Download our FREE Fact Sheet on tips for minimising tax, which includes expanded information on:
YOUR BUSINESS TAX RETURN
Government incentives - accelerated depreciation
- Tax cuts
- FBT exemption
- CGT relief
- Bad debts
- Trusts and companies, and more.
YOUR SUPERANNUATION CONTRIBUTIONS AND SELF-MANAGED SUPER FUNDS (SMSF)
- Non-concessional (after tax) contributions
- Spouse contributions
- Salary sacrifice
- Take full advantage of the caps
- Pension payments, and more.
- Depreciation on assets such as the building itself and some fixtures/fittings
- Interest paid on the loan to purchase the property is deductible
- Negative gearing
- Capital Gains Tax (CGT) and more
With the end of yet another financial year just weeks away this is perhaps your last chance to look at how you can minimise your tax liability and/or receive a decent sized tax refund next month from the Australian Tax Office (ATO).
Most people fail to claim all their entitlements on their end of financial year tax return. There is an ‘opportunity cost’ for those who fail to understand and/or implement some of the many legitimate options available to them in the tax act to reduce the taxes they have to pay.
An MRD client in WA some years back told me that he enjoyed being on a building site with his co-workers when the payslips were handed out. Due to his property investments his gross pay and his net pay were the same, with tax deducted showing as zero. He got much pleasure from showing his mates who had told him for years that he was crazy for buying investment properties. Of course, when he finally reduced his taxes to zero and showed them they changed their tune and went from telling him how he was crazy to asking him how he did it.
Reducing your tax bill is going to help put you in a better position going into the new financial year. So why do many, many Australians continue to simply send money to Canberra that could otherwise stay in their bank accounts?
More often than not, tax planning is left to the last minute (like the middle of June), or is not done at all. If you haven’t yet undertaken this financial year’s tax planning you have left it to the last minute, but that’s still better than doing nothing about it at all!
Our focus is on legitimate ways you, your business or your self managed superannuation fund (SMSF) can minimise tax obligations. We’ll give you all sorts of tips, including the significant opportunities for property investors to receive tax deductions through holding investment property.
Mark Candy is a licensed financial adviser here at MRD and he has written a detailed Tax Tips Fact Sheet that we have made available for you to download, at no cost to you. (download above)
MRD employ strategists in the areas of investment property, finance and finance broking. Now is the perfect time for you to make contact with us to explore strategies to reduce your taxes and your mortgage repayments and give you a healthier financial future.
We are here to assist our clients achieve their investment and retirement goals.
If you require more assistance, please dont hesitate to contact us and speak to a tax planning expert at MRD today: 1300 883 854 or contact us via email