Inside: Working from Home: What Deductions Can You Claim? What Does the China/US Trade Ware Mean to Australia Reminder on Cents per KM Car Expenses Rate New Immediate Deduction for Primary Producers Confusion Reigns Over Superannuation Transfer Balance Cap … Read more
As a firm we are constantly looking for ways we can improve the service we offer to our clients, and we are pleased to announce a major overhaul of our Mid Coast Partners app! Our existing app has ceased to be supported since the end of August, so please following the instructions below to download our new app and take advantage of its powerful features. Go to your App Store… Read more
It’s tax time again – what can you claim to reduce your tax? It’s our job as your accountants to make the lodgement of your Tax Returns as easy and simple as possible. We do this every day, so we know all the ins and outs of what to claim to make it easy for you. Below we’ll explain: Deductions you can claim The importance of a fantastic tax accountant… Read more
Do you have a Discretionary Trust (also known as a Family Trust)? If yes, you MUST keep reading! In the lead-up to 30 June 2018, we want you to be aware that you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to make… Read more
In the lead-up to 30 June 2018, we want you to know why using a “bucket company” can be a great strategy to saving tax on trust profits distributed. Profits From a Trust? Do you have a Trust that generates profits? If yes, then read on! A “bucket company” allows you to “cap” the tax on profits distributed by a trust to 30% or 27.5% This is much less than… Read more
With the end of financial year (EOFY) approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June to reduce your tax and grow your wealth. For 2018, key priorities are likely to be: Maximise superannuation contributions without exceeding relevant caps Bringing forward deductible expenses Deferring taxable income, and Managing capital gains. This is the first EOFY since the super… Read more
From 1 July 2017, a new tax measure will come into play for small businesses, and we’re here to help prepare you for this change. Businesses that haven’t engaged with the Australian Taxation Office (ATO) to get their tax debts under control could have their tax debt information disclosed to credit reporting agencies by the ATO. Initially, the ATO will be applying this new disclosure measure to businesses with a… Read more
Tax planning should be done on a regular basis throughout the year. Imagine what you could do with tax saved? Reduce your home loan Top up your super Have a holiday Deposit for an Investment Property Upgrade your Car Here’s a guide to the strategies you can use to minimise your business tax. 1 IS YOUR BUSINESS A “SMALL BUSINESS ENTITY”? Small businesses can access a range… Read more
The biggest super and tax changes in the last 10 years will affect you in 2017 and 2018. Now’s the time to review what strategies you can use to minimise your tax before 30 June 2017. Imagine what you could do with tax saved? Reduce your home loan Top up your super Have a holiday Deposit for an Investment Property Upgrade your Car Key Superannuation Changes While you… Read more