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Tax Strategies

Tax Planning Strategy 85 | $20,000 Asset Write-Off

Small businesses can claim a tax deduction for depreciable assets they purchase for their business provided they cost less than $20,000 each.

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.

Tax Planning Strategy 131 | Companies

The advantages of operating a business through a company include 30% tax rate (standard company tax rate and 27.5% tax rate for companies with a turnover less than $10m pa.

 

Tax Planning Strategy 1 | Salary Packaging Private Motor Vehicle Expenses

With this strategy an employee can generate annual tax savings of $2,500 - $3,000 pa by salary packaging their private motor vehicle with their employer. 

Tax Planning Strategy 172 | Antique, Veteran or Vintage Car

The purchase of an antique, veteran or vintage car for use in a business will provide the normal depreciation and operating deductions.

Tax Planning Strategy 168 | Business Trips for Employees and Spouses

Business travel involves being away from home for at least one night for business purposes.

Tax Planning Strategy 170 | Amend Prior Years Tax Returns

It is good practice to review the prior year’s tax returns of all new clients to see whether any allowable deductions have been omitted from the return.

Tax Planning Strategy 175 | Employees of Religious Institutions

Benefits provided to employees of religious institutions in respect of pastoral duties or other duties or activities directly related to the practice, study, teaching or propagation of religious beliefs is exempt from FBT. 

Tax Planning Strategy 86 | Employee Meals on Business Premises

An employer can provide the following meals to employees, claim a tax deduction for the expenses, and pay no fringe benefits tax.

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