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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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