MCA Accountants

1 day ago

Asset Protection Tip: Bankruptcy claw-back - Under our bankruptcy rules asset transfers and transactions as far back as 4 years can be un-done. 4 years!! This could be years before you even started looking like being in financial difficulty. There's not much you can do to avoid this, other than getting your structure right as soon as you can. The sooner you start, the sooner that 4 year period ends ... See MoreSee Less

MCA Accountants

2 days ago

Tax Tip: Commercial Cost vs Deduction - The actual dollar value of a tax deduction is equal to your rate of tax. If you are in the 32.5% tax bracket, you will effectively get back 32.5 cents for every dollar spent. This also means you are out of pocket 67.5 cents per dollar... We often look to maximise our deductions, but that doesn't mean you should spend money on things you don't need, because at the end of the day you are still out of pocket ... See MoreSee Less

MCA Accountants

5 days ago

Tax Tip: Data Matching - The ATO have extensive data matching capabilities - such as share dividends and sales, property purchases and sales, wages, contract income, PayPal, AirBnB, car and boat registrations, and the list goes on The ATO are working on having as much visibility over everyone's income position as possible to help them catch those the rort the system. Cash is the next frontier - and also the toughest ... See MoreSee Less

MCA Accountants

1 week ago

Asset Protection Tip: Becoming a director - With an increasingly litigious society - and our Laws being tightened to reflect that - the simple act of becoming a company director can have big consequences. If you asked to become a director, do your due dilligence. You can be made personally liable for existing debts after 30 days - so if the company has debts that it can't pay, you may end up carrying the can ... See MoreSee Less