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Resources | 10 ways to reduce your Tax |
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- 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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