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2 days ago

MCA Accountants

Asset Protection Tip: Is trouble imminent? - If your business is suffering financial difficulty, then it may already be too late to change your structure to protect yourself. Anything done while insolvent can be undone, and in addition a bankruptcy trustee can undo any transfers if they are done for the purpose of defeating creditors. The only safe time to start your asset protection journey is well before you "need" protecting ... See MoreSee Less

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3 days ago

MCA Accountants

Tax Tip: GST Mistakes - A misunderstood part of GST (and one that many accountants take advantage of unfortunately) is that mistakes to your BAS's can often be fixed on your next BAS - you may not have to amend a previous BAS Where you have overpaid due to an administrative error, you can claim back the GST on your next BAS, as long as it is within 4 years of the mistake Where you have underpaid the same applies for errors under $10,000. For larger errors you do need to do BAS amendments As with everything, there can be exceptions to the rules - so be prudent Unfortunately some accountants we know will amend all 4 BAS's in the year for even minor errors, and then charge you for the privilege... if your accountant does this, simply refuse to pay (and then find a more honest accountant) ... See MoreSee Less

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6 days ago

MCA Accountants

Tax Tip: GST on All Sales - When registered for GST, you must charge GST on all sales and items connected with your business - not just your ordinary trading activities The biggest error we see is on car trade-ins. You are required to remit to the ATO 1/11th of the trade-in value you receive. You can't claim the GST on the car, and then not pay GST on the sale of the car. ... See MoreSee Less

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