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

Market & Economic Update

  Market & Economic Update Brought to you by MVP Wealth Director – Janean Hicks   Markets and economics are somewhat at crossroads at present. I say this from the perspective that right now I can make an equally compelling case from both a positive and negative perspective. Markets are travelling along reasonably well following some jitters earlier in the year. The environment remains supportive for equities, however, less so…  Read more

Don’t Get Caught Paying Huge ATO Audit Costs

Don’t Get Caught Paying Huge ATO Audit Costs   Costs relating to the Australian Taxation Office’s (ATO) compliance initiatives continues to increase. In fact, in the last financial year, the ATO raised $15.6 billion (a 13% annual increase). To combat the costs of unplanned professional fees which can arise as a result of initiatives instigated by the ATO and other relevant government revenue agencies, we encourage all of our clients (and you)…  Read more

Managed Discretionary Accounts Might Be Right For Your Portfolio

Managed Discretionary Accounts Might Be Right For Your Portfolio Article written by Janean Hicks, Director of MVP Wealth   In a time of market volatility, the ability to transact on a client’s portfolio has never been more critical; a delay by even a few days could cost a client thousands of dollars. What Are Managed Discretionary Accounts (MDAs)? Essentially Managed Discretionary Accounts are a service where a portfolio of investments…  Read more

Don’t miss the opportunity to save tax before 30 June 2018

Don’t miss the opportunity to save tax before 30 June 2018   With the end of financial year (EOFY) approaching quickly, now is the time to discuss with your accountant and financial adviser the actions you can take before 30 June to reduce your tax and grow your wealth. For 2018, key priorities are likely to be: Maximising superannuation contributions without exceeding the relevant caps Bringing forward deductible expenses Deferring taxable income, and…  Read more

Estate Planning – More than just a will

Estate Planning – More Than Just A Will   Estate planning involves much more than an up to date will. It is important to ensure that your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries. Death may be one of the two certainties in life – the other being taxes – but another could easily be the reluctance many have towards dealing…  Read more

Succession planning: How emotionally prepared are you to exit your business?

How emotionally prepared are you to exit your business?   Article written by Janean Hicks, Director of MVP Wealth Succession Planning: How emotionally prepared are you to exit your business? It behoves a smart business owner who is planning the end of his/her relationship with a business started long ago, to think not only about the sale and how to best go about it, but also about his/her personal and family…  Read more

Banking Royal Commission – What Impact Will It Have On Your Business?

Royal Commission – What impact will it have on your business? Article by Janean Hicks – Director of MVP Wealth   As you have probably heard, a banking Royal Commission is being held to investigate the financial advice industry after the big four banks and AMP were accused of malpractice. The aim of the Royal Commission is to find out just how widespread the issue is and to raise standards…  Read more

A Bite-Sized Guide To The Federal Budget 2018

  A Bite-Sized Guide To The Federal Budget 2018 Tuesday’s Federal Budget 2018 is Scott Morrison’s third budget and the last before the next federal election. With that in mind…. this most recent budget has been developed! So, what does this mean for you? Well, there are some goodies headed your way thanks to Australia’s record-breaking run of economic growth and some new revenue measures. Here’s a quick guide to what’s in…  Read more

Contributing to Super and Claiming a Tax Deduction

Contributing to Super and Claiming a Tax Deduction   In the lead-up to 30 June 2018, we want you to be aware of new opportunities to save tax with super contributions. With all the new contribution cap rules, it’s easy to forget that there is one way the Government has made it easier to save tax and get money into super. Before July 2017, only people who were self-employed could contribute money…  Read more

17 Tips to Minimise Your Business Tax

17 Tips to Minimise Your Business Tax   With the end of the financial year just around the corner, now is a good time 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…  Read more

FBT Workhorse Vehicles – What You Need To Know

FBT Workhorse Vehicles – What You Need To Know ATO outlines new Safe Harbour provisions   What is a workhorse vehicle? A workhorse vehicle is a panel van, utility (ute) or other commercial vehicle (that is, one not designed principally to carry passengers) such as a dual cab ute with a carrying capacity of more than one tonne.   How does FBT apply to a workhorse vehicle? Workhorse vehicles are…  Read more

Top 5 TED talks every small business owner should listen to

Top 5 TED talks every small business owner should listen to When you’re a small business owner you don’t have a lot of time search for information, let alone sit down and watch a video. So we’ve done the heavy lifting for you! We’ve curated the Top 5 TED Talks we think every small business owner should listen to. Pop them on, listen and learn on the go! 1. Why the best…  Read more

We have moved to NAB

We have moved to NAB We’ve moved banks!   We’re excited to announce that we recently moved banks, NAB is now our bank of choice. An updated payment gateway has been set up on the website and can be found in the ‘Client Area’ drop-down menu or can be accessed here: NAB Payment Page. If you have any questions about this change, do not hesitate to contact us, we’re happy…  Read more

[Event] Build, Grow & Protect Your Business

[Event Update] Build, Grow & Protect Your Business Breakfast Thank-you to those who attended! It was an eventful morning at our recent breakfast event – Build, Grow & Protect Your Business. We had a full house at Flux Co-working Space on St Georges Terrace, an amazing venue. Thank you to all that attended; for those that missed out this time, not to worry, we are hosting many more events during…  Read more

Are you ready for Single Touch Payroll?

Are you ready for Single Touch Payroll? Mandatory from 1 July 2018   The ATO recently announced a change to the way employers report their employees’ payroll information. To help you understand your obligations, we’ve detailed the key points below. Single Touch Payroll essentially aligns your reporting obligations to your payroll processes. Employers are now required to report each time employees are paid (pay cycles do not need to change). Information that needs…  Read more

R&D Tax Deadline for Companies is 30 April

R&D Tax Deadline for Companies is 30 April 2018   Monday, 30 April 2018 is the deadline for companies to register their eligible R&D activities conducted during the year ended 30 June 2017 (last financial year). Companies still seeking to lodge FY17 R&D claims should take immediate action to ensure their activities are adequately assessed, described and registered. Companies registering R&D activities in FY17 need to provide details of:  Core R&D…  Read more

Xero Projects: Drive profitability by easily tracking time and costs on every job

Xero Projects: Drive profitability by easily tracking time and costs on every job Article by Claude Collica – MVP Financial Senior Accounting & Taxation   Are you a small business owner that needs to track jobs to maximise the best return on your investment? Are you still fiddling around with spreadsheets to monitor your jobs, or worse still writing everything down on paper?! Don’t worry, you’re likely not the only…  Read more

9 BUSINESS TIPS TO KICK-START SECOND HALF OF THE FINANCIAL YEAR 2018

DOUG’S DESK – MVP Small Business Specialist 9 Business Tips to Kick-Start Second Half of the Financial Year 2018 As you return from what was hopefully an enjoyable and restful holiday period, it’s now time to ‘blow off the cobwebs’ and refocus, particularly if you and your team still need to cover ground toward your 2018 business resolutions and goals. A quick introduction to me, Doug Verley. I’m the Small…  Read more

Email Marketing 101 For Small Business

Email Marketing 101 Fоr Small Business Email Marketing has been around for years and years… You know why? Because it works. People all over the world use email to communicate, checking their inbox over and over again in the span of a single day. For small business owners, this means you have more chances of capturing your targets attention; more potential leads and hopefully more clients and/or sales conversions! So,…  Read more