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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 Savings Strategy 221 | Bitcoin

To avoid paying tax on any increases in the value of Bitcoin, it should only be purchased to acquire goods or services for private use.

Tax Savings Strategy 220 | Non-Geared Unit Trust

Non-geared unit trusts (NGUT) allow taxpayers to co-invest with their SMSF in property enabling SMSF's with limited funds to co-invest in large property purchases.

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 217 | 60% CGT Discount for Affordable Housing Investments

From 1st January 2018, a 60% CGT discount applies for Australian resident individual's investing in qualifying affordable housing.
From 1st January 2018, a 60% CGT discount applies for Australian resident individual's investing in qualifying affordable housing.

Tax Savings Strategy 216 – Managed Investment Trusts Investing in Affordable Housing

Managed investment trusts (MITs) are able to invest in affordable housing, allowing investors to receive a 60% CGT discount on any capital gains made.

Tax Savings Strategy 215 – Super Contributions from Downsizing

A person aged 65 or over can make a non-concessional contribution into superannuation of up to $300,000 from the proceeds of selling their principal residence.
A person aged 65 or over can make a non-concessional contribution into superannuation of up to $300,000 from the proceeds of selling their principal residence
A person aged 65 or over can make a non-concessional contribution into superannuation of up to $300,000 from the proceeds of selling their principal residence

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 213 | Boats & Yachts

Using the entertainment facility leasing provisions of the FBT Act to make owning and operating a boat or yacht as tax effective as possible.

Tax Savings Strategy 212 | Pass the $6m Test (to access Small Business CGT Concessions)

If your business has a turnover greater than $2 million then to qualify for the small business CGT concessions (and potentially pay no tax on your business sale) you need to pass the $6 million net assets test. 
If your business has a turnover greater than $2 million then to qualify for the small business CGT concessions (and potentially pay no tax on your business sale) you need to pass the $6 million net assets test. 

Tax Savings Strategy 211 | Sell a Business and Pay No Tax

This strategy involves selling your business and paying no tax. This strategy only applies to businesses that pass either the $2 million turnover test or the $6 million net assets test.
This strategy involves selling your business and paying no tax. This strategy only applies to businesses that pass either the $2 million turnover test or the $6 million net assets test.