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

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

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

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

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

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

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

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

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

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