Opportunities to Save Tax with Super for 2019

Opportunities to Save Tax with Super for 2019   In the lead-up to 30 June 2019, we want you to be aware of opportunities to save tax with super contributions.   CONTRIBUTING TO SUPER AND CLAIMING A TAX DEDUCTION With changes to super contribution cap rules over the past year, it’s easy to forget that there is one way the Government has made it easier to save tax and get…  Read more

You may be at risk of huge ATO costs

You may be at risk of huge ATO costs   Costs relating to the Australian Taxation Office’s (ATO) compliance initiatives continues to increase. In fact, in the FY2017 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) to take…  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

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

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

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