As the principal of one of NSW's most trusted chartered accounting firms, Alan McGillivray's experience and insights have been used by everyone from state and federal government agencies through to small business and individuals.


Superannuation funds have come under direct fire in recent times particularly with regards to the current Royal Commission and there’s more pain to come.

If you're like most, you're no doubt outraged with the alleged rorts, gouging and lucrative commissions that have been reported.

So? Is it time to change your super fund - or time to think about taking control of your own super?

The choice ultimately is yours, and provided you don't mind taking an active hands on interest in its management - then a SMSF could be just the thing to cocoon you from the anguish so many investors are suffering nightly via media reports.

To encapsulate things in a nutshell, retail super funds cater for those who were interested in investing and saving for their retirement. 

They offer investment expertise and a degree of personal service to their clients and charge a commission for that service and in return there's a veiled expectation of a return on your investment. A portion of the profits derived from the activities of retail super funds goes to the shareholders.

If, on the other hand you're thinking a (SMSF) is the way to go - you're not alone. While there is a library worth conflicting information out there, essentially searching for greater yield and transparency does come with regulatory and financial obligations that you must adhere to. 

But armed with the right information and guidance, setting up and managing your own SMSF can not only be rewarding in the long term but relatively easy to administer.

Set up correctly, you'll also be eligible for tax concessions.

To better illustrate things check out this short video from the ATO by clicking this link.

To learn more about how a SMFS may benefit you and your family, contact us by going to our website or by dropping us a line.




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While there are a multitude of things you need to consider as a small business operator, one of them I suspect is NOT how the upcoming rewrite of the banking code is going to affect you. 
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One of the questions we often hear is 'don't accountants just do your tax returns and audit books'?

Well,  while it's true accountants perform both these tasks, some arms of the profession such as Chartered Accountants and Certified Practicing Accountants (or CPA's) do more than you think.

They can give you strategic advice. Come up with new ways to save money or boost revenue and just as importantly they also help remove the administrative tasks that can take your away from your core business.

So? What are five key areas a CPA or Chartered Accountant can help your business grow.

* They can help you determine areas for growth by providing insights on cash flow patterns, inventory reconcilation, pricing and financing.

* They can create financial forecasts to enable you to be one step ahead of your competition 

* They can work with you to create business budgets in line with your goals

* Provide advice and resources in the event you wish to either buy into another business or sell your own

* Provide advice on property and equipment leasing/purchases

Of course some go even further and offer a raft of other services including business coaching, business valuations, SMSF's even develop lead generation strategies including a structured approach to your online or traditional marketing.

Combine this with their speciality services in tax accounting and you will have a holistic approach to increasing your business profits and your personal wealth.


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In case you missed it, Westpac is removing SMSF loans from its 'shelves'.

The bank officially announced a fortnight ago it would no longer offer SMSF loans for new consumer or business lending. This means the SMSF Investment Property Loan will no longer be available for sale, and business lending to an SMSF for either residential or commercial securities will no longer be available.

The changes came into effect yesterday 31 July - though the institution did note that customers with existing SMSF loans will continue to be serviced by the bank.

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Recently, I caught up with a client who was keen to buy out a locally 'tradie' and incorporate the client base into his existing business. 
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Call it catch up - call it a clean slate - but with the Federal Government introducing a one-off 12-month Superannuation Guarantee (SG) amnesty through to May 23, 2019 - it's a chance for employers to 'make good' on any shortfalls which may have occurred when it comes to SG without the fear of attracting the full range of penalties. 
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REPORTS that tax scammers are increasing their attacks by phone, text and email are growing as they prey on people’s fear of getting in trouble with the Australian Taxation Office.  
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WHEN it comes to tax time, there's a certain sameness in the way we lodge our returns - usually to ensure we fly under the ATO radar.

Yet, there's legitimate claims you CAN make which will save you money - if only everyone knew the rules or sought advice.

Firstly, while the ATO website is excellent, if you're doing your own return REMEMBER the ATO’s job is to collect revenue, not to help taxpayers claim all the deductions they’re entitled to.

Your refund is not a bonus cheque, it's money you've earned - money which is legally yours - so why not ensure you aren't simply donating it to the government coffers.

Here's just a few unusual or often-forgotten claims - that can potentially add hundreds of dollars to your refund this year (provided they meet ATO guidelines for use).

* App Purchases

* First Aid Courses

* Audio Books & Subscriptions

* Pay TV

* Income Protection Insurance

* Super Contributions

* Cryptocurrency Loans

* Dog Food

Of course you'll need to justify the purchase of any/all of the above and how they relate to earning an income - so if you're in any doubt consult your financial advisor.

* Individual circumstances may vary and the examples provided are for illustrative purposes only. 

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When it come to overtime meal expenses, travel claims, even car milage - none of relish the onerous - ongoing task of either filling out forms or keeping daily tabs. 
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About Alan McGillivray & Associates

With more than 20 years experience, we service clients ranging from small businesses to medium sized enterprises up to $50M in turnover. Our goal is to help you achieve success in growing your business sustainably and profitably.

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