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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: 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: Luxury cars. There is a limit on depreciation claims for luxury cars. If you acquire a luxury car for business, tax deductible depreciation can be claimed on a maximum cost of $57,466.…
Save Tax: Children's income. Children under 18 are taxed at a penal rate if unearned income exceeds $416. There are some circumstances where the child will be taxed at normal marginal tax rates, including earned income from: Employment.…
Save Tax: Company losses. Companies must gross up franked dividends received and then can reduce tax payable by the amount of the franking credit. This could result in the wasting of carry forward tax losses.…