Business Advisory Woy Woy, Central Coast
It’s Time To Grow Your Business With The Best Business Accountants At MYC Partners
Get the right Business Accounting, Tax Planning strategies and Small Business Advisory Services
Growing your business can be tough without some experts on your team, and at MYC Partners we specialise in doing just that. Getting the right guidance and business advice is essential no matter what stage a company or organisation is in, but it’s especially important during the Growth Phase where it’s critical to make the right choices about:
- Where do you want the business to go
- How you’re going to get it there
- What planning structures and systems do you implement to make it happen
- Who do you get advice from
Our Central Coast Business Advisory experts are passionate about helping clients see the growth and results they dream about, and we know that success is far more achievable when you’re prepared for it.
Tax planning strategies for companies and small business
If you’re paying too much tax and missing out on simple opportunities to legally reduce it, that’s going to have a huge effect on how fast you meet your company goals. Tax Planning strategies are one of the ways business accountants can optimise your finances throughout the year to meet your goals and maximise their impact.
Tax planning is a service that seeks to reduce your payable tax by:
- Accessing available schemes and grants
- Taking advantage of instant asset write-offs
- Timing your expenditures well
- Making sure you know which records to keep throughout the year
- Advising you on the impact of changes you make, and when to make them, such as business structure, investments and employees
Staying up to date with changing tax laws and available government support, spending money at the right times and staying aware of how your decisions can impact your payable tax throughout the year is essential for any business. Our business accountants are able to help clients pay less tax by aligning business goals with tax planning strategies that are tailored to their unique needs.
Business growth with Central Coast Small Business Advisory Services
When it comes to business growth there are a lot of factors to consider, especially the financial position and actions a company takes. In the beginning most businesses experience a negative cash flow, with more time investment and business loans to service while they ramp up operations.
Putting Accounting growth strategies in place can help reduce debts and liabilities faster while taking proactive action to increase and streamline business operations, including:
- Refinancing business and investor loans to a better rate
- Paying down existing debts
- Increasing cash flow and profit margins
- Streamlining invoicing and production operations
- Building strategic business relationships
- Diversifying business operations
- Planning and acquiring the right service contracts
- Reinvesting capital and profits into the business
- Improving efficiencies and adopting better systems
- Staying up to date with economic and market trends, and target market demographics
While each company will have different needs, our skilled business accountants develop growth strategies that help speed up their ability to reach a Growth Phase and ensures the changes are sustainable.
Choosing the right Business Structure with SME Accounting and Advisory experts
When it comes to business structures – the legal structure of your company – one size does not fit all. It all depends on the type of goods and services offered, how many people are involved and what level of asset protection is required. There are several common types of business or ownership structures in Australia, including:
- Sole Trader
- Partnerships
- Company
- Limited Company
- Trusts
All of the structures have very different legal, reporting and tax obligations, so choosing the right structure upfront will save both time and money. Changing it later on, can be disruptive and expensive if you need to reassess all your systems and strategies. With years of practical business accounting experience and taxation services, our small business advisory services allow clients to make the right choices at the right times.
CGT - Capital Gains Tax Planning Strategies and Advice
When a business sells an asset that has increased in value, the profit made attracts a Capital Gains Tax (CGT). The amount of CGT Payable will depend on how long the asset was held for, and who the asset holder is – individuals, companies and SMSFs are taxed all differently.
The main things that attract a CGT include selling property, shares, business assets or the business itself. To reduce the amount of CGT payable each year, our business accountants may advise on a number of strategies including:
- Holding assets for longer than 12 months before selling them
- Using Capital Losses to offset Capital Gains
- Having any properties held revalued, to make sure the valuation is not inflated and increasing CGT obligations
- Increasing asset cost bases, to reduce the CGT applied
- Taking advantage of exemptions and CGT concessions available to eligible businesses
- Consider options that involve SMSF where appropriate
The CGT is reported as part of your income tax return, though any Capital Gains or Capital losses still need to be recorded and reported in accounting systems. The MYC Partners business accountant services team are professionals at navigating the laws surrounding CGT and minimising it for clients to assist with growth.
GST - Goods and Services Tax Planning Strategies and Advice
Once your business is turning over more than $75 000, you must register for the Goods and Services Tax (GST). Payable to the ATO, the GST rate is currently set at 10% and is applied to all goods or services that a business sells to their customers.
Businesses can offset their payable GST against the GST they have paid on the business expenses throughout the year, known as GST Input Credits. Our business accounting services include GST tax planning strategies such as:
- Recording all expenses where GST has been paid
- Assisting with GST registration
- Advising on correct invoice formats and adjustments for GST
- Determining whether a cash basis or accrual basis suits a business best
- Paying GST in instalments to reduce tax liability amounts
Reporting on GST happens when a business submits their BAS, and our Registered BAS Agents can incorporate the tax planning strategies we’ve developed to ensure you’re minimising GST wherever possible.
Business exit strategies with expert small business advisory services
The time to exit a business comes for everyone, but the reasons can range from a planned handover or natural disaster to filing for bankruptcy. No matter what the case is, exiting a business is a delicate process that seeks to financially protect everyone involved. Depending on personal circumstances and the position of the business, different strategies are used to achieve the highest benefits.
Some of the common reasons for exiting a business include:
- Selling the business
- Closing the business
- Handing the business over to a business partner, family member, spouse or other stakeholders
- Merging the business with another
- Filing for liquidation of bankruptcy
There are a lot of moving parts to get right when you’re winding up a business, especially if you have employees and a wide range of assets or investments to take stock of. The right exit strategy will take all of this into account, as well as the emotional impact on all involved parties. Our business accounting services team help assess which strategy is right for our clients and provide ongoing assistance throughout the exit process.
Property Investment Strategies by specialised Central Coast Business Accountants
Real estate investment is a popular growth strategy, and both individuals and companies may hold investment properties as assets. Whether you’re buying a single investment property as part of your overall investment strategy, or you want to make a career as a property investor – doing so without professional accounting advice can lead people to make costly mistakes.
Accountants need specialised knowledge of the property investment space so they can tailor your tax planning strategies and finances properly, including:
- Taking advantage of Negative Gearing
- Investing in property improvements
- Structuring the ownership of the property
- Adopting asset protection and liability reduction strategies
- Assessing potential purchases against current financial position and obligations
Successful property investment at MYC Partners means experienced accountants who stay proactive and become part of your property management team.
Getting the right advice to boost your business with the SME Accounting Experts
No matter what moves you’re making in business or what your goals for growth are, a failure to get and implement professional advice can make simple mistakes much larger issues.
Being involved in running a small business or company takes immense amounts of time, effort and investment – so shouldn’t there be a high priority on getting it right?
If you’re looking to grow your business and make sure you meet all your compliance obligations, get in touch with our team and find out how small business advisory services will boost your business.
Need accounting help? Our team can assist. Contact us for an obligation FREE consultation.