Articles
Check out the latest from the MYC Partners blog!
Welcome to our new articles area. We will be regularly sharing our accounting expertise and strategic advice to help you get ahead in your business.
Latest posts are below:
Accounting for Influencers: Mastering the Digital Earnings Game
The rise of social media has given birth to a new type of celebrity: The influencer. As these digital content creators have amassed huge followings, sponsored posts and affiliate promotions have become big business. However, the unpredictable income streams of influencers pose unique accounting and tax challenges. Unlike salaried jobs with regular paychecks, earnings can
Crypto Tax in Australia: An Accountant’s Insight
In the dynamic world of finance, cryptocurrencies like Bitcoin and Ethereum have emerged as game-changers. As more Aussies venture into this digital frontier, dreams of substantial returns often overshadow the intricate tax implications. But here’s the reality: While crypto offers a golden opportunity, it also presents a complex crypto tax maze that requires careful navigation.
Allocation of Professional Firm Profits: A Strategic Guide
In recent years, the Australian Taxation Office (ATO) has been laser-focused on how professional services firms allocate and tax profits. After releasing draft guidance, the ATO finalised its profit allocation guidelines for these firms in December 2021 by publishing Practical Compliance Guideline PCG 2021/4. Professionals like accountants, lawyers, doctors and IT consultants should carefully study
Do I Need Private Health Insurance? A Deep Dive into Tax Implications
Introduction: Medicare Levy vs Medicare Levy Surcharge As an accountant, one question frequently lands on my desk: “Do I need private health insurance?” It’s a question with many facets, especially when tax implications are involved. So, let’s dive into the details and shed some light on this topic. Now, you might be wondering: What’s the
Succession Planning for Businesses: Steps to Protect Your Legacy
For most entrepreneurs, starting a business is a labour of love. You pour everything into building your company from the ground up. Long nights, early mornings, and years of hard work and sacrifice. But every founder needs an exit plan. One day, you’ll want to retire, pursue new ventures, or just take a permanent holiday.
Sole Trader vs Company: Which Business Structure is Right for You?
Many small businesses begin as sole traders, which is when an individual owns and runs the business by themselves. It’s a simple, inexpensive way to get started. However: Sole traders often consider switching to a company structure as the business grows.The question: What is a company structure? And when is the right time to make
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