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Tax Strategies

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From the category archives: Tax Strategies

Tax Planning for Business

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.

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. 

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.

Deduct your overnight travel expenses

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

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.

Travel to co-existing work location 

Co-existing work locations travel will be tax deductible where the travel is attributable to the employee having to work in more than one place.

'Special demands travel' from home to work can be tax deductible

Where an employee undertakes 'special demands' travel between home and a regular work location, the trip will be deductible work-related travel

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.

Tax Strategy - Change PSI to personal services business (PSB)

Personal services income (PSI) is income produced mainly from an individual’s skills or efforts. It’s income that has the characteristics of employment income.

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