Wrapping your head around taxation is a favourite pastime of few – which is why Rethink Financial has you covered at tax time.
In this week’s blog they’ve done the number crunching and share the latest tax tips, expertise and ways to use your trade dollars which may reduce your tax bill.
The best form of tax planning is done well before 30 June. Setting up the best business structures and splitting your income up across the best tax rates reduces the overall tax you pay. Your accountant may recommend structures that include companies, trusts and self-managed superannuation funds and if your accountant is a Bartercard member you gain the advantage of paying his professional costs using your Bartercard trade dollars.
Trading tip: This is a double coup for Bartercard members who will not only enjoy lower taxes, but claim tax deductions on items which they have bought with their trade dollars instead of cash.
No one likes debt, but debtor’s balances should be reviewed prior to 30 June. If all steps have been taken to collect the debt, then it may be written off.
Trading tip: Instead of writing off debt, have you considered accepting products or services in place of cash instead? You can then on-sell this through Bartercard, and turn it into a tax deduction for another Bartercard member.
Own a rental property? Make sure you have the details of buildings costs or a quantity surveyors report to be able to claim a deduction for capital costs incurred. These deductions are available even if you did not incur the expenditure (date limits do apply).
Trading tip: Bartercard has some great quantity surveyors who can help with this - visit the Bartercard Members Directory or mybc.bartercard.com.
This information is applicable up to 30 June 2017.
This is general advice only – please seek specific advice for your own circumstances from your own professional advisor.
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