The Ballot Box Budget

This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. The Government has also stated that it will keep taxes as a share of GDP within the 23.9% cap. All measures, of course, are reliant on the relevant…  Read more

The Australian Taxation Office issued an urgent warning about an email scam going around the country

The ATO has recently released a warning about a very convincing phishing email that’s been going around. Here’s how it works and how to avoid being scammed: How does it work? The email opens with a statement that you’re eligible to receive a certain amount of money. It displays the myGov logo to increase familiarity and seem legitimate. If you click on the link, it prompts you to fill out…  Read more

Xero Promotion

Need another reason to ditch your outdated accounting software and make the ultimate upgrade to Xero? From 1 July 2019, Single Touch Payroll becomes mandatory for all employers. To help you make the switch to the STP compliant software that’s easy to use, we’ve teamed up with Xero to convert your desktop accounting software to Xero and give you a 6 month* subscription for FREE. As this is a limited…  Read more

Newsletter

Inside: Single touch payroll extended to all employers Legislation in limbo Benefits during emergencies exempt from FBT International Women’s Day: Has anything changed?                                                                                              …  Read more

Newsletter

Inside: What would happen if… Tax warning on overseas income You’ve been scammed, hacked or breached!                                                                                                            …  Read more

Managing your Business Cash Flow Over the Holiday Period

December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slowdown 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 to take a planned approach to managing cashflow during the holiday season. Here are few tips…  Read more

Newsletter

Inside: No tax deductions if you don’t meet your tax obligations Contractor or employee? Defining workers in the gig economy Tax on shares: ATO extends data matching program                                                                                    …  Read more

Are you Being Data Smart with your Smart Phone?

Recently, the new shiny iPhone XS and XR entered the market. For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone to the new model. If this is you, I’m guessing you’re focused on the opportunity to start afresh, buy a new case, clear all those apps cluttering your current…  Read more

Newsletter

Inside: The accelerated tax rate reduction for small business The new rules for gift cards Travelling to and from your investment property How tampons became a national debate                                                                                    …  Read more

Don’t Say We Didn’t Warn You!

The Australian Taxation Office (ATO) is closing in fast on everyone who doesnt properly declare their income and pay the correct amount of tax. As your accountants, we want to help you be aware of what the ATO is doing and how you can protect yourself. How does the ATO know? The ATO is linking databases of property sales, car purchases, international plane flights, dividends paid from shares, and sales…  Read more

Newsletter

Inside: Working from Home: What Deductions Can You Claim? What Does the China/US Trade Ware Mean to Australia Reminder on Cents per KM Car Expenses Rate New Immediate Deduction for Primary Producers Confusion Reigns Over Superannuation Transfer Balance Cap                                                              …  Read more

Our New App Release

As a firm we are constantly looking for ways we can improve the service we offer to our clients, and we are pleased to announce a major overhaul of our Mid Coast Partners app! Our existing app has ceased to be supported since the end of August, so please following the instructions below to download our new app and take advantage of its powerful features. Go to your App Store…  Read more

Avoid Extra Tax by Making Trust Distribution Resolutions before 30 June 2018

Do you have a Discretionary Trust (also known as a Family Trust)? If yes, you MUST keep reading! In the lead-up to 30 June 2018, we want you to be aware that you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 47% of Trust profits.   How can this happen? If a Trustee of a Trust fails to make…  Read more

Single Touch Payroll: What you need to know

Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018.   FOR EMPLOYERS Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1 July 2018. The head count for ‘20 employees’ includes full-time, part-time, casuals (who worked any time during March), employees based…  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

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

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

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

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

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