Minimizing Tax Through Tax Planning

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SMALL BUSINESSES

Tax planning is organizing and planning your affairs to minimize your taxes legally and planning for it.

 

March to April is a great time to sit with your Chan & Naylor Manager or Partner to assess where you are and plan out the rest of the tax year before June 30th.

It’s generally too late once June 30th comes and goes.

When people panic and cannot pay their taxes or pay too much in tax it’s due to poor planning.

 

Reacting rather than planning for it creates a lot of stress.So we encourage you to call and make an appointment to have a review as its generally time well spent. As you know people don’t “plan to fail” they “simply fail to plan”

It will be the best few hours you spend and you will walk out of the meeting feeling much more in control.

FRINGE BENEFITS TAX

FBT is due shortly. Fringe Benefits Tax is payable on any private expenses provided as a benefit to an employee which may include things such as private usage of motor vehicles. Remember travel from home to work and back is considered private use and keeping a car at home and it simply being available for private use is subject to FBT.

 

PROPERTY INVESTORS

 LAND TAX

Don’t forget to lodge your land tax returns. Some States have an end date 31st December and other States are on the 30th June. If you look in Office of State Revenue website for the State where the property is located than you will know which date is relevant to you. Otherwise call your Chan & Naylor Client Manager.

 

1515 CERTIFICATES REDUCE YOUR MONTHLY TAX

Contact your Chan & Naylor office if you would like the tax deducted from your pay reduced so you can use the extra cash to fund the cash flow of your investment property. They can apply to the Tax Office for a 1515 Certificate for you and this needs to be done annually. Be careful not to get this wrong because the ATO will fine you.

 

Ed Chan – Co Founder & Chairman

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