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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: 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 - foreign losses. From July 2008 the quarantining of foreign tax losses was abolished and these can be claimed against any other income. Keywords: Next Article. Disclaimer: We believe this information to be correct at the time of publication.…
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.…
Save Tax: Quoting ABNs. Concerned that an ABN quoted to you is not genuine? You can check this through the internet at www.abr.gov.au Always ensure that an ABN is quoted otherwise you must deduct withholding tax at the rate of 49%.…