10 Ways to Reduce Your Tax
By:
Lawrence Business Management
- Don't rush in to buy or sell assets without seeking advice about Capital Gains Tax [CGT] consequences.
- Prepare interim accounts and projections prior to the end of the year to allow time for tax planning.
- Use private companies to access the corporate tax rate of 30%.
- Use trusts to spread income across the family and access their low marginal rates.
- The new simplified tax system allows eligible businesses to increase tax deductions.
- Delay income and bring expenses forward.
- Make sure your business is structured to allow maximum access to small business CGT concessions.
- Keep an up to date vehicle logbook to ensure maximum deductability of motor vehicle expenses.
- Use superannuation to access a 15% tax rate. If you want to control your own funds consider a self managed superfund.
- Make sure all employee super is paid before 30 June each year.
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