December Newsletter

Merry Christmas   Christmas is a time that reminds us that there is more to life than work. Embrace the season and all the pleasures it delivers. We wish you and your family a peaceful, safe and happy Christmas. We look forward to exploring the New Year with you and seizing the opportunities it offers. Our office will be closed from 12pm 22nd December 2017 and will re-open on 2nd January…  Read more

The Two Key Things that can Affect your Business Value

How can you make your business worth a larger amount when you want to sell it? Before we answer this question, remember: your business will only be worth what someone else is willing to pay for it. So, you may think it is worth $1 million, but if you best offer is only $500,000, then $500,000 is realistically what your business is worth.   How can you attract a buyer…  Read more

November Newsletter

Inside this month, how cryptocurrencies are taxed and the implications of trading and investing for you, your business and your SMSF. The black economy crackdown on cleaners and couriers, how small subsidiaries are being caught by Australia’s new multinational tax crackdown, ASIC’s new fees and penalties, and the tightening of the company tax rate rules. Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these…  Read more

Business owners – what is your end game?

Why do you own a business? It’s interesting to consider this because we are shocked at how many business owners haven’t taken the time to consider this fundamental question. From a big picture perspective, having a business provides you with a lifestyle. That’s it!   It gives you cash now to fund your family spending, and hopefully a lot of cash in the future when you sell your business. And…  Read more

How to get the most from your accountant | Part 2

  The best accountants add value to your business – here’s how to make sure your accountant is ticking all the boxes.   Here is our promised final 5 of 10 tips for getting the most from your accountant while managing the cost of their service. These are important issues to address. Your accountant can make a huge contribution to your business and personal financial growth.   6. An accountant…  Read more

October Newsletter

This month we explore the new laws that hold franchisors responsible for vulnerable workers, what you need to tell the ATO about your SMSF, the new safe harbour for directors of struggling companies, and the tax benefits for investing in affordable housing. New laws hold franchisors responsible for vulnerable workers Franchisors and holding companies could be held responsible if their franchisees or subsidiaries don’t follow workplace laws. The Government has…  Read more

September Newsletter

  Qantas CEO Alan Joyce had a pie shoved in his face at a business breakfast in May 2017 for Qantas’s proactive position on same sex marriage. The protagonist, a 67 year old former farmer claimed that Joyce is, “… very much part of a network trying to subvert the federal parliamentary process around the issue of marriage equality.” The issue of corporate clout being used to promote social agendas…  Read more

How to get the most from your accountant | Part 1

  The best accountants add value to your business, all for an affordable cost that you can control Growing businesses rapidly find they need the services of an accountant in order to help them manage the finances of their business. But which services do you actually need, how should you pay for them, and how do you make sure you’re getting good value for money? Here’s our top 5 out…  Read more

What can I claim against my tax?

It’s tax time again. What can you claim to reduce your tax? Please take just 2 minutes to read this blog article. We’ll explain: Deductions you can claim The importance of a fantastic accountant The “tax trap” you need to avoid Links to more information about specific deductions   Deductions you can claim According to the Australian Taxation Office (ATO) website, there are 3 things you need to claim a…  Read more

August Newsletter

Super concessions for first home savers and downsizers Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications. Super concessions for downsizers If you are over 65, have held your home for 10 years or more…  Read more

Steps to Success

Business owners are always great at what they do. They know their business inside and out. But what happens when it’s time to sell your business? Do you have the results you need to justify the price you want? Most of the time, business owners need to start working on their business instead of in their business. What we are doing to help our business clients is acting as the…  Read more

Claiming home office expenses in your 2017 tax return

Many aren’t aware that they can claim home office expenses. Whether you’re self employed, a business owner or an employee – do you perform some of your work from home? If you do, here is a quick summary of the tax rules, and what home office expenses are allowed. If you perform some of your work from your home office, you may be able to claim a deduction for the…  Read more

Are you using the correct award rates?

Happy new financial year! We hope last years was financially prosperous and here’s to another exciting year ahead.   However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates. Here is a quick how-to-guide that we’ve put together to make sure you are up to date with the current rates!   To find your minimum pay rates: Head over to…  Read more

Your 2017 EOFY Tax Minimisation Tips

  Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you. BEFORE 30 JUNE 2017 Ensure your employee superannuation payments are received and allocated by your employees’ super fund prior to 30 June…  Read more

Tax Season Tips for Small Business Owners

    Preparing for tax season is really a year-round endeavor. Tip number one for Small Business Owners is to update financials on a monthly basis using a cloud-based system. This way, come tax time, everything you need is all in one place. Being well organised will put you in a better position to minimalise your tax bill while avoiding penalties associated with missing or inaccurate information. Here are four…  Read more

The two biggest expenses you will ever have, and you’ll want to make one BIGGER…

In your lifetime you will encounter many, many expenses. Doctors and dentists, cars and houses, repairs and replacements, but there are two expenses that dwarf them all. Tax and Retirement.   Retirement Think about it, when you retire you stop working, that doesn’t mean your expenses stop rolling in. How much will you really need in retirement? The average life expectancy for Australian males is approximately 80 years of age and 84…  Read more

More Bang for your Buck

Start Planning NOW to maximise your tax refund!    We do a lot of tax returns. One thing we constantly hear our clients say is “I didn’t know I could claim that!” or “I wish I had kept my receipts!” What’s the best way to avoid disappointment at tax time? Start planning NOW. To help our clients we’ve been giving them a report of what strategies they can implement to…  Read more

An Eye for Now, an Eye for the Future

    Let tax planning be more than just getting a bigger refund.    We are fast approaching the end of the financial year. Now is the best time to review your profits, estimate your tax bill and determine what you can do to get your tax bill as low as possible (or your refund as high as possible). While we all love spending money on what we need now,…  Read more

How to not lose your family wealth?

Family wealth can take a lifetime to accrue, but can also disappear in an instant through poorly considered generosity. This 3 minute read may be one of the most important articles you have ever read! Many parents and grandparents are often willing to help younger generations with funds toward a house or education. It’s a wonderful gift – but there can also be some serious traps. The person who receives…  Read more

2017 – 2018 Federal Budget Update

  We at Mid Coast Partners are here to help you make smart financial decisions now so you can have a beautiful financial future. One way we do that is through careful tax planning! If you haven’t met with us yet, now is the time to contact us to arrange a tax planning meeting, so we can help you limit your tax payments, and grow your wealth. In prior years, there…  Read more

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