MCA Accountants in Carrum Downs, Victoria, Australia | Financial planner

MCA Accountants

Locality: Carrum Downs, Victoria, Australia

Phone: +61 3 8689 9770

Address: Suite 2 3 Colemans Rd 3201 Carrum Downs, VIC, Australia

Website: http://www.mcaaccountants.com.au

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• Tax preparation service
• Accountant
• Financial service
• Financial planner

25.01.2022 The Government has released its 2021 budget and there is money everywhere. We've summarised the tax, business, superannuation, and welfare measures on our website, which you can view at https://www.mcaaccountants.com.au//in/federal-budget-2021/

25.01.2022 The ATO aren't the draconian authority they are often made out to be. We find that if you are upfront and honest with them, they are much more likely to be lenient than if you put your head in the sand and hope they go away (tip: they can be a persistent bunch) If you are struggling to pay your ATO debt, call them. They have an automated system for smaller debts, but regardless you can chat to a real person who can help you out.

25.01.2022 Asset Protection Tip: Separate ownership and operations - If you are looking to supercharge your asset protection strategies, consider operating your business under a license. One entity owns the goodwill, the assets, etc, and another entity does all the trading. This can protect those business assets in the case of the business going bad.

25.01.2022 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)

24.01.2022 Free Info: Small Business Concessions - Small businesses get some pretty good tax concessions. Find out about some of these at http://ed.gr/cta4c

22.01.2022 Tax Tip: Valuing Stock - Businesses are entitled to value their stock as per a couple of different methods: - Market value - Net realisable value - Cost Cost is the most common, but where you are holding obsolete stock it may be beneficial to use the net realisable value method (this will increase your deductions). Market value will result in the smallest tax deduction, but there are times that this is beneficial

22.01.2022 Tax Tip: Pooled Cars and FBT- It's common knowledge that providing cars to your employees attracts Fringe Benefits Tax (FBT), but there are alternatives If the main purpose of providing the car is to provide employees with a car to drive during the day, then consider providing "pooled cars". Cars that do not go home with employees at days end (and therefore aren't available for private use) do not attract FBT Another option is to simply provide travel allowances instead of actual cars

22.01.2022 Asset Protection Tip: Secure your loan - Have you loaned your business money? Consider making this a secured loan so that in the unfortunately event of insolvency or bankruptcy, your loan will rank ahead of unsecured creditors. The cost is minor considering the possible losses you can face.

21.01.2022 The positive feedback on our JobKeeper Alternate Turnover Test Calculator has been amazing, and we thank everyone that is helping to get it 100% accurate (we didn't go through rigorous testing prior to making it public in the interests of getting timely help out there). We are currently up to Version 6, so if you have an older version on your computer, please download the current version. https://www.mcaaccountants.com.au//jobkeeper-alternative-/... Just a reminder to everyone that you can only access the alternate tests where the original test is not a reasonable comparison. Don't plug figures into the spreadsheet, see the green "Qualify", and then try to come up with an elaborate plan as to how you convince the world that this test is relevant for your circumstances - it will be much more painful to repay JobKeeper to the ATO than it will be to miss out on it. Keep the feedback coming, especially from the accounting and bookkeeping fraternity. Let's make this spreadsheet perfect so we can ensure everyone in Australia can easily assess these tests.

20.01.2022 When looking to set up your asset protection structure, you should also consider possible future events such as divorce or death. There's not much point setting up a convoluted structure that won't be able to take advantage of the various tax concessions associated with these events, or even one that won't allow you to pass true ownership to your beneficiaries

18.01.2022 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

17.01.2022 Tax Tip: Trust Distributions - Family trusts (discretionary trusts in general) have the advantage of allowing income to be distributed to family members, associated entities, and the like. However, the trust is obligated to make a decision on the distribution amounts by 30 June each year This poses a conundrum of sorts. How does a trust decide on how much to distribute to each person before the year has even ended? It's not until months after the end of the year that the trustees are aware of the actual profit figure Formulas is how. The trust will need to decide what proportion each person gets, so when the actual figures are worked out you can just apply the formula Oh, and the decision to distribute has to be in writing, dated 30 June or earlier... in the event of an audit the ATO will require this

17.01.2022 Moon rocks and circus lions are among the list of acceptable SMSF investments. They may not be your taste, but find out more about what your SMSF can invest in at http://bit.ly/2KzJrdt

16.01.2022 Tax Tip: Taxi Travel - Travel to and from work is generally not tax deductible - and taxi travel is no different... but if your employer pays for it they may be able to claim a deduction and it may be exempt from FBT - a great salary sacrifice opportunity

16.01.2022 When purchasing a rental property, the existing plant & equipment (dishwashers, carpet, blinds, etc) is not tax deductible or depreciable - but items purchased afterwards are If you are a rental property owner looking to sell, consider not updating the appliances and leaving that to the new owners - you will allowing them to claim the depreciation on those items they replace

16.01.2022 Free Info: ATO's Digital First Policy - The ATO is moving to "digital by default". This means if the ATO can deliver your services and letters digitally, it will. Read more about this at http://ed.gr/cta4e

16.01.2022 Tax Tip: Tax Residency - Your tax residency is important - it determines what tax rates apply to you, and where you pay tax. While a complicated topic, at its most basic level it comes down to where do you call "home". Is your property here? Do you have Australian bank accounts? Do your kids go to school here? Are your family ties here? These are the sorts of questions that matter. You can be overseas for an extended period of time and still call Australia home

16.01.2022 Tax Tip: The ATO's Approach - The ATO aren't the draconian authority they are often made out to be. We find that if you are upfront and honest with them, they are much more likely to be lenient than if you put your head in the sand and hope they go away (tip: they can be a persistent bunch) If you are struggling to pay your ATO debt, call them. They have an automated system for smaller debts, but regardless you can chat to a real person who can help you out

15.01.2022 The ATO's online services are all controlled by your myGovID login and your Relationship Access Manager (RAM). Find out about it's new features on the below link. https://ed.gr/cyy0a

14.01.2022 If you have a trust that you stopped using, chances are it's not actually closed and you run the risk of skeletons popping up. Learn what you need to do at http://bit.ly/2LsACQg

13.01.2022 Confused by the JobKeeper Alternate Turnover Tests? You're not alone. We've created a fantastic calculator to help you work out if you meet each of the turnover tests. https://www.mcaaccountants.com.au/resources/tools https://www.mcaaccountants.com.au/download-files/9025/... Have a look and make sure you share with any business owners you know so they can make sure they get vital support shoud they be eligible.

13.01.2022 Small businesses are entitled to pre-pay up to 12 months of expenses and claim it in full when paid (such as rent, interest, etc). One catch, at least part of it must relate to this financial year.

13.01.2022 Confused by the JobKeeper 2.0 alternate turnover tests? You're not alone. We've created a fantastic calculator that will do all the calculations for you. https://www.mcaaccountants.com.au/resources/tools https://www.mcaaccountants.com.au/download-files/9025/... Share with any business owners you know to ensure they test their eligibility also.

11.01.2022 It's common knowledge that providing cars to your employees attracts Fringe Benefits Tax (FBT), but there are alternatives If the main purpose of providing the car is to provide employees with a car to drive during the day, then consider providing "pooled cars". Cars that do not go home with employees at days end (and therefore aren't available for private use) do not attract FBT Another option is to simply provide travel allowances instead of actual cars

11.01.2022 Free Info: Requirements for an SMSF Audit - All self managed super funds need to be audited annually. Find out what documents you will need to provide your auditor at http://ed.gr/cta4b

11.01.2022 A key to asset protection is keeping ownership of "risky" assets separate from "safe" assets - for example your business and your home should be in separate names, so if your business gets sued, your home is safe. It can be as simple as putting your home in your spouses name, or as complex as trusts and companies.

11.01.2022 To stay updated on JobKeeper changes, keep an eye on the ATO's timeline of updates page -> http://ed.gr/cusmf

09.01.2022 Businesses in particular industries (cafe, restaurant, milk bar, butcher, etc) are required to remove from their purchases any personal use The ATO have minimum amounts that it expects to be removed, which differ per industry but start from $790 per adult (greengrocer) and go up to $4,640 (licensed restaurant). If you aren't making this adjustment, you need to let your accountant know so they can work through it

08.01.2022 JobKeeper 2.0 Alternate Tests Released - https://mailchi.mp//further-jobkeeper-20-clarification-rec

05.01.2022 Tax Tip: Worthless Deductions - You can only benefit from tax deductions if you are a position of paying tax. If your income is below the tax free threshold, then don't go out of your way to find extra deductions

04.01.2022 Free Checklist: Voluntary Deregistration of a Company - If you want to close your company, you need to undertake a "voluntary deregistration". Find out what's involved and make sure you do it right by using our checklist at http://ed.gr/cta4j

04.01.2022 If you provide a non-cash benefit to your staff (e.g. car), you may have a Fringe Benefits Tax liability. Learn how to calculate and minimise at http://bit.ly/2KzUJ1q

03.01.2022 It is important to understand the different between "ordinary time earnings" and "wages" - particularly if you are an employer. Overtime for example does not fall under OTE, but performance bonuses do It matters for a few reasons, one of which is superannuation. Employers are only liable to pay super on OTE - not total wages

01.01.2022 For travel to be deductible, the basic criteria is that it is necessary, you are paid while travelling, and you are "on the clock". Read more at http://bit.ly/2KyLaA0