accounting resources for individuals and businesses

Tax Tips

Asset Protection

Protect your family against tax seizures and creditors by establishing a Discretionary Trust. The assets contained in the Trust may be protected from seizure by a Trustee in the case of bankruptcy.

Cars and GST

Check the breakdown of costs and check the entity has claimed the correct amount of input tax credit. For example, Stamp Duty and registration costs are not subject to GST.

Business Acquisitions

If you are considering buying a business remember, depreciation of the plant and equipment included in the purchase is based on the amount paid for these items.

Children's Tax-free Threshold

Children under 18 years can receive $416 as unearned income or Trust distributions without being subject to penalty tax. They will also be eligible for the low income offset of $1200.

Home Office Expenses

If you are undertaking some of your work at home, you may be entitled to deductions for a proportion of the cost of heating and lighting, telephone and depreciation of equipment used at home for your work.

Lodgement Extensions

If you utilize a Tax Agent you are able to lodge your return later than 31st October. If your tax rate based on your total income is higher than your PAYG installment rate, this will leave paying the major part of your tax assessment until as late as possible.

Obtaining an Extension to Pay Tax

In some cases you may be able to apply for an extension to pay your tax where payment would cause financial hardship or you have insufficient funds.

Tax Agent Fees

Fees paid to a registered Tax Agent are tax deductible. This includes the cost of tax returns, advice, and dealing with penalties, objections and appeals. Information received relating to CGT is also deductible. You can also claim travelling costs. You can claim the number of kilometers you travel in addition to the 5000 km limit if you use your own vehicle.

To find out more Tax Tips or for any other Taxation advice, please contact our Office.

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