The first tax issue to consider with owning a racehorse is whether you are operating as a hobby or a business. Generally, it is difficult to demonstrate to the ATO that you have a racing business unless it is associated with breeding or training activities and is of significant scale. The tax benefits of owning…
Read More »
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…
Read More »
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…
Read More »
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…
Read More »
These 10 tax strategies apply to the majority of businesses & produce the biggest tax savings (on average) TS 1: Salary Packaging Private Motor Vehicles – Makes private motor vehicles tax deductible (average $3,000 tax saving pa). TS 12: Concessional Super Contributions – $25,000 deductible contributions cap (per taxpayer). TS 32: Change…
Read More »
A smartwatch is a wearable computer in the form of a wristwatch. Their functionality is similar to smartphones and includes: Mobile apps. Mobile operating system. Wi-Fi/Bluetooth connectivity. Portable media players, with FM radio and playback of digital audio and video files. Making and receiving phone calls. Sending and receiving emails. Digital cameras. Heart rate monitors.…
Read More »
An Employee Remuneration Trust (ERT) arrangement involves a trust being established to facilitate the provision of payments and/or other benefits to employees of an employer. The trustees provide the benefits at the direction of the employer. This strategy is useful to retain and reward employees that are critical and important to the business’s success. A…
Read More »
Bitcoin was created in 2009 by Satoshi Nakamoto as the world’s first cryptocurrency and is the biggest. Currently there are 669 cryptocurrencies in the world. Bitcoins are a digital currency so can be used to buy things electronically (and in that sense are similar to conventional currency). However, Bitcoins most important characteristic is that it…
Read More »
Non-geared unit trusts (NGUT) allow taxpayers to co-invest with their SMSF in property. The benefits of the NGUT structure include: Enables a SMSF with limited funds to co-invest in large property purchases. The SMSF can purchase additional units in the NGUT from related parties (at market value). The NGUT has flexibility in issuing and redeeming…
Read More »
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…
Read More »Similar posts you may like
- Tax Savings Strategy 213 | Boats & Yachts
This strategy involves using the entertainment facility leasing provisions of the FBT Act to make owning and operating a boat or yacht as tax Read more
- Tax Planning Strategy 167 | In-house Recreation Facilities
The cost of providing in-house recreation facilities to employees is deductible if it is located on the employer’s premises. Examples of in-house recreational facilities Read more
- Save tax with a home-based business
Home-based businesses are small businesses that operate from the owners home. The attractions of starting and running a business from home include: Tax Read more
- Tax Planning Strategy 188 | Child Maintenance Trust
Tax planning strategy 188 A Child Maintenance Trust (CMT) is a special type of trust set up and established with income earning assets (typically 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