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: Interest. You can claim deductions for interest paid on monies borrowed to: Repay partners’ capital contributions. Pay undrawn partnership profits.…
Save Tax: Interest Claims. Deductibility of interest depends on the use to which the borrowed funds are put. Always reduce your home loan before reducing any business borrowings.…
Save Tax: Computer systems. If you purchase a computer system for use in your business, the software and contract services are often included in the total cost.…
Save Tax: Rollover Relief. You can get rollover relief on transfer of plant where there are partnership changes. Depreciation deductions in the year of change are split equally between the new and old partnership.…
Save Tax: Plant Leasing. If you are an eligible small business taxpayer, instead of purchasing plant, you can lease the item and negotiate an advance lease payment for the first 12 months to obtain a substantial tax deduction this year.…