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:
ATO Audit Insights for Effective Business Management
For small business owners, the prospect of an audit by the Australian Taxation Office (ATO) can seem intimidating. Yet, it’s important to remember that these audits are a standard part of ensuring legal compliance and accuracy in your financial affairs. There’s no need for the word ‘audit’ to set off alarm bells. Managing an ATO
Why Is My Tax Refund So Low? Decoding the Mystery Behind Shrinking Returns
The annual tax refund is a highly anticipated event for most working Australians. For many, that means an exciting influx of cash in the form of their annual tax refund. However, this year, many people are scratching their heads, wondering, “Why is my tax refund so low?” It’s a common question I’ve been hearing a
Business vs Hobby: Navigating the Fine Line with ATO’s Rules
As an accountant, one question I get all the time is, “When does a hobby become a business?” This is a critical distinction when it comes to your tax obligations. In this post, I’ll walk through the key factors that transform a hobby into a bonafide business in the eyes of the Australian Taxation Office
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 After releasing draft guidance, the ATO finalised its profit allocation guidelines for these firms in December 2021 by publishing Practical Compliance Guideline PCG 2021/4.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
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