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Tax Strategies

Tax Strategy Disclaimer

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.

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.

Tax deductible holiday working spaces

The cost of providing holiday working spaces will be tax deductible when provided for business purposes, not a straight-out holiday for the employer.

Maximising the $1.6m Pension Cap

From 1st July 2017, the amount of capital that a member can have in the tax-free retirement (pension phase), is limited to $1.6 million.

Reduce tax on holiday travel by 50% for overseas employees

This tax strategy only applies to overseas employees working in Australia, and Australian residents working overseas. 
This tax strategy only applies to overseas employees working in Australia, and Australian residents working overseas. 

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.

Top 10 Tax Strategies for Rental Property Investors

These 10 tax strategies apply to rental property investors & produce the biggest tax savings (on average).