealing offshore you will start talking about foreign exchange risks. For example: Perth Business Accountants Pty Ltd (PBA) has a contract to sell USD $1m a month in business advisory services.  The contract will last for 3 years.… Continue reading Understanding how foreign exchange markets work

Can I crowdfund my business?

Crowdfunding is a new and evolving area for many business owners and their families. So the tax effect of crowdfunding is also developing (a few steps behind the process). So is my crowdfunding project taxable? If you are running a business, and crowdfunding is done in a systematic way, you will pay tax on the… Continue reading Can I crowdfund my business?

Chart of Accounts – Building a stronger business by David Hewitt

Ask yourselves a question: would you drive a car blindfolded? I sincerely hope that you answered that question with a firm no. Now ask yourself another question: how is your business going today? If you cannot answer that question with complete confidence then you are driving a car blindfolded. We have all heard the stories… Continue reading Chart of Accounts – Building a stronger business by David Hewitt

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