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Save Tax: Incorporation. Are you running a profitable business and suffering high personal marginal tax rates? Incorporate your business and leave profits in the company taxed at the moderate company rate of 30%. Keywords: Next Article.…
Save Tax: Preparation. Preparation for a tax audit is all important. Tax auditors will insist on seeing adequate records of your entitlements to tax deductions and proof of any claims that money received was not taxable income.…
Save Tax - incorporation. If you own an asset or a business that is not likely to increase substantially in value, but is income producing, think about capping tax at 30% by rolling it into a wholly owned company.…
Save Tax: Theft. You can claim a deduction for loss of money through theft, stealing embezzlement, etc if the loss is an incident of your business operations such as the theft of your day's bankings whilst it is on the way to the bank.…
Save Tax: Interest. You can claim deductions for interest paid on monies borrowed to: Repay partners’ capital contributions. Pay undrawn partnership profits.…
Save Tax: Tax planning. Are you operating a business alone or in partnership with your spouse?…
Save tax - family partnerships. This is an established and relatively simple mechanism for splitting income between family members. If your spouse carries out some work in the business you should consider forming a partnership.…
Save Tax: taxi travel. Taxi travel provided to employees arriving or leaving the place of work at any time during the working day is FBT exempt.…
Save Tax: Travelling Expenses. If you have to travel for business or work related purposes you can claim air fares, bus, train, tram and taxi fares, car hire, meals, accommodation and incidental expenses.…