How to reduce tax – What can you claim against your tax?

It’s tax time again – Learn how to reduce tax using the strategies listed below Please take 2 minutes to read this article, in it we will explain how to reduce tax through what you can claim. This article will detail: – Deductions you can claim – The importance of a fantastic tax accountant – The “tax trap” you need to avoid – Learn more about specific deductions 1. How to reduce…  Read more

Choosing the Right Business Structure

Choosing the Right Business Structure It is important to consider the advantages and disadvantages of each type of business structure and to choose the best structure to suit your circumstances. Factors to consider when selecting a business structure include set-up and ongoing costs, tax implications, asset protection and legal requirements. The four main structures are: 1. Business Structure – Sole trader The owner is a sole proprietor who controls and…  Read more

What is succession planning all about?

Succession planning is one of the more important safety nets for a business owner who wants to build their business with the end goal of selling their business for the maximum value, be it in one, five or 10 years’ time. Yet, as important as this is, many businesses fail to implement a successful exit strategy for their eventual transfer of ownership. The reality is that every business owner will…  Read more

Don’t miss the deadline to register for the R&D Tax Incentive

Monday 1st May 2017 is the deadline to register for the R&D Tax Incentive for eligible activities conducted during the year ended 30 June 2016 (last financial year). Companies still seeking to lodge FY16 R&D claims who have not previously submitted their FY16 registrations should take immediate action to ensure their activities are adequately assessed, described and registered. Companies registering R&D activities in FY16 need to provide details of:  Core R&D…  Read more

THINKING OF SELLING YOUR BUSINESS?

If you are thinking of selling your business, Don’t do anything without first getting professional advice For the majority of small to medium sized business owners, the value of your business is your biggest asset and, very likely, your retirement fund. So before selling your business make sure you get the right advice.  It could save you thousands in tax. Upon sale of your business it is critical you receive the…  Read more

R&D Tax Incentive – a new regime

R&D Tax Incentive – a new regime The R&D Tax incentive is a broad-based program that allows innovative companies to receive tax offsets – in the form of a cheque or direct transfer – for companies under $2m turnover in a loss of 43.5% of total R&D expenditure; or 45% for companies between $2m and $20m turnover. Companies of this size in a profit receive a Tax Credit of 13.5%…  Read more

Do you have your tax debts under control?

From 1 July 2017, a new tax measure will come into play for small businesses, and we’re here to help prepare you for this tax change. Businesses that haven’t engaged with the Australian Taxation Office (ATO) to get their tax debts under control could have their tax debt information disclosed to credit reporting agencies by the ATO. Initially, the ATO will be applying this new disclosure measure to businesses with…  Read more

Is a SMSF right for me?

Is a SMSF right for me? A SMSF gives you more control over your super fund, however there are a number of duties and responsibilities that come with having a SMSF so make sure you understand what’s involved before you take the leap.  SMSF’s are not right for everyone.  Over the next couple of weeks we are going to delve into this complex and very topical issue. In this article we…  Read more

Tax Planning Strategy 4 – Why use a SMSF

In the lead-up to 30 June 2017, we want you to know how using a SMSF can be a great Tax Planning strategy. Watch the 2 min video below to learn how our expert Tax Planning advice can help you reduce tax and increase your wealth at the same time. Contact us today! The sooner we get started, the sooner we can help you save tax – ensure it’s well before 30…  Read more

What every employer needs to know about Fringe Benefit Tax

Fringe Benefit Tax – What You Need To Know And How To Minimise It This year the Fringe Benefit Tax (“FBT”) year ends on 31 March 2017. The ATO will be reviewing whether all employers who should be paying Fringe Benefit Tax are, and that they are paying the correct amount. To help you meet your Fringe Benefit Tax obligations, here is a list of essential questions (and answers) every employer…  Read more

Boost Revenue with Mobile Solutions

Mobile Solutions are the future of business  If you own a tablet or mobile phone but aren’t taking advantage of mobile sales tools, you’re missing out on the opportunity to shorten your sales cycle and boost your bottom line. From CRM apps to invoicing and payment technology, there’s a mobile solution for your small business that can make it easier to convert prospects to customers – and entice customers to…  Read more

IS YOUR BUSINESS STRUGGLING? – HERE’S WHAT YOU NEED TO DO

Is your business in a state of crisis? I guess the acid test is, are you lying awake at night working through the alternatives in search of the answers? I apologise if this sounds dramatic, but a failing business can be a very dramatic and stressful matter, particularly when it is that business that puts food on the family table, or it is the success or failure of that business…  Read more

Video – How to capitalise on your last chance to make BIG superannuation contributions

Superannuation contributions are a great tax effective way to save for your retirement and can help significantly cut your tax liability when done correctly.  So check out the video below to see if this tax reduction strategy could work for you! Let’s face it nobody wants to pay a cent more in tax than they really need to.  However every year we see thousands of business owners pay above the…  Read more

Video – The Secrets to Tax Planning

Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If we all leave your tax planning until the end of May and early June, quite frankly there may not be enough time to do anything significant to legally reduce your tax. So, for 2017, our invitation to you is to start now with your tax planning. In the lead-up to…  Read more

Characteristics Of A Business In A Crisis Situation

When a business falls upon hard times, often business owner-managers (management) don’t realise what’s happening, or they deny that they are facing a potential business crisis. Inevitably if the business owner-manager does not take the appropriate measures to reverse business decline a crisis situation will develop, threatening the very existence of the business. This occurrence almost always catches management by surprise, manifesting itself in high levels of stress. Only once…  Read more

How cloud accounting software can significantly increase your profits

As experienced business accountants and Xero gold partners we have seen time and time again how cloud accounting software has helped our clients to significantly improve their finances, whilst saving them time and money. Unlike the clunky accounting software of the past Xero Cloud Accounting software is designed with the end user in mind.  It is user friendly and easy to use.  It also provides you with a great one…  Read more

Is Your Business Showing ‘Symptoms’ Of Decline?

Is Your Business Showing ‘Symptoms’ Of Decline? It is vital that business owners and managers can distinguish between the symptoms of business decline and potential failure and the causes of decline and failure. If you think about this like a person who is not feeling well and experiencing a headache and high temperature. The headache and high temperature are not the causes of their ill-health but rather the symptoms, or…  Read more

“High-risk” ATO scam email hits Aussie inboxes

We have been made aware of a “High-risk” ATO scam email that is currently being used right here in Perth.  We are passing on the warning not to click on “high-risk” Australian Taxation Office scam emails, which have hit inboxes across the country within the last 24 hours. Details of a large-scale malicious email impersonating the ATO have been revealed, with thousands of messages distributed nationwide – each with a unique link, making it…  Read more

Why Do Family Owned Businesses Fail And So What?

The business environment in Western Australia (WA) has unquestionably shifted, and the fact that we at MVP are a lot more engaged in crisis management and strategic turnaround work lays testament to this reality.  Our view as highlighted in my previous article, ‘Are you flying blind?’, is that we think the business environment is going to tighten further before it improves. We therefore urge you, the Small-to-medium business (SMB) owner…  Read more