Tax planning strategies
Written on the 29 August 2014 by Macmillans Waller Fry - Accountants in Maitland
Year End Tax planning
There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Taxpayers should be aware that in order to maximise these opportunities, they need to start the year-end tax planning process early. Of course, those undertaking tax planning should be aware of the potential application of anti-avoidance provisions. However, if done correctly, tax planning can provide a number of tax savings for entities.
Deferring assessable income
Capital gains tax
Fringe benefits tax
From 2012–2013, the principal dependant offset is the dependant (invalid and carer) offset.
Important: Clients should not act solely on the basis of the material. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas.
Author: Macmillans Waller Fry - Accountants in Maitland
|Pay as you go (PAYG) instalments are payments you can make throughout the year to avoid accumulating a large tax bill to pay at the end of the year. Making these payments is a great way to budget for income tax and keep a healthy cash flow. To qualify for PAYG instalments, you must earn over a th...|
|Banking is often more complicated than you expect it to be with different types of accounts, fees and fine print to take into consideration. You are able to get more out of your bank account if you pay closer attention to certain details. Re-evaluate your bank Due to the competitive market space,...|