Our Financial Blog

Check this page regularly for updated advice, tips and current financial interest topics and articles.

2024 BUDGET TAX REVIEW

As expected, the 2024 budget has the most minor changes for small and medium-sized businesses and individuals in my eleven years of practice. Below is a summary of what impacts my client base and things to consider before 30 June. PERSONAL INCOME TAX MEASURES...

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SETTING UP YOUR TAX STRUCTURE

My father often told me, “When you do something, do it right the first time. It will save time and money”. This is always the case, no matter what we do. The only issue I am seeing is that people have a greater ability to try and save money today with the internet,...

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Are You Frustrated With Your Tax Bill

A common theme among new clients who come to MCA is that people are shocked when they do their taxes for the year. They come looking for a miracle cure. At MCA, we cannot offer a miracle cure, but we can plan before 30 June to estimate the tax for the year and develop...

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ELECTRIC VEHICLES AND FBT

I have written about electric vehicles and the FBT impact which is nil. No FBT return is required to be lodged or payable for electric vehicles. Though I must remind employers that you do have to notify the Fringe Benefit on an employee's PAYG Summary even though this...

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CHRISTMAS AND TAX IMPLICATIONS

A client reminded me that Christmas is fast approaching. Questions followed about what they can do for their staff. Below is a summary of the Fringe Benefits Tax (FBT) consequences of Christmas parties and gifts: CHRISTMAS PARTIES Christmas parties are considered a...

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TO PLAN OR NOT TO PLAN

The famous quote from Benjamin Franklin “By failing to plan, you are preparing to fail”, was relevant to a client of mine recently. Not for the first time have I heard “I have a brilliant idea” or  “a great opportunity has come my way”! With all the enthusiasm in...

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mark@mcaccg.com.au

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