Tax & Super Newsletter May 2012 Technorati Tags: fringe benefit tax, mortgage management plans, private health insurance rebate, tax deductions, Tax planning
Browsing Posts tagged Tax planning
There is no one best business structure. Every person’s circumstances are different so what might be an appropriate structure for one person may not be an appropriate structure for another. Further, often more than one type of structure may suffice and so a choice needs to be made. The most important thing is to ensure [...]
The massive benefits available to employees who are eligible for the Living Away From Home Allowance (LAFHA) continues unabated! We continue to provide ongoing advice to clients and potential clients in this area. This short article sets out a few interesting facts relating to LAFHA which every temporary employee should consider: LAFHA Period Legally there [...]
If you operate a business as a sole trader or a partnership, you are required to lodge an individual tax return and pay your tax dues annually. So the question arises: What items must appear in my tax return? Completing your tax return generally requires the declaration of income and expenses you will deduct in [...]
Starting a small business may be relatively simple but as your operations improve and incomes start to grow, getting your financial records in order for tax purposes can be a daunting task. Reporting assessable income, business expenses and other declarations is essential in lodging tax returns. You can simplify this by using the services of [...]
Depending on the business structure you operate, you may be required to lodge different tax returns. Australian tax laws lay down specific rules and guidelines for reporting and computing amounts subject to various taxes which every business person must be familiar with or risk the assessment of penalties. Income tax return Sole trader If you [...]
Tax planning is the process of organizing the affairs of a taxpayer so that, as far as legally or commercially possible, the liability of the taxpayer to income and other taxes is minimised. – (definition from the Australian Master Tax Guide) Some common strategies of reducing ones tax liability are: Reduce assessable income Increase deductions [...]
Tax planning is the process of organizing the affairs of a taxpayer so that, as far as legally or commercially possible, the liability of the taxpayer to income and other taxes is minimised. – (definition from the Australian Master Tax Guide) Some common strategies of reducing ones tax liability are: Reduce assessable income Increase deductions [...]