MCA Accountants

2 days ago

Asset Protection Tip: Personal guarantees - We work hard at our asset protection strategies, but every time you give a personal guarantee you are basically undoing your hard work. Sometimes it's unavoidable, but you'd be surprised how many business you deal with that give you credit have it included in their standard terms. Always read the fine print and then request to have those guarantees removed ... See MoreSee Less

MCA Accountants

3 days ago

Tax Tip: Absence From Main Residence - The main residence CGT exemption is the biggest tax break most individuals will ever receive. Buy a home for $200,000, sell it for $1,000,000 (albeit many years later), and pay no tax on the sale. What you may not know is that you can still claim the exemption if you rent the house out and don't have another main residence, up to a period of 6 years For example, you purchase your home in 2008 and lived in it until 2018. You get an amazing work opportunity, head overseas for a 4 year assignment and rent out your home. You will still be eligible for the main residence exemption IN FULL As with most tax-related items, there are traps and catches - so seek professional advice ... See MoreSee Less

MCA Accountants

6 days ago

Tax Tip: Accrued Wages - Businesses are generally able to claim a tax deduction for wages (incl. directors fees) and bonuses a time the liability to pay your staff is determined and irrevokable, regardless of when it is paid For the employee receiving the wage, it is only taxable when paid to that person. This opens up the opportunity to claim a tax deduction this year for a bonus or directors fee in the business, and pay tax on it next year. It's essentially a deferral of tax for a year ... See MoreSee Less

MCA Accountants

1 week ago

Asset Protection Tip: Personal guarantees (2) - If you operate a business you have no doubt provided a personal guarantee at some stage (even if you don't know it - most creditors will have one embedded in their terms somewhere). It is important that upon leaving the business that you ensure that you are released from all of these guarantees. A simple letter to each one is normally enough, but some will have hoops to jump through. As painful as it is, it's important to do so ... See MoreSee Less