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2015 Federal Budget Overview
The Federal Budget has been released for 2015. Some have declared that this is the best budget in seven years! The budget effects both individuals and small businesses thus why we have created a video which encapsulates the 7 announcements including recommendations to enable you to take advantage of the updates. (1) Changes to assets thresholds for the […]
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 […]
Making Your Business Stand Out
A question that we all ask ourselves is ‘how do we make our business stand out?’ Let’s knuckle down and find out what sets you apart from your competitors. What is your Unique Selling Proposition (USP)? Aka what makes your business distinct or what is your competitive edge? Unique – It clearly sets you apart from your […]
Tax Planning Strategy #5: General Tax Planning Strategies
Lan Nguyen, Chartered Accountant General tax planning strategies for 2015. Now, tax panning normally involves bringing forth deductions or payments you might have made for things, into a period of time before 30th of June so you can claim this as tax deduction this financial year. For example, if you’re going to pay for some […]
Tax Planning Strategy #4: Trust Distributions Resolutions
Lan Nguyen, Chartered Accountant Family trusts or discretionary trust are trusts where you can distribute with the choice of who receives the income. Now, 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 […]
Tax Planning Strategy #3: Debt Optimisation
Lan Nguyen, Chartered Accountant Pay off your home loan sooner, minimise bad debt and maximize your tax deductions for investments. So debt optimization, what is it? Let’s say, you have a $500,000 loan on a property worth $750,000. Debt optimization is taking home load debt, which is not tax deductible, paying it off faster and […]
Tax Planning Strategy #2 – Tax Refunds for Prepaid Interest
Lan Nguyen, Chartered Accountant Big tax refunds for prepaid interest for a capital protected share portfolio (with NO cash required by 30 June). Did you know that you can buy a parcel of blue chip shares by using capital protection and not lose your money if the share market goes down? At the same […]
Tax Planning Strategy #1 – Establish a SMSF
Lan Nguyen, Chartered Accountant Establish a Self – Managed Super Fund (SMSF) – How to make it your family’s wealth VAULT and legally pay NIL tax. Should you have a self – managed fund? In summary, a self-managed super fund has trustees, so that would be a company with your parents, your partner, whoever. […]
Advantages and Disadvantages of Buying a Business.
Lan Nguyen, Chartered Accountant Advantages: Sense of security is obtained when buying an existing business. Existing customers and goodwill An established business will generally come with existing customers, clients, suppliers and staff. This eliminates much of the effort and expense needed to generate goodwill, branding, advertising and hiring staff. Expenses and finance The business is already operational and stock […]