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

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

What can I claim against my tax?

It’s tax time again – what can you claim to reduce your tax? It’s our job as your accountants to make the lodgement of your Tax Returns as easy and simple as possible. We do this every day, so we know all the ins and outs of what to claim to make it easy for you. Below we’ll explain: Deductions you can claim The importance of a fantastic tax accountant…  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

Why Use a “Bucket Company”?

In the lead-up to 30 June 2018, we want you to know why using a “bucket company” can be a great strategy to saving tax on trust profits distributed.   Profits From a Trust? Do you have a Trust that generates profits? If yes, then read on! A “bucket company” allows you to “cap” the tax on profits distributed by a trust to 30% or 27.5% This is much less than…  Read more

Save Tax – New Opportunities with Super for 2018!

  In the lead-up to 30 June 2018, we want you to be aware of new opportunities to save tax with super contributions.    Contributing to Super and Claiming a Tax Deduction With all the new contribution cap rules, it’s easy to forget that there is one way the Government has made it easier to save tax and get money into super. Before July 2017, only people who were self-employed…  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

Don’t Miss the Opportunity to Save Tax Before 30 June 2018!

  With the end of financial year (EOFY) approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June to reduce your tax and grow your wealth.   For 2018, key priorities are likely to be:  Maximise superannuation contributions without exceeding relevant caps Bringing forward deductible expenses Deferring taxable income, and Managing capital gains.   This is the first EOFY since the super…  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

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

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

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

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

Want to grow your business? Our free resources will help