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7 hours ago

MCA Accountants

Asset Protection Tip: Distribute your profits - If you operate your business in a company, there are good tax reasons for not distributing all profits to yourself (i.e. retain them in the company) - however this comes with asset protection risks. By not declaring them as dividends, they are "company property" and available to creditors. Declare them as dividends (even if loaned back the company) and they are yours (tip: consider securing the loan) ... See MoreSee Less

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1 day ago

MCA Accountants

Tax Tip: SMSF Trustees - If you have or are looking at a Self Managed Superannuation Fund - carefully consider using a corporate trustee. There are many benefits, including: - Better separation and identification of super assets vs personal assets - Lower ATO penalties (the ATO charge PER TRUSTEE. 1 company vs 2 or more individials) - Easier management - Better succession planning and management A company costs around $1000, and it can be paid by your super fund. In the long run you save much more than $1000 by having a corporate trustee ... See MoreSee Less

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4 days ago

MCA Accountants

Tax Tip: Super Tax Free After 60 - In most cases, payments to individuals from superannuation is tax-free once the individual turns 60. This brings up a multitude of tax planning opportunities involving getting as much as you can into super prior to this, and drawing it down as a supplement to your wage The implementation of these strategies is complex, and we highly recommend that you seek the assistance of a financial planner or an accountant with the appropriate licenses if this is of interest to you We have a financial planner in house and can work through the entire process with you ... See MoreSee Less

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