MCA Accountants

1 day ago

Asset Protection Tip: Understand your structure - Asset protection structures can only be effective if you understand them enough to follow them. There's no point paying a fancy accountant to set up 2 companies, 3 trusts, and a superfund if you don't understand it - inevitably you put the wrong thing in the wrong entity and undo all your good work (and costs). A good accountant will never get tired or explaining your circumstances to you ... See MoreSee Less

MCA Accountants

1 day ago

Where previously medical expenses over a threshold were entitled to a tax offset, changes a number of years ago limited the types of expenditure that was eligible to disability care and aged care. From 1 July 2019, the offset will be abolished entirely ... See MoreSee Less

MCA Accountants

2 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