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

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

30 June will soon be here… let us help you get the most out of the upcoming months.

  Over recent weeks we sent a series of emails to all those who have subscribed to our weekly news and email updates. Each covering one of our five key tax planning strategies below, together with a brief video explanation that outlined how you can save $, and at the same time grow your family’s wealth in a low-risk manner. The Secrets to Tax Planning Last Chance for BIG Super Contributions…  Read more

The biggest changes to super in a decade – how to capitalise now!

Major changes to tax and superannuation were approved by the Government in December 2016.   These are the biggest changes in the last 10 years. They are significant.  Most of these changes will take place on 1 July 2017. That’s why we need to start planning ASAP with you. The expert Mid Coast Partners Team have spent the last few months creating a number of cutting edge and brilliant strategies…  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 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 a…  Read more

Tax Planning Starts Now

There are 5 key things all business owners must consider right now. Some of them are brilliant wealth creation ideas. Please read on…   30 June will be here before we know it. Let us help you get the most out of the upcoming months. Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If we all leave your tax planning until the end of…  Read more

2017 Business Tax Planning Guide

Tax planning should be done on a regular basis throughout the year.   Imagine what you could do with tax saved? Reduce your home loan Top up your super Have a holiday Deposit for an Investment Property  Upgrade your Car Here’s a guide to the strategies you can use to minimise your business tax.   1   IS YOUR BUSINESS A “SMALL BUSINESS ENTITY”? Small businesses can access a range…  Read more

2017 Individuals Tax Planning Guide

The biggest super and tax changes in the last 10 years will affect you in 2017 and 2018. Now’s the time to review what strategies you can use to minimise your tax before 30 June 2017.   Imagine what you could do with tax saved?  Reduce your home loan Top up your super Have a holiday  Deposit for an Investment Property Upgrade your Car   Key Superannuation Changes  While you…  Read more

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to 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. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three…  Read more

Are you super stream ready?

Not sure what is super stream or how to set it up? From 30th June 2016, the government requires employees’ superannuation to be paid via a superannuation clearing house. Direct payment to employees’ superannuation funds will no longer be possible. With super stream, you will be paying the total of employee super to the clearing house, it will then distribute the payment to each superannuation fund account as per the…  Read more

Fringe Benefits Tax (FBT): Important action required

The FBT year ends on 31 March 2014 and is an area of focus for the Australian Taxation Office (ATO).   The ATO have found a high level of misunderstanding about FBT among employers with many simply not realising that they have incurred a FBT liability.  Key areas include motor vehicles and benefits provided by associated companies. FBT is payable by employers when certain benefits are provided to former, current or…  Read more

Want to grow your business? Our free resources will help