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

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

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

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

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

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

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

Top Three Small Business Resolutions For 2018

The Top Three Small Business Resolutions For 2018 You Need To Make For most, the new year is a time for reflection, and a time to set goals for the year ahead. Exercising more, eating better, drinking less alcohol or working on a better work-life balance, tend to be at the top of these personal lists. But what about your business? For a small business owner, setting goals for the year…  Read more

10 Ways To Get More From Your Business Accountant

10 Ways To Get More From Your Business Accountant Great business accountants don’t just do your taxes, they add measurable value to your business, all for an affordable cost that you can control. A growing business rapidly finds it needs the services of an accountant in order to help manage the finances. But which services do you actually need, how should you pay for them, and how do you make…  Read more

Are You Prepared For Selling A Business?

The ‘End Game’ – Are you prepared for Selling a Business? Aritcle written by Kelvin Smith – MVP Financial Director Why do you own a business? Are you prepared for selling a business? It’s interesting to consider because it’s shocking how many business owners haven’t taken the time to ask themselves these fundamental questions. Your plans for what you will eventually do with your business is what we term the…  Read more

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