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 you?

Is a Self Managed Super Fund right for me? A Self Managed Super Fund (“SMSF”) gives you more control over your super fund, however, there are a number of duties and responsibilities that come with having them, so make sure you understand what’s involved before you take the leap. SMSFs are not right for everyone, in this article, we will review the advantages of SMSFs and why thousands of Australians…  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…  Read more

Boost Revenue with Mobile Solutions

Mobile Solutions are the Future of Business  Article written by Kelvin Smith, Director at MVP Financial   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…  Read more

Is your business struggling? Here’s what you need to do

Is your business struggling? Here’s what you need to do Written by Doug Verley, Director – Business Advisory & Strategy Is your business in a state of crisis? Are you lying awake at night 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,…  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

Increase your profits with cloud accounting

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.…  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

14 Reasons Why Family Businesses Fail

14 Reasons Why Family Businesses Fail 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. The view, as highlighted in the previous article, ‘Are you flying blind?’, is that the business environment is going to tighten further before it improves. Family businesses need to pause…  Read more

9 reasons to switch to cloud computing

Don’t be left up in the air by traditional IT solutions. Check out the top 9 advantages for small businesses switching to cloud computing. 1. Save money Traditionally, a small business spends money licensing software or buying packages to install or download onto individual computers. Cloud computing, on the other hand, can provide ‘Software as a Service’ (SaaS) – including many programs that are available individually. They’re stored on a…  Read more

Do You Have A Current Business Strategy Or Are You Flying Blind?

So many small-to-medium business (SMB) owner-managers we meet and chat to don’t have a formal Business Strategy (3 to 5 years), business plan (1 year) or business budget. Research suggests that in excess of 70% of SMBs don’t have a formal Business Strategy, attributing this to what is referred to as an ‘entrepreneurial strategic planning process’, more simply put, the strategy or plan for the business exists only in the…  Read more

Strengthening your balance sheet

Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. These three aspects will be studied carefully by lenders and investors − and by buyers if you intend to sell your business. But they…  Read more

How Accounting Software Can Increase Profits

Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost…  Read more

Bookkeeping Basics for Small Business Owners

Bookkeeping Basics for Small Business Owners On average, small business owners spend 10 hours each week recording, organising, and processing financial transactions – everything from accounts receivable and payable, employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Are you feeling overwhelmed by mountains of…  Read more