Call McCarthy Salkeld

Company

McCarthy Salkeld, Chartered Accountants commenced in 1995, but were borne out of a Chartered Accounting firm formerly known as Salkeld, Gregor and Turnbull. This practice was established in the Sydney CBD over 50 years ago. In 1977 it moved to Auburn in Western Sydney. The restructured firm, “McCarthy Salkeld”, then relocated to North Parramatta in late 1998 and from 2012, continues to operate on the introduction of additional Director/ Associates under a corporate structure – MacQPerry Partners Pty Ltd.

The long established firm has a broad client base covering many industries, various sized organizations from individuals to private and publicly listed company groups as well as a number of Superannuation entities and Charitable and Not for Profit entities. Our client base predominantly services the Eastern States of Australia with some clients having national as well as international interests.

The firm has a commitment, in a personal, timely and professional manner, to provide clients with services of the highest quality. To achieve this, our in house staff training concentrates on client and industry-based issues, when required, as well as those of a technical/professional nature.

The diverse nature of services offered by the firm enables our staff, where appropriate, to develop a special interest in particular areas of service, as well as obtain a general level of knowledge regarding many aspects of the business environment.

In addition, we are able to draw upon a network of externally qualified specialists, when required, to give advice in specialist areas that do not warrant us to having full time dedicated specialist staff. In this way our clients benefit by not continually incurring overheads or paying for the maintenance of services they only rarely need to access.

 

Maximising deductions

Business taxpayers

Taxpayers should review all outstanding debts before year-end to identify any debtors who may be unable to pay their bills. Once a taxpayer has done everything in their power to seek repayment of the debt, they may consider writing off the balance as bad debt.

The entitlement of corporate tax entities to deductions in respect of prior year losses is subject to certain restrictions. An entity needs to satisfy the “continuity of ownership” test before deducting prior year losses. If the continuity of ownership test is failed, the entity may still deduct the loss if it satisfies the same business test.

A deduction may be available on the disposal of a depreciating asset if a taxpayer stops using it and expects never to use it again. Therefore, asset registers may need to be reviewed for any assets that fit this category.

Small business entities are entitled to an outright deduction for the taxable purpose proportion of the adjustable value of a depreciating asset, subject to conditions.

Business taxpayers

Non-business taxpayers are entitled to an immediate deduction for assets that are used predominantly to produce assessable income and that cost $300 or less, subject to conditions.

Self-employed and other eligible people are entitled to a deduction for personal superannuation contributions, subject to meeting conditions such as the “10% rule”.

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