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.
You don’t have to be a big income earner or run your own business to claim tax deductions. There are always expenses to be found that you’ve incurred throughout the year that can be claimed – many of which are little known such as legal expenses.
If your small business earns over $75,000 per year, you’ll need to collect and pay GST, as well as lodge a BAS. It doesn’t have to be hard. In fact, there are hidden benefits you should be aware of.