MCA Accountants

22 hours ago

Tax Tip: Taxi Travel - Travel to and from work is generally not tax deductible - and taxi travel is no different... but if your employer pays for it they may be able to claim a deduction and it may be exempt from FBT - a great salary sacrifice opportunity ... See MoreSee Less

MCA Accountants

4 days ago

Asset Protection Tip: Insolvent trading - Trading while insolvent is illegal and can cause you to be personally liable for all your businesses debts - regardless of your asset protection structure. There is no set definition of insolvent, so if you are having difficulties paying your bills the best thing you can do is get help to ensure you don't put at risk everything you own ... See MoreSee Less

MCA Accountants

5 days ago

Tax Tip: The ATO's Approach - The ATO aren't the draconian authority they are often made out to be. We find that if you are upfront and honest with them, they are much more likely to be lenient than if you put your head in the sand and hope they go away (tip: they can be a persistent bunch) If you are struggling to pay your ATO debt, call them. They have an automated system for smaller debts, but regardless you can chat to a real person who can help you out ... See MoreSee Less

MCA Accountants

1 week ago

Tax Tip: Trust Distributions - Family trusts (discretionary trusts in general) have the advantage of allowing income to be distributed to family members, associated entities, and the like. However, the trust is obligated to make a decision on the distribution amounts by 30 June each year This poses a conundrum of sorts. How does a trust decide on how much to distribute to each person before the year has even ended? It's not until months after the end of the year that the trustees are aware of the actual profit figure Formulas is how. The trust will need to decide what proportion each person gets, so when the actual figures are worked out you can just apply the formula Oh, and the decision to distribute has to be in writing, dated 30 June or earlier... in the event of an audit the ATO will require this ... See MoreSee Less