Many of our clients are start-up first generation families in business. The owner might not yet be married or have children. However, the desire to create something and leave a legacy is there. The founder might be doing it alone or working in partnership with other entrepreneurs for a common purpose.
The long-term planning and short term positioning for an aspirational entrepreneur is important. The careful choice of asset structuring, gaining control, creating great after-tax outcomes, together with future flexibility forms a bedrock for how the aspirational family member can start to become wealthy, help their immediate family and then transfer the wealth later on to the next generation over the next few decades.
The long-term planning and short term positioning for an aspirational entrepreneur is important. The careful choice of asset structuring, gaining control, creating great after-tax outcomes, together with future flexibility forms a bedrock for how the aspirational family member can start to become wealthy, help their immediate family and then transfer the wealth later on to the next generation over the next few decades.
Services
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.
A family in business should have real time access to their financial position and financial performance. Clearly understanding where you are at now, through the timely and accurate preparation of clear financial reports, is the only way you can make clear decisions about the future. At Westcourt we assist a range of family businesses prepare monthly, quarterly, or yearly accounts to give them insight into how they are operating.
The ability to plan ahead and give a business direction is what a part-time CFO gives to a family business. At Westcourt we provide CFO services with business planning, forecasting, cashflow management, treasury, and reporting. Our deep knowledge of automation, together with our commitment to process, allows us to cut through and simplify many tasks that many accountants are still doing.
A common element of family business is that the purpose of the business is to help the family over generations. It might be through continuing the family business or providing funds to different family members to allow them to go on their own paths. Treating every generation with respect and engagement through our "one up one down" strategy gives family businesses one source of contact and an ongoing financial development of the family over time.
Recently cryptocurrency has become increasingly popular and due to the recent pandemic, more people are getting invested in trading on a variety of platforms. Jenny and Lewis will be discussing how important it is to keep a record of your trades and how buying and selling can trigger a number of tax requirements.
