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Tax Strategies

From the category archives: Tax Strategies

Tax Planning for Employees

Tax Savings Strategy 191 | Pets in the Workplace

This strategy makes private pet ownership costs tax deductible. The workplace pet's food, vet, insurance, grooming and other costs will be tax deductible.

Tax Planning Strategy 155 | Salary Packaging Associated Leases

An associate lease is an agreement where an associate of the employee (typically spouse or partner), leases an existing or replacement car to the employee’s employer.
An associate lease is an agreement where an associate of the employee (typically spouse or partner), leases an existing or replacement car to the employee’s employer. 

Tax Planning Strategy 189 | Increase Giving via Discretionary Trusts

 If the beneficiary is tax exempt (a not-for-profit organization or church) then there will be no income tax paid on that income by the beneficiary.

Tax Planning Strategy 77 | Change from Employee to Contractor

Changing from employee to contractor (business) has the benefit of making some private expenses tax deductible.

Tax Planning Strategy 171 | Income Splitting

This strategy involves evening up the marginal tax rates between spouses. Tax is saved if income can be moved from the spouse in the highest tax bracket to the spouse with the lowest tax bracket.

Tax Planning Strategy 162 | Endorsement Income

This income is generated by the goodwill asset, rather than by the direct personal exertion of the athlete.

Tax Planning Strategy 169 | Salary Packaging Rental & Share Investment Losses to 'Beat' the Income Test Rules

Investment Loss (TNIL) is an individual's taxable losses from rental and share investments. The TNIL is added back to an individual's taxable income to calculate the tax related concessions.

Tax Planning Strategy 163 | Salary Packaging Business Assets to Double Dip

This strategy involves ‘double dipping’ as the employees business depreciation claim is unaffected by their employer reimbursing them for the cost of the asset.

Tax Planning Strategy 166 | Exempt Childcare Benefits

Childcare benefits provided by an employer will be exempt from FBT under section 47(2) FBTAA where the employer has In-house childcare facilities.

Tax Planning Strategy 164 | Remote Area Housing

 If a housing benefit is deemed a remote area housing benefit the employer can claim a tax deduction for the employees housing costs, and no FBT is payable.

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