The importance of a meaningful and purposeful life at work

The importance of a meaningful and purposeful life at work by Dr Susan Roberts | MHRM EdD   Mankind continually strives for ‘happiness’ which somehow remains elusive to most. Aristotle said, “Happiness is the meaning and the purpose of life, the whole aim and end of human existence.”  Some studies undertaken since then claim he got it wrong. One recent U.S. study found that people in developed countries have never…  Read more

What Every Employer Needs to Know About Fringe Benefits

What Every Employer Needs to Know About Fringe Benefits   On the 31 March 2019, the Fringe Benefits Tax (FBT) year ended. With the ever-increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are and that they’re paying the right amount. To help you meet your fringe benefits obligations, we’ve put together a list of essentials every employer needs to know about and review…  Read more

FBT Employee Business Cars Tips & Traps

FBT Employee Business Cars Tips & Traps   The provision of company cars to employees is a regular practice across the Australian business landscape. Generally, there are two reasons to provide a car to an employee: 1. It’s a requirement of the job that employees travel regularly for work purposes, so providing a car will allow employees to effectively perform their duties. 2. Employers want to give themselves an advantage…  Read more

Thoughts for the year ahead – Tax + Wealth in 2019

Thoughts for the year ahead – Tax + Wealth in 2019   There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.   Individuals could be affected by: Losing franking credit refunds to their Self-Managed Super Funds and to themselves Paying higher capital gains tax Losing tax benefits from negative gearing into investment property   Businesses could be…  Read more

Single Touch Payroll now required for all Australian Businesses

Single Touch Payroll now required for all Australian Businesses   Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more employees. The laws to extend the Single Touch Payroll (STP) reporting requirements so they apply to all employers with less than 20 employees has now passed the Senate and will be Law.   STP is set to be rolled out in stages to…  Read more

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 ended 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