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Tax Strategies

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The content of these Tax Strategies is general information only. It is not and is not intended to be taxation, accounting, business, financial, legal or other professional advice and should not be acted or relied upon as such. Specific professional advice should be sought in respect of particular circumstances and requirements, as the information in these Tax Strategies may not be suitable or applicable to particular circumstances and should not be acted or relied upon. The authors have used reasonable endeavours to ensure that the content is correct and current but do not guarantee that it is correct or current and will not be liable or responsible if it is not. In no event will the authors or any related entity of those persons, or any of their directors, principals, agents, employees or representatives, be liable for any loss, damage, costs or expense (whether direct or consequential) incurred as a result of or arising out of or in connection with this content included in it in whole or in part including but not limited to any error, omission or misrepresentation. The authors also disclaim all representations and warranties, including but not limited to, warranties as to the quality, accuracy or completeness of the information of whatsoever nature and warranties of fitness for a particular purpose.

Eliminate Division 7A problems

Division 7A is an ATO integrity measure to ensure that private companies don't make tax free distributions of profits to shareholders.

What are the advantages of a testamentary trust

A testamentary trust is a trust which arises upon the death of the trustor, and which is specified in his or her will.

Fully maintained associate lease

A fully maintained associate lease is an agreement where an associate of the employee leases a fully maintained car to the employee's employer.

Can I deduct the cost of travelling to see my tax agent?

A taxpayer can claim a deduction for the cost of travel to obtain tax advice. 

Structured settlement contributions

Structured settlement contributions are payments an individual has received and contributed into their super fund.

Small business restructure roll-over

Business entity changes involve transferring a business from its current structure to a more advantageous structure.

Temporary loss carry back for eligible companies

Companies can carry back losses from 2020, 2021 & 2022 income years to offset previously taxed profits made in or after the 2019 income year.

Immediate write-off for depreciable assets

Businesses (i.e. those with an annual turnover of less than $5 billion) can claim an immediate deduction for depreciable assets.

Deduct your overnight travel expenses

Overnight travel expenses involve being away from home for at least one night for work or business purposes.

Are fitness expenses tax deductible?

Fitness expenses will be deductible if employees need an abnormal level of fitness to perform their job.

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