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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 - wash sales. If you have listed company shares showing a book loss you can generate a capital loss by selling those shares. Take care if you intend re-purchasing. You need a good commercial reason for this to avoid application of Part IV A.…
Save Tax - personal use assets. These are assets (other than collectables) kept primarily for your personal use and enjoyment. If acquired for $10,000 (excluding GST) or less, any capital gain is exempt.…
Save tax - pre-payments. For individuals and small businesses, prepayments can be claimed in full provided the period covered by the prepayment does not exceed 12 months and concludes before the end of the financial year.…
Tax Insight. Tax Accounting. Tax Returns. Activity Statements. Superannuation Tax & Regulation. Tax Planning. Business Structuring. Trust Structuring. Company Structuring. Tax Audit. Tax Dispute. International Tax. Profit Plans. Revenue Growth Plans.…
The Tax Office has announced that it will commence issuing letters warning tax payers they will receive a default assessment for tax where they have not lodged their tax return by the due date.…
Save Tax: relocation costs. Expenses paid by an employer to meet or reimburse relocation costs of an employee who is required to relocate for work purposes, are exempt from FBT.…
Save Tax: Computer software. Software developed or acquired for your business is known as in-house software. You can claim depreciation based on an effective life of 4 years - this is a rate of 25% p.a. prime cost.…
Save Tax: Obsolete and unsaleable stock. If you have obsolete stock you may elect to value those items at lower figures if that is warranted because of obsolescence or any other special circumstances relating to each item.…
Save Tax: Small business concessions - eligibility.…