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January 20, 2017 webMaster
Tax Tips 2017

START TAX PLANNING STRATEGIES NOW

The month of June is not the time to start tax planning. NOW is.
There are lots of things you can do to legally minimise your income tax.
I will list a few:
Undertake and pay for:
• work related study
• work related travel 
• work related car expenses
• work related uniforms and protective wear
• income protection policy
• donations to registered charities
• retirement savings (e.g., before tax contributions to superannuation via salary sacrifice). 
• Hold investments in the name of the lower income earner if you are part of a couple and in different tax brackets. 
 
Your particular circumstances will determine the tax strategies to use. 
 
It is in your best interest to do some tax planning now, so please contact me. 
 

TAX TIPS 2017 - FINANCIAL DIFFICULTY 

 
If you suspect your company is in financial difficulty get proper accounting and legal advice as early as possible, as this increases the likelihood of a company surviving. 
Some warning signs of insolvency are:
• Ongoing losses
• Poor cash flow
• Incomplete financial records 
• Increasing debt
• Problems selling stock or collecting debts
• Unrecoverable loans
• Creditor’s unpaid or paid outside of trading terms
• Solicitor’s letters, demands, summonses, judgements, warrants 
• Suppliers placing your company on C.O.D. terms
• Overdraft limit reached or defaults on loans repayments
• Problems obtaining finance
• Overdue taxes and superannuation obligations
 

TAX TIPS 2017 - Analysing trends to improve business

 
Analysing your business performance is valuable if you take action to improve your business results, however one trend by itself, is not that useful.  If, for example, your employee wages are trending upwards, you need to also look at turnover, and profit; and then analyse the ratios of wages to profit. Doing financial calculations, and analysing ratios will allow you to step back from the day to 
day operations of your business and look at the overall business performance. Remember, it is only useful if you act on the results.

August 11, 2016 webMaster
Work-Related Deductions

Some of the expenses that you may be able to claim as tax deductions are:

  • Work related expenses (e.g., uniforms, occupational specific clothing, protective wear, telephone calls, stationery, seminar and conference expenses and travel expenses).
  • Motor vehicle expenses if you used your car for work (other than to and from work unless heavy tool carrying).
  • Self-Education expenses
  • Tools and equipment expenses
  • Computer expenses (if used partly for work)
  • Home office expenses
  • Gifts or donations to registered charities
  • Union fees
  • Overtime meal expenses
  • Tax agent’s fees paid in the financial year
  • Personal superannuation contributions
  • Rental property expenses
  • Income Protection Insurance costs
Maximise your refund by bringing your expense receipts to me.

August 4, 2016 webMaster
Tax Office Hit List

The Australian Tax Office has flagged work-related tax deductions as an area of focus for the 2016 year tax returns. In particular,

  • Overnight Travel-transport, accommodation and meals
  • Expenses for transporting bulky tools and equipment
  • Work-related proportion for the use of computers, telephones and other electronic devices, internet claims
  • Motor vehicle: work-related claims
Make sure you can substantiate your tax deduction claims, paying particular attention to the above expense categories. Please contact me if you need assistance.