When it comes to tax preparation for individuals and businesses alike, it's all about Good Tax Tactics.
Top 10 Tax Tips
- 01Progressively keep all your work related receipts and records of transactions. A good tax refund at the end of the year will be maximised if prepared for in the early days of the financial year
- 02Any interest income or dividends should be in the name of the lesser income earner
- 03Deductions for claimable donations should be issued in the name of the higher income earner
- 04Rental property is not always beneficial if owned jointly, contact us for an assessment
- 05Medical expenses to be claimed include prescribed medications, optical & dental. It is best to purchase your scripts from the one chemist who can then provide you with a report at the end of the year
- 06Vehicles and phones used for work related purposes may be tax deductable; however, certain records need to be kept
- 07If you have a re-draw facility on your home loan, avoid using it; instead ask your bank to provide you with an off-set account for any additional funds you may require
- 08Capital Gain Tax on disposal of assets such as property, shares, or businesses can be minimised or avoided provided certain choices are exercised. Contact us before signing any contract for sale
- 09Inherited properties must be dealt with in certain ways and within defined time limits to reduce capital gains tax
- 10Never pay an expense on behalf of your employer. If you do so, ensure your employer reimburses you rather than claiming it on your Tax Return
Contact Tax Tactics
We can help you organise your finances, tax and provide proactive solutions that will help you reach your financial business goals.