Tax Planning

Case Study: LAFHA Saves $20,130 Tax

8 October 2019

    This is a real client of a Queensland practice subscribed to the TaxFitness programme. This shows the impact of just 1 strategy. Background:  Thomas is a contract plumber who lives in Newcastle and gets contract work in Sydney. Facts: Thomas has been offered a 12-month contract in Sydney at $133,000 pa. He typically…

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Case Study | Small Business Saves $8,108 Tax

15 July 2019

Objectives: Peter is a small business owner who wants to save tax and reduce his child maintenance payments. Facts:      Peter’s business has a taxable income of $77,000 and is growing (taxable income is expected to double next year). Peter is divorced and pays child support of $12,000 per year. Accountant’s Advice:  Tax Strategy…

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Case Study | Plumber Saves $1,598 Tax

18 September 2018

Objectives:   Thomas is a plumber who wants to save tax so he can buy a new car. Facts:      Thomas’s car was stolen 3 months ago and he is still waiting for an insurance payout. During this 3-month period Thomas borrowed his wife’s vehicle and travelled 5,000 work related km. Thomas’s wife also uses…

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Case Study | Aircraft Engineer Saves $1,551 Tax

15 August 2018

Objectives:     Frankie is an aircraft engineer working for Qantas at the Sydney Airport. Frankie uses some of his own specialist tools to perform his job every day but doesn’t leave them at the workplace overnight due to recent thefts. Frankie wants to protect his valuable tools and save tax. Facts:       …

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Case Study: Tax Deductible Dog Saves $564 Tax

19 July 2018

    Objectives: Robert is a plumber and has recently lost tools due to theft at the building sites he works on. Robert purchases a dog to take to work for companionship, and to also protect his tools. Facts: Incurs $900 buying the dog and $600 training fees. Incurs $1,200 per year for food and…

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Case Study | Relocation Expenses

21 June 2018

Objectives:   Tom, an employee mining electrician has just got a new job in Port Headland, WA and will need to relocate his family from QLD. He wants to save some tax to help fund the relocation costs. Facts: Incurs $18,000 in airfares, accomodation, and furniture transport costs relocating the family. Tom’s current wages income is…

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Case Study | Change PSI to Personal Services Business

7 June 2018

Objectives: James is employed as a contract engineer at two different engineering companies. He would like to build wealth and save tax at the same time. Facts: James contracts through his company and has income totalling $300,000 pa. Sarah, his wife, looks after their two young children and has nil income. Accountant’s Advice: Tax Strategy…

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Salesperson Saves $1,551 in Tax

24 May 2018

    Objectives:     Roy, an employee software salesperson, uses his own motor vehicle for work purposes and is reimbursed the cost by his employer. Facts:   Incurrs $12,000 motor vehicle expenses for the year. Reimbursed 76%, or $9,120 by the employer. Accountant’s Advice: Tax Strategy 7: Double Dip For Employees Claiming Motor Vehicle…

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Cleaning Company Saves $123,500 in Tax

10 May 2018

Objectives:  Sam, operates a cleaning company servicing several shopping centre clients. As the cleaning industry has very low margins, Sam is looking to reduce his cost of doing business to remain competitive. Facts: $2 million revenue. Employs 25 individual subcontractors at an annual cost of $1.3 million. Accountant’s Advice:  Tax Strategy 101: Reducing Super Guarantee…

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Case Study | Financing with 100% Overseas Debt

25 April 2018

    Objectives:   Tony, a Singapore national, wants to invest $3 million into Australian commercial property. Tony believes this will diversify his investment portfolio so reducing risk, whilst providing attractive long-term capital growth opportunities. Facts: Tony is flush with funds so doesn’t need to borrow to fund the investment. Over time Tony will make further…

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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"

- Bono: U2