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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 - 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: 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: Interest. You can claim deductions for interest paid on monies borrowed to: Repay partners’ capital contributions. Pay undrawn partnership profits.…
Save Tax: Salary sacrifice. You can salary sacrifice to maximise your total concessional superannuation contributions up to $30,000 (or $35,000 if aged 50 years or over) for the 2015 tax year and enjoy substantial tax savings. Keywords: Next Article.…
Save Tax: Going Concern. The sale of a business or enterprise can be GST free if all the conditions are met.…
Save tax: Intellectual property. You may be able to claim deductions for capital expenditure incurred in the creation or purchase of an Australian patent, registered design or copyright.…
Save Tax: Deceased estates. Has a family member with business or investment income died? Don't rush to finalise the estate.…