Where an employee undertakes 'special demands' travel between home and a regular work location, the trip will be deductible work-related travel where being conducted in performing the employee's work activities. Travel will be part of an employees work activities where: The work activities require the employee to undertake the trip. The employee is paid, directly…
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Home-based businesses are small businesses that operate from the owners home. The attractions of starting and running a business from home include: Tax savings from making some of the home occupancies costs tax-deductible. Reduction in overhead costs. More work time as no time is lost commuting in traffic. It improves work/life balance. A home-based…
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Personal services income (PSI) is income produced mainly from an individual’s skills or efforts. It’s income that has the characteristics of employment income. For PSI income, the only deductions allowed against that income are expenses an employee would be entitled to deduct. If the personal services business (PSB) tests are passed, then taxpayers gain the…
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Holiday working spaces are work spaces in holiday destinations. The working spaces can be located literally anywhere in the world; including your favourite beach, forest, or snow holiday distination. Employees can work from the working spaces for a week, month or six months at a time. The work spaces can be hired by the day,…
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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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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…
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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.…
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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…
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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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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2