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24.01.2022 Need to rein in your expenses? We’ll review your current costs, find the expenses that could be cut, and will provide a proactive spend management programme to reduce your spending. #businessadvice

22.01.2022 What you need to know about the most important part of your home loan: Are you an expert on all lending related topics? That's okay - most people aren't. If you...'re still trying to understand the truth about interest rates, you're not alone. Here are a few answers to the questions you were too embarrassed to ask. How are interest rates determined? The Reserve Bank of Australia (RBA) sets the official interest rate or 'cash rate' which takes into account a whole list of factors about how the economy is performing at that point in time. The RBA meets once a month to review the inflation rate, unemployment figures, CPI, PPI and retail sales, and from that information they decide whether to increase, decrease or leave on hold the official cash rate. The cash rate is the interest rate that the banks and lenders will pay to the reserve bank. If this increases, your lender will usually pass the cost onto you - the borrower. If the cash rate decreases - the reserve bank intends that the savings should also be passed on by your lender - but this isn't always the case. By moving the interest rates up and down, the RBA tries to keep the Australian economy in check, by either slowing things down to keep the cost of living under control, or speeding up spending to help boost growth in certain areas. What are the different types of interest rates? The two main types of interest rates are Variable and Fixed. Variable rates are usually a bit lower, and you pay the best going rate at the time. If the cash rate increases, your lender will increase your variable interest rate. But if the cash rate decreases, your repayments will usually go down. Fixed interest rates are locked in for a period of time -usually just a couple of years - so that you know exactly how much you will need to budget for. This can be helpful for borrowers on a strict budget who can't afford a lot of interest rate rises in the short term. However you will usually pay a higher interest rate overall if you choose this option. Which interest rate is best for me? The decision of whether to choose a variable or fixed interest rate should be made after carefully considering your own personal needs and commitments. A mortgage broker should be able to help you weigh up the pros and cons to work out the best option.

21.01.2022 For most businesses, income and expenditure don’t always happen at the same time so focussing on strong cashflow management is vital. We can help with that.

20.01.2022 If securing your first home, stepping up to something better or securing an investment property is on your to-do list then it may be in your interest to maximis...e your borrowing power. Understanding how much you can borrow will help you make critical decisions, especially when it comes to what to buy and when. There are a number of factors that influence your borrowing capacity. The key ones are income and existing debt including credit cards and personal loans. If borrowing for a property purchase, a lender will also look at the value of the property in question and the value of any existing property you hold, which is counted as equity. First-home buyers, who wont have the benefit of equity in existing property, are usually only able to borrow up to 80 per cent of a propertys value as estimated by the lender, not the real estate agent. Thats because the lender requires a resale buffer as protection in the event you default on the loan and the property needs to be sold to make good on the debt. This can be increased up to 95 per cent of the property value, if first-timers take out Lenders Mortgage Insurance (LMI), which can cost several thousand dollars and protects the lender financially if you default. LMI provides no protection to the borrower. But there are other ways to bump up your borrowing power. Here are our top tips: Reduce your credit card limits Its not just credit card debt that is considered when lenders work out how much you can borrow. Its also how much you could rack up. While having a zero balance on a card with a $10,000 limit will be viewed positively, lenders take into account what you could spend more so than what you owe. One of the simplest ways to increase your borrowing capacity is to reduce your credit card limits. Cancel cards with zero balance or look at consolidating multiple card debts into one with a lower limit. It still helps to have as little debt as possible, so pay down high-interest credit card debt as quickly as possible. Reduce taxation If you have been doing your own tax, theres a chance you have been missing some deductions. Get an accountant to manage your return to ensure you are taking advantage of your maximum entitlements. By reducing your tax you increase your after-tax income, which can be factored into your loan application. Increase your savings Going by the 80 per cent property value rule, the bigger your deposit, the more you can borrow. One of the simplest ways to save is to sock away any pay increases or windfalls, such as tax returns. You should also prepare a budget and stick to it. Cut your discretionary spending by limiting entertainment, take-aways and visits to shopping centres, where you are more likely to be tempted to make impulse buys. Keep your records up to date One of the reasons borrowers fall short of their loan expectations is their inability to prove their income. Make sure you have completed your tax returns and can show recent pay slips. Accurate records are especially essential if you are self- employed so make sure you have tax returns up to date and accurate profit and loss statements to demonstrate cash flow. Check your credit file If you have concerns about past debts or overdue payments, check your credit file and take steps to resolve any issues before applying for a loan. Visit: www.oaic.gov.au//c/how-do-i-get-a-copy-of-my-credit-report to find out how to get a copy of your credit report. Make sure you can service extra debt Remember if you borrow more, you need to repay more. Lenders will use their own formulas to determine if you can make the loan repayments based on the information you provide at the time. If your spending increases or circumstances change, you will still be required to make your loan repayments. Talk to your broker Lending criteria and loan products vary between financial institutions. A mortgage broker has access to a variety of lenders and their loan products and can help source the right loan for your circumstances. * Tax information: the information in this article does not constitute advice. As taxation legislation is complex, we recommend you speak with your financial advisor, tax advisor or contact the ATO for further details and expert advice regarding your personal circumstances.details and expert advice in relation to your personal circumstances.

20.01.2022 Your June quarter activity statement is due soon. Are you ready? We can help prepare your BAS or review your business accounting systems to make your activity statement lodgement easy, accurate and efficient. #businesssystems #smallbiz

20.01.2022 Are you ready for TPAR? Update your supplier information now in preparation for your taxable payments annual report lodgement by 28th August. #TPAR #TaxTime #SmallBusiness

19.01.2022 Making time to look over your financial reports each month is an important task for any business owner. We can give you an overview of what reports you'll need to help you build a thriving business.

16.01.2022 This year more than ever it’s important to get your records and tax return correct because of the unusual business circumstances and JobKeeper. Talk to us - we can help make tax time easy.

12.01.2022 Very few small businesses have a huge marketing budget to work with. Fortunately, there are a number of simple, free and low cost ways to get the word out about your company that are also highly effective. These tips will show you five simple ways to promote your local business without breaking the bank. Get free press Advertising rates for local newspapers and radio stations can be way too costly for a small business. [ 456 more words ] https://mpsaccounting.ourclienthub.com/how-to-get-your-bus/

12.01.2022 If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and take control of your business finances.... https://mpsaccounting.ourclienthub.com/tips-to-keep-your-b/

10.01.2022 Networking can be a key way to keep your business growing. Regardless of your industry or business size, it is hard to ignore the benefits of forming professional networks for potential partnerships, expanding your client base, and scaling up. However, while we are all constantly reminded about the importance of networking, reaching out to grow your network isn’t the same now thanks to the COVID-19 pandemic. [ 697 more words ] https://mpsaccounting.ourclienthub.com/how-to-grow-your-ne/

10.01.2022 https://www.linkedin.com//mpstaxationservices_how-do-you-g

10.01.2022 Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost your bottom line.... https://mpsaccounting.ourclienthub.com/how-accounting-soft/

09.01.2022 Do you understand your lock up days? The higher your days, the less cash you have available. Talk to us about how to reduce the lock up days in your business to free up your cash #FinancialAwareness #CashIsKing

08.01.2022 How quickly do you sell your stock? The longer it takes, the longer your cash is tied up & the more likely it is to be discounted! In a slow-moving economy, managing your stock is essential! We can help free up your cash!

08.01.2022 https://mpsaccounting.ourclienthub.com//how-to-actually-w/

08.01.2022 JobKeeper changes coming in September The government has announced changes to the JobKeeper scheme. The Treasury’s review found that the subsidy was still needed but required a test to ensure that JobKeeper is well-targeted. Be prepared... This means there will be changes to your current situation and your entitlements will be affected. The details of the changes are being announced now and we will ensure our clients are fully informed as to how this will affect them once we have processed the finer details of these changes. What’s changing? The JobKeeper subsidy has been extended to March 2021, but with some changes. Here is an overview of what’s changing and when. JobKeeper 2.0 The next phase of JobKeeper will start at the end of September at a reduced rate. The subsidy will reduce from $1500 per fortnight to $1200 per fortnight for full time workers and those working more than 20 hours per week. For those working less than 20 hours per week will receive $750 per fortnight. This will be based on the amount of hours worked in February (pre-coronavirus). JobKeeper 3.0 From 4th January 2021, these payments will fall to $1000 per fortnight and to $650 per fortnight for those working less than 20 hours per week. A new test to see if businesses are eligible From October, the payment will be subject to a new eligibility test which assesses whether the business recovered in the last 6 months. Reassessments in October and January In early October, businesses will need to prove they’re in financial distress (showing a decline of at least 30%) in the Jun 2020 quarter to be eligible for the October - December scheme. This will need to be proven again in early January based on September quarter figures. Please note details surrounding these changes are yet to be legislated so they are subject to change. As more details come to hand, we will pass them on. Thank you Once again, we thank you for your support and request your patience as we work through these next set of changes and its ramifications for you. Once we have all the information on hand from the Government and the ATO and have understood what it means for you, we’ll be in touch. What’s next? Take the time now to prepare for the future. It would be wise to prepare a budget and cashflow forecast now to ensure you are ready for these changes that are coming. We are happy to help on this front so please get in touch if you have any questions. on 039028 8487 or [email protected]

06.01.2022 Job Keeper has been extended to March 2021 but with crucial differences. Talk to us to assess your continued eligibility and to start planning now for changes that will apply from 28 September 2020.

06.01.2022 Pandemic Preparedness Tips for Your Business The COVID-19 pandemic has caught most of us off guard. Who would’ve thought that the world would spend the year battling a virus? This unprecedented global crisis is a reminder that these business threats are very real and acts as a wake-up call for business leaders. Even if the scenario may seem far-fetched, it pays to prepare for the worst. When a pandemic hit, businesses play a crucial role in protecting the health of their empl...Continue reading

01.01.2022 Cash is oxygen for your business and measuring working capital is your regular health check to keep your business alive; especially in turbulent times. #WeCanHelp identify strategies to increase #WorkingCapital

01.01.2022 Maintaining positive cash flow can be challenging for small businesses, whether you’re just starting out or have been running your company for years. The difficulty often comes down to waiting for clients to pay their invoices. One or two chronic late payers cost valuable time and money when you have to chase them down; if reliable clients also fall behind one month, the result can be devastating. [ 441 more words ] https://mpsaccounting.ourclienthub.com/improving-cash-flow/