MKM Trusted Accountants & Advisors

08/11/2024

https://mkmaccountants.com.au/news/f/a-guide-to-small-business-structures

When we discuss setting up a small business structure, a number of questions and issues are discussed. One which pops up frequently is...."How do I pay myself".

31/10/2024

https://mkmaccountants.com.au/news/f/making-sense-of-the-proposed-super-tax-on-business-and-farms

Australia is one of the most unique places in the world.  It's the world's largest island, and home to the largest eco-system in the world. We are also now the only form of government that will tax you on something you h...

24/10/2024

https://mkmaccountants.com.au/news/f/maximise-your-motor-vehicle-deduction

The motor vehicle expense deduction. In my opinion, this is the most generous of all the work-related deductions. In all my years I have never seen the ATO question or amend a D1 motor vehicle claim for a taxpayer.

24/10/2024

A reminder that if you lodge with a tax agent it's likely your lodgement due date will be deferred to May next year.

Any tax payable will also likely be deferred for payment until the next year.

More than a million Australians haven't lodged tax return with deadline approachingBy Daniel Jeffrey1:38pm Oct 24, 2024 Tweet Facebook Mail More than a million Australians are yet to lodge their tax return and are at risk of being fined, with the deadline only a week away.While 9.4 million return...

16/10/2024

A common question when forming business is what entity structure should be chosen.

A sole trader is free.

A trust, with a trustee company, that owns the business...plus another trust with a trustee company that owns the land....well this costs money.

I have always encouraged clients to look at this up front cost as an investment in your business, and just not another bill to pay. Setting the structure up to align with your current and future needs will create value in the future, and not problems.

15/10/2024

An interesting article about the trend towards cash payments (rather than the reverse).

It's been my experience that rather than Small Businesses trying to do the wrong thing (i.e. cash under the mattress) as the ATO suggest, they actually do the right thing and report their income from all sources. But get frustrated when they look at their financial statements and see $3,000 to $5,000 as a bank fee expense. Effectively subsiding an industry that doesn't need subsiding.

Businesses who only accept cash are in the ATO's crosshairs as some have been using the payment method to avoid paying tax.