Tax Planning
Can your business meal expenses be claimed as a deduction?
With Christmas around the corner, taking a client out for a business lunch or providing dinner for your staff is often a grey area in terms of claiming tax deduction. To help business owners determine whether the expense is categorised as tax deductible or entertainment, we have written up a guide to help you work […]
More CASH for your DOLLAR!
More Bang for your Buck Start planning NOW to maximise your tax refund next year! We do a lot of tax returns. One thing we constantly hear our clients say is, “I didn’t know I could claim that!” or “I wish I had kept my receipts!” What’s the best way to avoid disappointment at tax […]
TOP 10 Under Claimed Deductions!
1. Keep a diary. You can’t claim the commute between home and work but if you go to other sites or functions outside work you can claim a maximum 77c/km for up to 5000km for the year end 2015. The Government has decided to remove the 12% of original value and 1/3 actual expense methods […]
2015 Year End Reminders Obligations
Another financial year is about to finish! Your Year End Reminders and Obligations As a business owner, there are many obligations that you need to consider and action over the next few weeks. Some of these will help to minimise your tax. We have outlined these action points below to assist you. Date Action Required […]
Want to Make 2015 Tax Time Easier?
WANT TO MAKE TAX TIME EASIER AND CUT YOUR TAX BILL by 30%? For most business owners and employee 30 June is a time of reconciling, sorting and collecting receipts for Tax Time to present to your accountant. If you want know how to cut your tax bill in half, you need to understand the basic […]
Maximise the Benefits of the Federal Budget for your Business
Last month we heard the Treasurer Joe Hockey deliver his second Federal budget, with some key surprises in it, especially for small business. Below is a summary of the key features and how they could affect you! We at Success Accounting Group are here to make you smart financial decisions NOW so that you […]
Tax Planning Strategy #5: General Tax Planning Strategies slideshow
[easingsliderpro id=”7″] The tax you pay depends on your taxable income (all assessable income less allowable tax deductions), and the tax rates that apply to that income. Therefore, your tax is reduced if you: Reduce your income, or Increase your tax deductions. Seeing we all want to earn more, reducing your income isn’t an […]
Tax Planning Strategy #4: Trust Distributions Resolutions slideshow
[easingsliderpro id=”6″] Family trusts or discretionary trust are trusts where you can distribute with the choice of who receives the income. The people that can receive the income are the trusted beneficiaries, and in 2012 the tax department changed the laws and said that before the end of June, every person with a family trust or […]
Tax Planning Strategy #3: Debt Optimisation Strategy Slideshow
[easingsliderpro id=”5″] Debt optimisation (sometimes referred to as “Debt Recycling”) is a financial strategy which creates wealth over time and improves an individual’s debt structure. Achieved, in the majority of cases by: Using all surplus income to reduce the home loan (non-tax deductible “bad debt”); Creating or increasing investment debt (tax deductible “good debt”) by […]
Tax Planning Strategy #2 – Tax Refunds for Prepaid Interest Slideshow
[easingsliderpro id=”4″] Apart from the usual general tax planning strategies (eg. incur business expenses prior to 30 June to claim a tax deduction this financial year), there is another way to reduce your tax: Prepay interest on borrowings for investments before 30 June. With the solid performance of equity markets over the past 9 months, we […]