MCA Accountants

3 days ago

Tax Tip: Prepay Expenses - Small businesses are entitled to pre-pay up to 12 months of expenses and claim it in full when paid (such as rent, interest, etc). One catch, at least part of it must relate to this financial year. ... See MoreSee Less

MCA Accountants

6 days ago

Asset Protection Tip: ATO debts can become personal - Did you know that some ATO liabilities can look-through your asset protection structure and become a personal liability? PAYGW is the main one, and unpaid super can become a personal liability also. On PAYGW - you can't "choose" to pay PAYGW and not GST if you make a partial payment, the ATO allocate as per their policies (which is PAYGW last). It pays to keep your ATO payments up to date ... See MoreSee Less

MCA Accountants

7 days ago

Tax Tip: Realising Capital Losses - If you have enjoyed a capital gain this financial year, there may be CGT implications. Consider whether you are sitting on some capital losses (typically shares) and consider realising them prior to 30 June. The ATO does not like ‘wash sales’, i.e. when shares are sold and purchased back on the next day…so speak to us first concerning this. ... See MoreSee Less