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The more tax deductions you claim, the more of a tax refund will receive. If you don’t declare all of your income streams, you could be missing out on claiming all your eligible deductions or worse – land yourself in hot water with the ATO.
While savvy Australian’s look at ways to cut their expenses, tax is often overlooked. Tax is actually one of your highest yearly expenses, and the truth is most don’t look at ways to cut their taxes. You might think that there aren’t many ways tax can be reduced, but the truth is, it can – and it’s quite easy! A little bit of knowledge and professional advice is all you need.
While savvy Australian’s look at ways to cut their expenses, tax is often overlooked. Tax is actually one of your highest yearly expenses, and the truth is most don’t look at ways to cut their taxes. You might think that there aren’t many ways tax can be reduced, but the truth is, it can – and it’s quite easy! A little bit of knowledge and professional advice is all you need.
To avoid paying too much tax, there are ways to actively, and legally, reduce your taxable income. Understand what you can do can save on your tax bill. The difference could save you hundreds, if not thousands of dollars.
Building a granny-flat in your backyard for your aging parents or for your older children might be an option that will work for your family, however when planning a granny-flat, it’s beneficial to know the tax and Capital Gains Tax (CGT) implications that might impact your property.
Your balance sheet gives you an insight into your business and its operations. You should know how to create, read and interpret this key information for your small business.