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

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

Estate Planning – More than just a will

Estate Planning – More Than Just A Will   Estate planning involves much more than an up to date will. It is important to ensure that your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries. Death may be one of the two certainties in life – the other being taxes – but another could easily be the reluctance many have towards dealing…  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

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

5 Money Mindsets That Hold You Back From A Secure Financial Future

5 Money Mindsets That Hold You Back From A Secure Financial Future What’s holding you back from taking control of your financial future? Discover the five mind tricks that can stop you from achieving financial success and what you can do to avoid them. Fear of Failure Earning and saving money from your salary is all very well. But setting up an alternative income stream from an investment portfolio can…  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

Choosing the Right Business Structure

Choosing the Right Business Structure It is important to consider the advantages and disadvantages of each type of business structure and to choose the best structure to suit your circumstances. Factors to consider when selecting a business structure include set-up and ongoing costs, tax implications, asset protection and legal requirements. The four main structures are: 1. Business Structure – Sole trader The owner is a sole proprietor who controls and…  Read more

Don’t miss the deadline to register for the R&D Tax Incentive

Monday 1st May 2017 is the deadline to register for the R&D Tax Incentive for eligible activities conducted during the year ended 30 June 2016 (last financial year). Companies still seeking to lodge FY16 R&D claims who have not previously submitted their FY16 registrations should take immediate action to ensure their activities are adequately assessed, described and registered. Companies registering R&D activities in FY16 need to provide details of:  Core R&D…  Read more

THINKING OF SELLING YOUR BUSINESS?

Thinking of Selling Your Business? Article written by Kelvin Smith – MVP Financial Director If you are thinking of selling your business, make sure you get professional business advice first. For the majority of small-to-medium-sized business owners, the value of your business is your biggest asset and, very likely, your retirement fund. So before selling your business make sure you get the right advice.  It could save you thousands in tax.…  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

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