ESOP Series #1: Introduction to Employee Share Schemes and the Startup Concession image

Welcome to the first in our Employee Share Option Plan ('ESOP') series of blog articles. New legislation came into effect on 1 July 2015 that now makes the provision of an Employee Share Option Plan attractive to both startup company's and employees alike. Whilst the new laws make it easier and lest costly for startups to implement an ESOP, the mechanics of setting up a functional and compliant ESOP is a relatively new area for startups and their advisors. Our view is that this promotion of easy and cost effective has led many startups and their advisors to underestimate the attention to detail that is still required when setting up an ESOP. Unfortunately, this can have costly consequences. Since the Startup Concession was ...

Continue Reading

How to make payments directly from Xero using the Tyro Smart Account video

About the Tyro Smart Account We were excited to see Tyro be the first bank in the world to offer offer payments straight out of Xero. Using the Tyro Smart Account you can seamlessly make batch payments to multiple payees without entering data twice. Simply set up the payment in Xero and push it straight to Tyro for payment. Just some of the benefits of this feature include: One-touch bill approval from your iPhone No bank fees Reduced reconciliation time For the moment, the Tyro Smart Account is only available to Tyro customers who have a merchant facility with them but watch this space as we hope it’s popularity will see Tyro make it available to anyone. Learn how to make Batch ...

Continue Reading

What the 2016 Federal Budget tax changes mean for your small business standard

The 2016 federal budget builds on the favourable tax cuts for small businesses in last year’s budget and confirms a number of measures announced in the government’s innovation statement released earlier this year. We have outlined these measures below as well as  some practical advice about how to take advantage of them. It is important to keep in mind that these measures are not yet law and given that we are headed for an election in July, a change in government could see some of these measures fail to be enacted. Contents Small business entity threshold jumps to $10m Change in the company tax rate Discount on tax payable by other business entities (not companies) Immediate deduction for assets worth $20,000 or ...

Continue Reading

New accounting laws to affect Australian business, says leading law firm standard

By Mitchell Turner This article first appeared on Accountants Daily on 23 March 2016 and has been reproduced here for the important attention of our readers. On 23 February, the Federal Parliament passed into law the Crimes Legislation Amendment (Proceeds of Crime and Other Measures) Bill 2016, which sought to amend the federal criminal code and prohibit the making, altering, destroying or concealing of an accounting document; (i)  With the intention to facilitate, conceal, or disguise the giving or receipt of a payment not legitimately due to a person; or (ii) Reckless to the fact that doing so facilitates, conceals or disguises the giving or receipt of such a payment. The amendments themselves serve as a response to increasing international pressure ...

Continue Reading

Six key initiatives of the Innovation Statement that will boost your startup business video

The Turnbull Government’s Innovation Statement released this week sets the agenda for changes designed to make Australia more innovative. From our point of view, we are very excited by what these changes mean for our clients. The recent changes to the small business concessions were a step in the right direction, but this new agenda, in our opinion, will make it a great time to be a startup business or SME in Australia. So get excited! The following is quick overview of the key initiatives that your business can take advantage of. What is the Innovation Statement? The Statement is a summary of the Government’s policy agenda for innovation and science. It is broad but focussed on boosting the economy ...

Continue Reading

The Basics of Inventory Valuation image

With inventory being one of the biggest assets your company has, knowing the basics of valuation and identifying which accounting method to use is a must. Depending on the size and scope of your business, you may also find a couple of quick ways to do a stock valuation or inventory count quite handy. While there are a number of techniques and methods to choose from, let’s take a look at the three most commonly used and see what benefits they have. While we’re at it, we’ll also take a look at some quick valuation methods that can help you keep on top of your inventory management and accounting. First, some inventory basics. What counts as inventory? By inventory we ...

Continue Reading

Importance of Online Security image

Cyber Security

This is an important reminder to remain vigilant with your online security. Cyber crime is an issue globally, and scams are increasingly becoming more sophisticated. We strongly advise you to read the information below to help minimise the chances of your online safety being compromised. We are aware of ‘phishing’ scams currently targeting individuals with phone calls and emails that purport to be from the ATO and Xero. What is a phishing scam? A phishing scam aims to obtain information about you or gain access to your online accounts in order to steal confidential information. Scammers may use this confidential information in order to commit identity fraud. Scammers do this sending emails and making phone calls to individuals purporting to ...

Continue Reading

Congratulations to Bindle! A great example of how to get your business recognised. image

Bindle Telstra Business Awards

Picture: Catherine Blackford with mi-fi Partners, Kynan West and Campbell King at the 2015 Victorian Telstra Business Awards Gala Last Tuesday, 14 July 2015, we were thrilled to attend the Telstra Business Awards as guest of our client, friend and occasional blog contributor, Catherine Blackford. Catherine was a finalist in the Micro Business Category for her business Bindle. The Telstra Business Awards are Australia’s pre-eminent awards showcasing the best of Australian small business and is known for it’s rigorous assessment process. Although Catherine didn’t ‘take home the trophy’ on the night, to be recognised as one of five Victorian finalists from hundreds of applications is a huge honour. We have enjoyed watching Bindle grow from humble beginnings into a thriving ...

Continue Reading

How to take advantage of the 2015 Federal Budget for your business image

How to take advantage of the 2015 Federal Budget for your business In case you missed last week’s budget announcement then you will be pleased to know that there are a number of wins for small businesses (less than $2m in revenue). We have taken the time to outline these below as well as provide some practical advice about how to take advantage of the new measures and things to consider. Contents Reduction in company tax rate from 30% to 28.5% Discount of 5% on tax payable by other business entities (not companies) Immediate deduction for assets worth $20,000 or less (excluding GST) Immediate deduction for professional fees for new businesses Capital Gains Tax (‘CGT’) Rollover Relief No FBT on ...

Continue Reading

Three New Xero Features Guaranteed to Help Your Business standard

Over the past year, Xero has introduced over 400 updates in their effort for continuous improvement and development. Most of those updates happened seamlessly. While refining the functionality, they were hardly noticed by users. Xero CEO, Rod Drury, stated that the latest feature release gives Xero functionality that matches that found in desktop accounting software, but with the benefit of a ‘better-designed experience in the cloud’. At mi-fi, a 100% Xero firm, we tend to agree. After reviewing the new quotes and inventory features, we are pleased to say that their introduction will make it even easier for entrepreneurs to run their business using Xero. To date, both of these features were obvious omissions to otherwise fantastic software. Until now, we ...

Continue Reading

This is a unique website which will require a more modern browser to work!

Please upgrade today!