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Save Tax: Interest. You can claim deductions for interest paid on monies borrowed to: Repay partners’ capital contributions. Pay undrawn partnership profits.…
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. 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 - 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 - accelerating deductions. Expecting a high taxable income? You can reduce this by bringing forward expenses likely to be incurred next year. Do you have plant or property in need of repair?…
Save Tax: instalment warrants. Super funds are prohibited from borrowing. You cannot negatively gear a super fund investment or use margin loans to acquire shares.…
Save Tax: Negative Gearing. Negative gearing can be briefly explained as paying more in interest, depreciation and other outgoings than you receive in income from your investment.…
Save Tax: Investment income. Do you have income earning investments as well as a high salary of business income? Transfer your investments to your spouse or children over 18 who have lower income.…