Tax Compliance and Control
The accurate and timely lodgement of income tax returns, BAS, and a multitude of other forms with the ATO and government agencies is critical to the family’s overall governance and control.
Staying in control of, and anticipating, your tax obligations is an important part of creating a family’s wealth. And where a family is in control of their tax obligations, they start to become audit ready in the event of a tax review.
Once a family in business is certain on their tax obligations and tax liabilities they are able to make sound decisions that impact the future.
Tax Structuring and Opportunity
Taxation is a primary factor in determining the wealth of a family business over time. After tax outcomes matter.
A clear, documented, and strategic approach to long term tax structuring will ensure that a family can maximise the after-tax opportunities that are available to it.
Sadly, taxation is an area where a little knowledge is dangerous. Many advisors simply leave cash on the table because they just do not know that the tax opportunities exist. Or they expose families to harsh penalties because they were not fully across the law at all levels.
That is where Westcourt is different.
Focusing on tax excellence is a fundamental part of our practice. We have directors who are regular keynote speakers, trusted media experts and who also represent the tax profession at both a state and national level. Taxation is not a mechanical form filling outcome at Westcourt. We use tax advisory to create real world, considered and secure advice that both helps and protects a family throughout their life.
Our focussed technical excellence, coupled with our real-life experience in creating a business, gives our clients opportunities to create better after-tax outcomes for their business, their investment and the broader family.
It is increasingly common for a family in business to look offshore for their business or their investment assets.
As the Perth representative of Geneva Group International we have access to over 29,000 professionals worldwide with local on-the-ground knowledge of offshore taxation and the tax administration policy of other countries. This gives us both the knowledge of the law overseas and the tax administration attitude that is crucial in structuring offshore business and investments.
Importantly every GGI member is like Westcourt. We are all independent advisors at the top of our game who are focussed on our respective markets.
So, if you have a holiday home in Spain, a workforce in the Philippines or an office in Dubai, Westcourt has the local experience to guide you through the maze of offshore taxation and how that impacts the Australian position.
Self-managed super funds
Superannuation funds are one of the pillars of the Australian tax system. The unique tax benefits of superannuation funds together with their asset protection advantages has meant that almost every family in business will incorporate the unique tax benefits of superannuation into their long-term planning.
Westcourt has a depth of knowledge in structuring, creating, and managing the superannuation obligations of families with funds that are just starting, to funds that are nearly worth $100m.
We are independent. We are not linked to a bank, investment group, real estate agency or home loan provider. We do not restrict or limit the choice of investments for our clients and we collaborate with a range of investment advisors, real estate agents and life insurance brokers.
Our advice is focussed on maximising the generous tax concessions offered to superannuation funds over the life of the family.
And for the wealth professionals assisting our clients we value and admire the work they do as well. The considered investments made within a superannuation fund require expert advice. At Westcourt we are a focussed firm and we collaborate with other wealth advisors so that the best after tax outcome for our clients is generated.