Business Essentials Plans
A comprehensive suite of essential tax, accounting and on-demand advice packaged into a simple monthly fee.
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Benefits


Dedicated Business Support

Our team of skilled advisors are on call to provide advice and support for all your general business, tax and accounting issues. LiveAdvisor is professional advice when you need it, without the hourly charges.

Powerful Tax Advice

We diligently review and plan your business tax affairs to effectively reduce your tax and manage the cashflow consequences of paying it.

Proactive Services

We don’t wait for you to ask us. All your key business milestones are planned and executed throughout the year and driven by a dedicated team of professionals.

Real-time Information

See how your business is performing in real-time. With Xero as your accounting platform and a team of advisors managing your accounting you have the information you need to make better decisions.

Always Compliant

Rest easy with the knowledge that your business is compliant and that we are managing your relationship with the ATO and other government bodies.

Ongoing Education

Our goal is to make you the best business operator you can be. We help you understand the why and the how through access to educational events and resources.

Pricing & Inclusions


Starter

$440/month fixed
Get Started

  • For a business with one operating entity, no employees (other than founders) and annual revenue of less than $2m.
  • LiveAdvisor
  • ATO Relationship Management
  • Activity Statement Review and Lodgement
  • Annual Financial Accounts
  • Income Tax Return for Business Entity
  • Annual Tax Planning
  • ASIC Compliance
  • Annual Payroll Compliance

Team

$660/month fixed
Get Started

  • For a business with one operating entity, up to 10 full time employees and annual revenue of less than $2m.
  • LiveAdvisor
  • ATO Relationship Management
  • Activity Statement Review and Lodgement
  • Annual Financial Accounts
  • Income Tax Return for Business Entity
  • Annual Tax Planning
  • ASIC Compliance
  • Annual Payroll Compliance

 

Team Plus

$880/month fixed
Get Started

  • For a business with one operating entity, up to 20 full time employees and annual revenue of less than $2m.
  • LiveAdvisor
  • ATO Relationship Management
  • Activity Statement Review and Lodgement
  • Annual Financial Accounts
  • Income Tax Return for Business Entity
  • Annual Tax Planning
  • ASIC Compliance
  • Annual Payroll Compliance

Enterprise

POA Retainer
Get Started
  • For businesses with one or more operating entities, more than 20 employees and $2m+ p.a. in revenue.
  • LiveAdvisor
  • ATO Relationship Management
  • Activity Statement Review and Lodgement
  • Annual Financial Accounts
  • Income Tax Return for Business Entity
  • Annual Tax Planning
  • ASIC Compliance
  • Annual Payroll Compliance

Xero Extra Services mi-fi
Xero Logo

Business Essentials Plans require an appropriate Xero subscription which you can either subscribe directly to or through us.

Find out more about Xero.

Add-ons

Take your Plan further


Bookkeeping

Efficient, accurate record keeping tailored for your business. Done by Accountants.

Cloud Integration

Streamline your business workflows with our cloud integration services.

FAQ's


Getting Started

I want to get started. What happens next?

After learning about your needs we will provide an engagement letter for you to sign, after which we will begin our client on-boarding process including:

  • Gathering important information about you and your business;
  • Set-up (or review if existing user) of your Xero file including:
    • connection of bank feeds
    • importation of account opening balances
    • simple customisation of your invoices (if applicable)
  • One-on-one training on Xero and best practices using mi-fi’s systems and procedures;
  • Contacting your previous accountant (if applicable) and obtaining information;
  • Reviewing your position with the ATO including details, outstanding lodgements and account balances;
  • Adding you to our Tax Agent lodgement program so that you receive concessional due dates on your activity statement and income tax return lodgements;
  • Review of your position with ASIC (for companies) including details, outstanding lodgements and debts, submitting application to act as agent; and
  • Review of your business structure.

This process ensures any problems are identified, that you are managing your affairs correctly and that your on-going services are delivered efficiently.

Are there any set-up fees?

Engagement fee
There is a one-off engagement fee of $495 inc GST for all new Business Essentials Plans, payable on commencement. This fee covers the necessary set-up activities outlined above.

Xero conversion
For existing businesses coming from another accounting system (e.g. MYOB) we will need to convert your information to Xero. This process varies from client to client depending on factors such as the volume of data and the state of existing records. As such we will provide a fee estimate to undertake this process.

During this process we will provide suggestions on how to improve your business systems.

Fixed Fee Plans

What does fixed fee mean?

Fixed fee plans are fixed to the advertised monthly fee in so far that the services provided are covered by the scope outlined in your engagement letter. Services provided outside of this scope will be billed in accordance with our Engagement Terms.

In addition please refer to the information below relating to plans that start part way through a financial year.

When does my business plan commence?

Your plan will commence at a date agreed with you however generally it will be the first of the month following when you sign your engagement letter.

How am I billed?
Your monthly fee for your Business Essentials plan will be direct debited to your nominated bank account. You may also choose to use a credit card however a surcharge applies.

Is my plan a contract?
Yes. Your plan is a contract for a period of 12 months from 1 July to 30 June. As you will appreciate our services are delivered over the financial year and our pricing is designed to reflect this.

As such, additional fees will apply for plans that start part way through a financial year (1 July to 30 June) as follows:

Fixed Fee Plans commencing in July

  • No additional fees are payable for services outlined in the fixed fee plan.

Fixed Fee Plans commencing post July

  • Additional fees will be payable in relation to your end of year accounts and tax returns.
  • At year end we will ascertain any additional fees payable and issue a separate invoice.

I require a service not included in the Plan. Can you help me?

Our fixed fee Business Essentials Plans have been designed to accommodate the majority of your annual business accounting and compliance needs. From time to time you may require services outside of those listed in your plan which are unique to your business.

On such occasions we will let you know what needs to be done and will clearly advise of any additional charges to assist. If you have a specific requirement not covered by the services listed in your relevant plan please contact us.

Can I remove some of the services within the fixed fee plan and pay less?

No.

Our fixed fee plans have been developed in a way that gives us certainty that we can efficiently deliver the included services for the advertised price. If you would like to customise the services provided you can select a Retainer Plan however these are not delivered on a fixed fee basis (see below).

What happens if I go over the thresholds for the plan that my business is currently on?

Your plan is fixed for the financial year and any changes to your pricing will be made at the end of the financial year. For example, if your business has no employees when you sign your engagement you will be on the ‘Starter’ plan. If during the current financial year you employ five people your plan and pricing will not change. Your plan would be revised at the end of the financial year to the ‘Team’ plan.

We take this approach in good faith provide certainty for your annual accounting fees. Please note that we reserve the right to change your plan during the financial year where there are substantial changes to your circumstances. For example, you were to buy a business that saw your number of employees or revenues significantly increase above the thresholds set for the plan you are on.

Retainer Plans

What is a retainer plan?

Our Retainer Plan is a flexible arrangement that allows you to receive all the benefits of our processes and systems for the specific services you require.

The services we provide under the retainer cover your minimum requirements and any additional services can be added to your engagement as needed.

Is the fee fixed?

No.

Whilst we will endeavour to deliver our services to you in the most cost effective manner, the recurring monthly fee under your retainer agreement is our minimum charge for the Scheduled Services. Where our time spent on the Scheduled Services exceeds this fee we will charge accordingly. Any other services requested by you will be charged in accordance with our Engagement Terms.

Can I fix the fee?

You can fix the fee by selecting one of fixed fee plans.

Client Responsibilities

What is expected of me as a client?

Our goal is to efficiently meet the agreed deliverables set out in the Business Essentials Plan. We will drive the process and do everything in our power to meet these deliverables.

We do however require your help in order to provide our services and as a client we expect that you will:

  • Provide accurate and timely information when requested
  • Action our requests promptly
  • Consider our advice when provided
  • Take the time to learn from us

We will go the extra mile to help you discharge these responsibilities however where you fail to meet these obligations additional fees may be applicable or we may be required to cease our engagement with you.

It is therefore important that a person or persons in your business are responsible for providing information and actioning requests as required.

Get Started


Ready to for a better business? Book a free consultation with one of our Partners.
We’ll go over your needs, answer all your questions and provide you with a proposal to get you started with mi-fi.

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