Blogs & Resources
14 March 2021
Taxation Planning – 8 ways to reduce your assessable income.
Reducing / deferring your assessable income is a widely used and effective means of minimising your taxation liability.Some of the areas to consider includ…
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13 March 2021
What do tax minimisation and Kerry Packer have in common?
Kerry Francis Bullmore Packer has famously stated.‘I am not evading tax in any way, shape or form. Now of course I am minimising my tax and if a…
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7 March 2021
What is tax planning?
Generally speaking tax planning is when a tax payer (whether it is an individual; trust; company; partnership or superannuation fund) organises its / their affa…
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4 March 2021
What is the difference between tax avoidance (tax planning) and tax evasion?
Tax evasion is illegal while tax minimisation (tax planning) is not.Tax evasion typically involves Individuals, Companies, Trusts and Superannuation Funds miss …
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21 February 2021
Fixed versus Variable Costs?
Fixed Expenses are costs that remain the same every year, they remain unchanged, they do not vary or alter depending on the activity of your business.Variable E…
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26 January 2021
3 questions to ask for a healthy business.
If you told me you wanted to run a marathon and were going to prepare for the big event by going for a slow jog once a week, I’d say you were crazy. In fa…
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23 January 2021
Home Office Tax Deductions.
There are three methods for claiming home office deductions in your 2020 income tax return:- Shortcut method (80 cents per work hour) – available 1 …
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28 December 2020
New year’s resolutions. Improve my business.
Most businesses would like to improve in the following areas:Revenue GrowthProfit ImprovementCash flow ImprovementIt is then a matter of identifying Key Perform…
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21 December 2020
Accounting and Tax at Christmas time.
Giving Employees Gifts at Christmas Time.Can I claim my Christmas party as a tax deduction and what are the fringe benefit tax implications?Are gifts to clients…
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12 December 2020
Giving Employees Gifts at Christmas Time.
Generally, the most tax effective outcome when providing Employees with gifts is to ensure that the following is adhered to:1. The gift is less than $300, Goods…
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11 December 2020
Can I claim my Christmas party as a tax deduction and what are the fringe benefit tax implications?
Generally speaking, if a party / function is held off the employer's premises and the cost per head is less than $300 the cost will be exempt from Fringe Be…
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9 December 2020
Are gifts to clients / customers tax deductible?
Generally speaking yes. If the gift is designed to:1. Promote and / or advertise your business;2. Generate goodwill between your busin…
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8 December 2020
Taxation Update - December 2020
Please subscribe to our newsletter for our latest taxation updat…
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21 November 2020
Do you know your current ratio?
This measures the short term liquidity of your business. Which also indicates the ability of your business to pay its bills. Most businesses aim for a rati…
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19 November 2020
How healthy is your business?
Please complete the following short survey to we will be able to assist you.http://www.mcnamaraandco.com/business-health-checkIf you would like to discuss furth…
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