MCA Accountants

1 day ago

Asset Protection Tip: Shares are assets too - A common asset protection strategy is to put your business in a company - if the business is sued your personal assets are protected. But what about the other way? What if you personally have money troubles? If you own the shares in the company, your business is at risk. You have options here also, such as using a trust to hold those shares ... See MoreSee Less

MCA Accountants

2 days ago

Tax Tip: Paying Super On Time and Right - Superannuation is only tax deductible if paid on-time (28 days after the quarter end), and super must be paid via a "clearing house" these days also. The ATO has complete visibility over how much super you should be paying, and can tell very easily who is and who isn't complying ... See MoreSee Less

MCA Accountants

5 days ago

Tax Tip: Personal Use of Stock - Businesses in particular industries (cafe, restaurant, milk bar, butcher, etc) are required to remove from their purchases any personal use The ATO have minimum amounts that it expects to be removed, which differ per industry but start from $790 per adult (greengrocer) and go up to $4,640 (licensed restaurant). If you aren't making this adjustment, you need to let your accountant know so they can work through it ... See MoreSee Less