Tax Tips:

• Keep all receipts no matter what and ask your accountant if you can claim them;
• Check for claims on home office expenses – this is available to many individuals and businesses that do work form home, without affecting he capital gains on their property;
• Take care spending money to save taxes – this will only put a drain on cash flow and the saving is only a maximum of 46 cents for every dollar spent – so you are behind;
• Utilise superannuation to plan for retirement and save on taxes annually – consider a geared fund to increase return opportunities;
• Buying a commercial property through a Self managed Super Fund will mean you can pay yourself rent rather than someone else – tax deductible;
• If you own a commercial property you can transfer this to super without selling it and claim the tax deductions without having to pay any cash – ie non-cash deduction;
• Business owners that pay themselves salaries from their business, may well be incurring more tax than they need to – utilise drawing options and other non-PAYG withholding tax options;
• Make sure you consider the use of trusts as an option for operating businesses from or as shareholders of companies to assist in tax planning.