Discretionary trusts are widely used for asset protection purposes and tax management. But, by transferring your assets into a discretionary trust, you will no longer own the assets. So, how exactly do discretionary trusts work? What are the advantages and disadvantages? How do you set up a discretionary trust in Australia? It’s worth being equipped…
If you’re thinking of buying that brand new Mercedes-Benz S-Class, you’ll need to also think about luxury car tax. You might change your mind when you hear just how heavily luxury cars are taxed in Australia. Either way, it’s good to know what tax consequences you’re going to be liable for when you drive that…
The 4 Best Asset Protection Strategies You Should Know Asset protection strategies are arguably as significant as purchasing the assets in the first place. Many Australians dream of owning multiple assets such as investment properties and companies, but unfortunately, there is a lack of education around the importance of protecting those assets once you own…
Did you know that as an Uber driver, you’re considered an independent contractor? This means that you’re entirely responsible for fulfilling your own tax obligations each year. The income you earn as an Uber driver is assessable income and must be reported in your annual tax return. What’s more, the Australian Tax Office (ATO) requires…
Although paying tax is inevitable, most people want to determine how to reduce taxable income. Did you know that through effective tax planning you could pay less tax and walk away with more money in your pocket each financial year? But what does effective tax planning entail? What are the simplest ways to determine how…
If you’re an employee who works from home, you may be able to claim a deduction for your working from home expenses. 2020 brought about many changes due to the worldwide coronavirus pandemic. One of the most predominant changes was seen in the work industry – many employees had to alter their work arrangements so…
Knowing about your sole trader tax deductions will undoubtedly boost your tax return each year. Many of the costs that you incur from running your sole trader business can be claimed as a tax deduction. Yet, many sole traders miss out on expense claims because they aren’t equipped with all the knowledge presented by the…
Following the Review of Business Taxation report in 1999, various recommendations were made due to growing concerns that individuals were sidestepping the tax implications of personal services income through the use of interjectory companies. contract As a result, many individuals were getting away with paying less income tax and having access to greater tax deductions…
So, you may have recently switched accountants, or you may have just started a new business venture. Perhaps you’ve just figured that you should start taking advantage of the fact that you have an accountant and you need to get your business affairs in order. Choosing the right questions to ask your accountant can be…
Updated: 14 July 2020 If you’re a sole trader or in a partnership, you’re likely assessing Pty Ltd Company advantages and whether setting up a Pty Ltd Company would be suitable for your situation. Many clients ask me why they should set up a Pty Ltd company. The answer to that is – it depends….
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