Taxation or Tax saving tips
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Tax Tips:
- Keep all receipts no matter what and ask your accountant if you can claim them;
- Check for claims on home office expenses – this is available to many individuals and businesses that do work form home, without affecting he capital gains on their property;
- Take care spending money to save taxes – this will only put a drain on cash flow and the saving is only a maximum of 46 cents for every dollar spent – so you are behind;
- Utilise superannuation to plan for retirement and save on taxes annually – consider a geared fund to increase return opportunities;
- Buying a commercial property through a Self managed Super Fund will mean you can pay yourself rent rather than someone else – tax deductible;
- If you own a commercial property you can transfer this to super without selling it and claim the tax deductions without having to pay any cash – ie non-cash deduction;
- Business owners that pay themselves salaries from their business, may well be incurring more tax than they need to – utilise drawing options and other non-PAYG withholding tax options;
- Make sure you consider the use of trusts as an option for operating businesses from or as shareholders of companies to assist in tax planning.
For more information on tax planning and Tax accountant please visit bbw group website
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