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

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

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