How To Run Your First Instagram Competition

How To Run Your First Instagram Competition Article by Sarina Shaw, Marketing Manager One great way for Small Businesses to build a fan base is to run an Instagram Competition. With over 800 million active users, Instagram is the perfect platform to engage your audience and develop your following. To run an effective Instagram Competition there are a number of factors that need to be well thought out beforehand. It doesn’t have…  Read more

Seven Ways to Be the Leader Everyone Wants to Work For

Seven Ways to Be the Leader Everyone Wants to Work For Written by Dr Susan Roberts [EdD, MHRM]   Achieving productivity and financial targets are generally top priorities for business leaders.  Provided service and/or product orders are being maintained at optimal levels, targets that are not being met by employees over a sustained period are likely to elicit ‘why’ questions from managers. This article outlines likely employee responses in terms…  Read more

Top 10 Financial Reporting Red Flags to Watch Out For and What Corrective Action We Recommend

Top 10 Financial Reporting Red Flags to Watch Out For and What Corrective Action We Recommend Written by MVP’s Bruce Mitchell (Chartered Accountant)   An entity’s financial reports are the most objective way to assess its health. As the saying goes “the numbers don’t lie”. An entity’s numbers should indicate that all is well, if that is indeed the case, and should alert you to the first signs of trouble,…  Read more

FACT GUIDE: An FBT Guide For Employers

FACT GUIDE: AN FBT GUIDE FOR EMPLOYERS   The Fringe Benefits Tax (“FBT”) year ends on 31 March. In this Fact Guide, we’ll walk you through what fringe benefits are, whether you should be registered for FBT and other critical information you need to know regarding reporting and lodgment. Fringe Benefits Tax (“FBT”) FBT is the tax imposed on non-cash benefits that you (the business owner) provide to employees “in…  Read more

Building Social Proof For Your Business, And Why It’s So Important

Building Social Proof For Your Business, And Why It’s So Important   A loyal client base is paramount for a successful business. To build a loyal base you need to earn your clients trust, which is why developing your social proof is critically important for your business. So, what is social proof? Coined by the author Robert Cialdini in the book Influence, social proof is the influence that the actions and attitudes…  Read more

How Consolidating Your Debt Can Save You Thousands

How Consolidating Your Debt Can Save You Thousands   Did you know consolidating certain debts into your mortgage could enable you to save interest and pay off your debts sooner? How does this debt strategy work? With this strategy, you need to: increase the mortgage on your family home, and use the extra funds to pay off other non-tax deductible debts (such as a personal loan or credit card) where…  Read more

Top Five Resolutions For Business Success in 2019

Top Five Resolutions For Business Success in 2019   Let’s get straight to the point – Here are our Top Five New Year’s Resolutions for business success in 2019. 1. Review & Revise Your Business Plan All businesses should have a business plan, and once a year (at a minimum) owners should go back and revisit the plan to compare how things are going against what was originally planned. A…  Read more

The Essential Tips for Handling Workplace Conflict: A Staff Manager’s Guide

The Essential Tips for Handling Workplace Conflict: A Staff Manager’s Guide Written by Susan Roberts, HR Specialist.   Handling workplace conflict arising from: words that should not have been said, faulty assumptions about why someone has behaved the way they have, disagreement about decisions made, differences in personality, beliefs and backgrounds, unmet needs, or ambiguity in role and direction is never easy, especially if you are a party in the…  Read more

Managing your business cash flow over the holiday period

Managing Your Business Cash Flow Over The Holiday Period Written by MVP Director, Kelvin Smith. December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slow down and their customers stop paying them for a few months. So cash flow dries up. Whether your business is large or small, well-established or in start-up mode, you need…  Read more

17 Tips to Minimise Your Business Tax

17 Tips to Minimise Your Business Tax   Now is as good a time as any to start implementing tax minimisation strategies in your business. We’ve listed our best 17 tips below. Minimise Your Business Tax Tip 1: Is your business a “Small Business” entity? Small businesses can access a range of tax concessions from the ATO. To qualify as a “Small Business Entity”, the business must have an aggregated turnover…  Read more

What you can do to help protect your family’s living standard

What you can do to help protect your family’s living standard   If you have a financially dependent family, you should make sure you have enough insurance to maintain their living standard in the unforeseen event of your death or disability. How does this work? In the event of your death or if you become disabled and can’t work again, the emotional strain on your family can be quickly compounded by…  Read more

Upsize your super with downsizer contributions

Upsize your super with downsizer contributions   In January 2018… Legislation passed that enables people aged 65 or over to make additional super contributions of up to $300,000 per person from the proceeds of the sale of their home from 1 July 2018. These are known as ‘downsizer contributions’ and they can be made on top of the existing contribution caps, without having to meet certain contribution rules and restrictions.…  Read more

Scam Warning – Scammers may be Impersonating Tax Agents

Scam Warning – Scammers may be Impersonating Tax Agents   In a recent twist in the ‘fake tax debt’ scam, we have received increasing reports of a new scam method where scammers impersonate registered agents to lend legitimacy to their phone call. The fraudsters do this by: coercing the victim into revealing their tax agent’s name, and initiating a three-way phone conversation between the scammer, the victim, and another scammer…  Read more

7 Reasons Xero is better for business

7 Reasons Xero is Better for Business Article by Kelvin Smith, Director. Way back in 2011 MVP Financial was one of Perth’s early adopters of Xero. Since then I’ve seen it grow and develop into the most user-friendly software platforms available. More business owners seem to be choosing Xero for their accounting software over older competitors like MYOB and QuickBooks, so below we’ve listed the top 7 reasons to make the…  Read more

Capital raising for business growth – without borrowing

Capital raising for business growth – without borrowing Written by Robert Marusco When business owners think about how to grow, typically the number one decision to consider is how and where to get the capital required to implement their business strategy. Taking out a business loan is generally the first (and possibly only) plan of action for most. If you’re reading this article because this is the exact decision you’re…  Read more

Warning Signs of Employee Fraud

Warning Signs of Employee Fraud   Employee fraud is a hot topic in the Perth media at the moment, what with the $1.2 million dollar fraud committed by Perth socialite, Annabelle Martincic over a two year period. Martincic was granted access to the company’s (M3 Residential) bank accounts, conducting “voluntary” financial work as she was in a relationship with one of the co-directors. The fraud was only realised when another director…  Read more

Tough Rules Enforced by ATO on Overdue SMSF Returns

Tough Rules Enforced by ATO on Overdue SMSF Returns   The ATO is cracking down hard on overdue self-managed superannuation fund (SMSF) returns, and if you have more than one outstanding, expect the bar to be set even higher for your 17/18 return. Critical points to note if your SMSF return is overdue: If you have not submitted your 16/17 SMSF return, it is now overdue, and the ATO will…  Read more

Accounting & Bookkeeping Tips for Tradespeople

Accounting and Bookkeeping Tips for Tradespeople   Tradespeople are very busy. Working long hours and having busy schedules means that there is little time for people running a building, plumbing or electrical business to sit down and work out their tax obligations, get compliant, balance the books and organise payroll, these being just a few of the financial tasks required to operate a business today. This means is that tradespeople…  Read more

Why Paying Tax is Actually Great

Why Paying Tax is Actually Great Okay, the title is a bit over the top. But now that I’ve got your attention it’s worth reading on… It’s tax time… And so begins another year of questions around how I can reduce a tax bill to zero or phone calls complaining about the ATO. And I get it, nobody, not even me, the accountant, likes to pay tax. But with a…  Read more

New GST withholding rules for Taxpayers buying from property developers

New GST withholding rules for Taxpayers buying from property developers   Article by Michael Florio, MVP Accountant Will the new GST withholding rules affect you? New GST withholding rules mean those who purchase certain types of properties and land will be responsible for withholding and paying GST on behalf of the property developer. Why has the ATO made this change? There has been a growing number of businesses in the property…  Read more