These 10 tax strategies apply to rental property investors produce the biggest tax savings (on average). Family trusts – Provides asset protection, income splitting, 50% CGT discount & flexibility. Refinancing the family home – Ideal when renting the ‘old’ family home. Negatively gearing the family home – Asset protection, capital growth & tax savings. Holiday…
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For Australian residents who wish to conduct a trading or investing business overseas, this strategy involves incorporating a company overseas. Typically, the overseas company will be incorporated in a country with lower tax rates than Australia, and have foreign directors. If the foreign incorporated company ensures its Central Management & Control (CM&C) is overseas (and…
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Average weekly pay: $1,600 Employment size: 67,400 Future growth: Strong Skill level: Associates degree…
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When you think of a salesperson, you picture slick hair and a shiny suit from some boutique hipster joint in the inner suburbs. Lets face it, that’s just not us. We are accountants. We like the numbers and we like order. We’re not known to be colourful or even cheerful if we are completely honest…
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August Release Highlights: Improved usability A new menu layout and design which makes the software easier to use and reduces the number of steps involved in each process. 3-minute business tax planning Simply select the business type, and the software automatically selects up to 10 tax strategies that apply to that specific type of…
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Increasing the average transaction size will increase sales revenue. For example, a 20% increase in average transaction size will result in a 20% increase in total sales revenue. To implement this strategy: Change the product or service mix – i.e. add higher priced products and/or reduce lower priced products. Bundle products…
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These 10 Tax Strategies apply to the majority of employees & produce the biggest tax savings (on average). Tax Strategy 1 – Salary Packaging Private Motor Vehicles Makes private motor vehicles tax deductible (average $3,000 tax savings pa). Tax Strategy 4 – Transporting Heavy or Bulky Equipment Makes home to work travel deductible (average $3,000…
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Unni Ashok, a TaxFitness subscriber since June 2017, operates an accounting practice at Nundah, QLD. He has recorded fee growth of 316% for the 2019 financial year and attributes that growth to five things: Positioning himself as a tax planning expert – business clients like to feel/know they are dealing with an expert in the…
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Unlike private companies, under the Corporations Act public companies can raise capital from the public, and have unlimited shareholders. These two attributes make public companies an attractive structure when businesses need to raise large amounts of funds. Compared to private companies, public companies are subject to additional administration and regulatory costs (i.e. half-yearly financial statement…
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Raising your selling prices will increase sales when your product or service has an inelastic demand curve i.e. when you raise prices and there is minimal or no change in volume sold. This is a profitable strategy when higher prices produce greater gross profits due to increased profit per unit, even if volume has fallen. …
Read More »"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2