Tax Strategies – Top 10 for Business

These 10 tax strategies apply to the majority of businesses & produce the biggest tax savings (on average)

1. TS 1: Salary Packaging Private Motor Vehicles – Makes private motor vehicles tax deductible (average $3,000 tax saving pa).
2. TS 12: Concessional Super Contributions – $25,000 deductible contributions cap (per taxpayer).
3. TS 32: Change Ownership of Assets – Can create upfront or ongoing tax deductions (or both).
4. TS 85: $30,000 Asset Write-Off – Upfront deduction for depreciating assets.
5. TS 86: Employee Meal Expenses on Business Premises – Makes private meals tax deductible (average $5,000 pa).
6. TS 101: Reducing Super Guarantee Payments – Eliminates super guarantee payments to contractors (saving the 9.5%).
7. TS 114: Share Buybacks – Enables shareholders to access companies paid up capital and retained earnings.
8. TS 131: Companies – 27.5% company tax rate (and reducing to 25%).
9. TS 146: Transferring Business Premises into SMSF – Provides asset protection benefits plus tax savings on rental payments made.
10. TS 190: Utilise Business Goodwill to Pay Out Your Private Mortgage – Saves the average business owner $10,000 pa in tax.