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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.

From the category archives: Tax Strategies

Tax Advice

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. 

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.

Tax deductions for handbags, briefcases and satchels 

Handbags, briefcases and satchels purchased to carry items for work purposes (such as laptops, tablets, work papers or diaries) may be deductible.

Save tax with a home-based business

A home-based business will be entitled to deduct a portion of their home occupancy costs, including home mortgage interest, 2.5% building write-off, rates, rent, insurance, and maintenance.

Can a Racehorse Beat the ATO?

The first tax issue to consider with owning a racehorse is whether you are operating as a hobby or a business.

Tax Savings Strategy 219 | Avoid the Luxury Car Tax

The luxury car tax (LCT) is a tax on cars with a GST inclusive value above the LCT threshold ($66,331 as at 2018/19). 

Tax Savings Strategy 214 – First Home Saver Scheme

Taxpayers can contribute up to $15,000 per year in voluntary contributions that can be withdrawn for a first home deposit.

From 1st July 2017, taxpayers can contribute up to $15,000 per year in voluntary contributions (up to $30,000 in total), that can be withdrawn for a first home depos

Tax Savings Strategy 209 | Excess Concessional Super Contributions

This strategy involves employees with large employment income salary sacrificing part of their wages into excess concessional super contributions. 

Tax Savings Strategy 207 | The Sole Trader Business Structure

The sole trader business structure involves the individual personally operating their business. A sole trader in Australia can earn $18,200 before starting to pay any tax.
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