Westcourt

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

When can a binding death benefit nomination be a bad idea?

Estate planning for business families is difficult.  There is a raft of legal terms like enduring powers of attorney, testamentary trusts and complex tax outcomes depending on the structures and the family dynamics.  If that complexity is not enough some business advisors in Perth are not independent and everybody has a different approach. What is… Continue reading When can a binding death benefit nomination be a bad idea?

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.

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

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?

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

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

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

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