Operating your business from home is an option if you spend most of your time working at client premises, deal with clients predominantly over the phone & internet, or just need a small office. Operating from home reduces your rental costs to nil. The main advantages of operating the business from home are: …
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Average Weekly Pay Employment Size Future Growth Skill Level $1,466 27,900 Moderate Bachelor degree or higher *Swipe across to view all table data Artistic directors, media producers and presenters produce artistic policies for performing arts organisations, prepare and present news, sports and other information, and conduct interviews on radio and television. Typical tax deductions:…
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34 practices in Melbourne and Perth have just completed our Tax Planning Made Simple Workshop. The workshop teaches practices how to add a tax planning division to their practice in only one day. Although tax planning generates $330 million of fees pa, less than 1% of practices outside the top 100 generate any tax planning revenue. …
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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). LCT is imposed at the rate of 33% above the LCT threshold. LCT is paid by businesses that sell or import luxury cars, and individuals who import luxury cars. Taxpayers can avoid…
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A self managed super fund (SMSF) is a superannuation trust structure that provides benefits to its members upon retirement. The main difference between SMSFs and other super funds is that SMSF members are also the trustees of the fund. The advantages of establishing a family SMSF are: Tax savings – 0% on…
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In a typical husband and wife tradepeople partnership, one partner is qualified (for example an electrician) and produces the partnership income and the other partner may be involved in administration for the partnership. Profits from the partnership are normally split 50/50 between the partners. This structure was reviewed by the ATO in 2005 in…
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Average weekly pay: $1,259 Employment size: 28,000 Future growth: Strong Skill level Bachelor degree or higher Architects and landscape…
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From 1st January 2018, a 60% CGT discount applies for Australian resident individual’s investing in qualifying affordable housing. This also applies if the individual invests via a managed investment trust. The conditions to access the 60% discount are: The housing must be provided to low to moderate income tenants. Rent must be charged at a…
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PAYG variations are attractive to taxpayers who have negatively geared investments (such as rental properties or share portfolios), and receive large tax refunds when lodging their annual tax returns. This strategy involves lodging a PAYG variation with the ATO in July of each financial year to bring forward the tax benefit. Once the PAYG variation…
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Reducing space usage and relocating to smaller premises will reduce rent costs (where the new premises have a similar cost per metre as the current premises). Businesses can reduce the space they use by: Going 100% paperless – documents and files are scanned and archived online instead of being stored as paper files…
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