Planning for the inevitable Part 2

What is a Power of Attorney and should I have one?

One simple analogy is that a Power of Attorney is like a “living will”, it allows you to empower another person or persons (called an “Attorney”) to legally take charge of your affairs whilst you are still living.

Appointing a Power of Attorney is useful in many day-to-day situations and is a precautionary safeguard.

There are many and varied circumstances, both Expected and Unexpected in which you may need to empower another person or persons to act on your behalf. Consider the following situations for example:

You are a sole Director Company or a Corporate Trustee

Appointing an attorney, enables your business to continue to operate in your absence or incapacity, that another person can manage your superannuation, receive or provide information to the Taxation Department and submit important documents on time.

You want someone else to be able to act

You’re a single parent, or have other responsibilities, and you wish to have the assurance that in an emergency, your financial and other affairs will not be “frozen”, that someone else can make decision as to your care, access your bank account to provide for your children’s immediate needs, pay the bills and otherwise keep your household or business running. You are expecting important documents or a contract to sign, but unavoidably you are going to be on an aeroplane for the next 24 hours and will not be able to sign when required. An attorney could sign on your behalf.

You are absent or unable to attend to matters yourself.

You are overseas/interstate and you decide to sell up your Australian/Victorian assets or an emergency requires you to access Australian funds in a hurry, and circumstances do not allow you to do this yourself – An attorney could do this for you.

 You are injured or confined.

A motor vehicle accident or a hospital confinement or other physically incapacity may disrupt you managing your own affairs unless you have appointed an Attorney to act on your behalf.

You become ill

 Illness may mean that you are unable or are going to be increasingly unable to go about your normal day to day business – an Attorney could act for you.

You become mentally incapacitated

 Advancing age or certain health conditions or an accident may rob you of your ability determine matters for yourself, unless you have prepared in advance medical/health-care directions which detail the decisions that you want made by your Attorney if and when you are unable to do so for yourself.

The following are examples of health care decisions that you can make in advance that will be carried out by your attorney, should you become mentally incapacitated: What medical treatment you will and will not accept; Whether or not you want to be resuscitated by heroic means; Whether or not you consent to a termination of pregnancy; Whether or not you consent to removal of tissue while you are still alive for donation to someone else, or Which nursing facility you wish be admitted to if it becomes necessary.

Since we all have many responsibilities and accidents and illness can strike without warning it is sensible to appoint another person to legally act on your behalf for financial matters and/or personal matters including health care. This appointment can be for a specific purpose only or can be of a general and continuing nature, depending upon your needs.

What are my Options?

There are various options to choose from and the right choice or combination for you depends upon your individual needs.

 The main types are:-

Enduring Powers of Attorney.

They are used if you want to appoint an attorney for personal matters (including health care) and/or financial matters (can be different attorney for each) and it is intended that the power continues even if you should subsequently lose mental capacity.

General Power of Attorney.

These are used if you want someone to be able to act on your behalf ONLY while you have full mental capacity and ONLY for financial matters. You would use a General Power of Attorney if you wanted to appoint an attorney for financial matters and for a limited time or specific purpose.

Please contact our office if you don’t have a current solicitor and we can recommend one.

 

Planning for the inevitable Part 1

We should think about the “future” – planning for the inevitable and making sure that your paperwork is in order.

It is an important consideration, although people rarely like to think about it. Everyone will die. Although you cannot change that fact, you can ensure that upon your death your wealth passes smoothly and efficiently to your loved ones.

Here are some important considerations:

Current Will—do you have a Will? If you do have a Will, is it current?

Have your circumstances changed since your Will was drafted?

Remember that marriage generally invalidates Wills and Wills may be wholly or partially ineffective due to the death of a beneficiary, or a specifically gifted asset no longer existing.

Trusts established by Wills—does your current Will set up trusts upon your death? Leaving assets on trust instead of giving them directly to a dependant can be very desirable. Trusts in Wills are often used where beneficiaries cannot manage money themselves, have addictions, are being sued, etc. Trusts in Wills can also allow tax effective planning.

Family trusts—the person who can hire and fire the trustee of a family trust has ultimate control of the trust.

Do you have this role? Who will have the role after your death?

Powers of Attorney—do you have any in place? These can be invaluable if you lose the capacity to make decisions or are overseas.

Individual trustees—do any of your trusts and/or your DIY super fund have individual trustees instead of a company acting as trustee? Companies never die and changing the directors of a company is a lot easier than changing individual trustees of a trust where someone has died.

Superannuation pensions—do you receive any superannuation pensions? Upon death, what will happen to them? Do you want your pension to continue to be paid upon your death (e.g. to your spouse)? Or, are you happy for your pensions to be paid a lump sum?

Read out next blog to find out how a power of attorney can help you!

 

 

Rising Debt Scenario – Why buy 2 Properties NOW and be able to retire in 10 years time?

Why People Sell?

  • Poor location
  • Vacancy
  • “Bad” Tenants
  • Maintenance
  • Finance incorrectly set up
  • Cost of holding
  • Need to sell to access equity

The Plan:

  • Use other people’s money
  • Build a portfolio
  • Never, never, sell
  • Harvest the accumulated equity

Maximising tax REFUNDS from investment property

Many property owners are losing potential tax refund $ by failing to take full advantage of a property’s tax depreciation potential. An often overlooked method of obtaining tax refunds, property tax depreciation is available to any property owner who obtains assessable income by way of rent or operates a business from a property.

What is a quantity surveyor?

A quantity surveyor provides construction cost consultancy services to various individuals and organisations. A quantity surveyor is equipped with construction costing skills that enable them to specialise in pricing building costs. Quantity surveyors provide investors and owners of property, along with real estate agents and accountants with the following services:

  • Capital allowance tax depreciation reports
  • Replacement cost estimates

Quantity surveyors also provide financial institutions, developers, builders and architects with the following services:

  • Construction cost planning service
  • Assessment of work in progress
  • Forecasting & reporting

The Taxes to Consider Before you purchase a Rental Property

  • Income Tax
  • Land Tax
  • Capital Gains Tax
  • Stamp Duty

Income Tax is the tax you pay on your taxable income.

Land Tax varies from State to State and depending on the structure you choose.

Capital Gains Tax is the amount of tax that needs to be paid when you sell a property.

Stamp Duty – different in every State, it is the duty we pay to the Government when purchasing a property.

Rental Property Losses – Tax Implications

Buying property in a Trust versus buying in your personal name:

Personal Name

Advantages:

  • Any net loss incurred from holding an investment property in your personal name can be used to reduce a person’s taxable income, hence increasing your tax refund or reducing your tax payable.

Disadvantages:

  • The property is potentially exposed to creditors.

Trust Structure

Advantages:

  • Ability to distribute income of the trust between the beneficiaries in the most tax effective manner.
  • The other principal benefit of the owning of assets through a trust is that no one beneficiary has any claim to the assets of the Trust, and therefore a Trust is a means of owning assets for the purposes of asset protection.

Disadvantages:

  • Trust losses cannot be distributed to beneficiaries; the net losses can only be carried forward to be offset against future income.
  • There is a cost involved to set up the structure and higher ongoing costs.

In determining whether to utilise a Trust structure for the purposes of buying a rental property, it is necessary to give consideration to a wide range of issues, which are specific to each individual’s particular circumstances.

Please contact us to discuss your situation.

 

Going green to increase profits

Businesses can meet their triple bottom line and improve our environment simultaneously, by incorporating some simple, positive environmental activities into their everyday operations.

 By reducing your business’s environmental impact, you can save money and help save the planet. This small initiative may seem like it will make little difference to the environment, however if every small business adopts this approach it can make a significant difference to the environment. Waste not only uses up the earth’s resources, it squanders your money.

One of the hardest things to remember (but easiest things to do) is turn off all electronic devices and utilities overnight and weekends. Your printers, monitors, copiers, are all on ‘standby’ mode. The extra minute it takes to warm these up in the morning isn’t really that much of a hardship. Also, look for eco-friendly supplies and raw materials. And always remember to print out double sided when you can!

These steps will not only benefit the environment but also your business! Draw attention to the fact that you integrate these initiates throughout your business’s operations and this will allow you to differentiate your business from its competitors. If you’re willing to make a substantial commitment to eco-friendly operations, you can stand out from your competitors and carve a niche in the market. Due to rising environmental issues many customers are making choices based on a preference for environmentally sensitive products or services, and this can give you a competitive advantage.

Encourage employees to take public transportation to work. Many business are located near public transport. The benefits of such practices include saving fuel, and also mean that staff without their own transport can easily get to work. If you hire local staff the benefit may be even greater.

Sell a “green” product or service. Ready to go totally green? The market for environmentally sensitive products and services is exploding. Those considering starting a business or those looking to revamp their existing company, can focus on serving the eco-conscious market directly.

Have a go at inventing something. We’re still in the very early days of the green movement and many problems need to be solved. A good, workable idea for a product or service that can help save the planet has got good prospects, so now is the time to write that business plan and develop that product. Don’t forget about the intellectual property issues that may also need to be dealt with such as trademarks.

Avoid the post-Christmas party blues

The festive season is soon approaching, along with Christmas cheer and the work Christmas party.

End of year celebrations are a great way to bond with colleagues and conclude the year on a positive note by celebrating the year’s achievements. Although Christmas parties are a fun filled event, it is essential that employers remind themselves that they are responsible for this event. Therefore, employers will be held liable and need to provide a duty of care by OH&S standards to all employees.

Due to the fact that employers are hosts of the Christmas party, they have the legal obligation to ensure there is no post-Christmas party legal and HR aftermath. In addition to this, employers are also responsible for the service of alcohol at the venue and are required to supply food, low alcohol and non-alcoholic drink options. If the event is not in a licensed venue, it is important to employ staff trained in the responsible service of alcohol.

It is important for employers to consider notifying their staff of a start and finish time of the party of which they will be held responsible, and ensure it is clearly stated that any after-party events are not employer endorsed. We also advise that employers organise transportation, such as taxis and public transport, to and from the venue to ensure all staff members get home safely. If there is anyone you feel is responsible to oversee the event and ensure everything runs smoothly, we recommend that you assign them to that task.

In order to ensure the safe running of the Christmas party, provide a code of conduct to employees with acceptable and unacceptable behaviour at the work-related function, this can be distributed by a friendly email. Offensive behaviour and misconduct that is discriminatory or harassing in nature can result in employers being sued for their negligence.

Remind employees and ensure they are aware that your workplace’s social media policy is applicable during this event and to be cautious of posting anything online that may negatively impact your business’s brand.

These simple precautions can help to minimise risks ensuring stress-free celebrations all around.

5 Mistakes To Avoid For The First Time Property Investor

Investing in real estate brings with it risks that every invest or must be prepared to face. When starting out as a real estate investor, the most important thing to know about yielding a high return is that it requires timely and calculated decisions. To those new to property investing, minimise your risks by making sure to avoid the following mistakes:

1. Investing without planning

Never rush to buy a property without a clear plan. A clear investment plan should involve careful considerations as to what type of investment property you will be purchasing while knowing the risks you are taking. A plan to buy cheap and resell at a profit means you will need to look for properties in distress while a plan involving renting or leasing will mean you need to look for properties in upcoming areas with low vacancy rates.

A well thought out plan will guide you toward making the correct purchase decision so as to minimise risks for your investment.

2. Buying without sufficient research

Another common mistake made by beginners is failing to do sufficient research. Once you have a plan on what type of property to invest in, start doing research to help you determine various factors such as a fair offer price, vacancy ratios, ease of reselling or leasing and the rate of appreciation.Don’t just rely on media reports or opinions expressed by other investors and rush to secure a deal. Property purchasing requires a lot of preparation in terms of market research, making inquiries, and getting expert opinions to ensure that you get the returns you seek. Failing to do diligent research will likely result in leading you toward making a wrong purchase.

3. Underbudgeting

Often, first-time investors focus only on cash required to purchase the property and fail to anticipate future expenses like essential repairs, maintenance, renovation, insurance, advertising, hiring a property manager and even paperwork. These expenses can add up to a big amount and if not budgeted properly for, will only delay the selling or leasing of your property. This means it takes a longer time for you to yield returns. Hence, ensure that you budget your cash flow to have sufficient and perhaps extra funds so you cover not only the purchasing cost but all other associated costs.

4. Not consulting a professional

Having followed step 1-3, many first-time investors may think that they are now ready to take on investing property on their own. While you could save costs doing so, you are also taking a huge risk given the scale of the investment. Why not enlist the necessary professionals to make your investment process easier:

  • Hire a real estate agent who can inform you about good deals in an area.
  • Consult a property inspector to identify potential issues with the property.
  • Get an attorney to inspect property titles and draft the sale agreement.
  • Consult an accountant to helpmanage your finances well. Your accountant will advise on a suitable property loan based on your personal situation and financial ability

Seeking professional advice can make the investment process easy for you while minimising your chances of making a mistake. It is wiser to spend some money now to make a more informed decision than incur heavy losses by making the wrong investment.

5. Not being flexible with your exit strategy

An exit strategy is crucial since the real estate market is highly volatile and unpredictable. A safe option is to always have an alternate plan for your property. If you had planned to resell the property but see that property prices have dipped, be open to leasing it first. If it is difficult to do so, you should be willing to sell it at a much smaller profit or even at a minimal loss and exit before it is too late. Not having a back-up plan or having one which you are not flexible with can leave you unprepared to meet unplanned changes in the market.

Irrespective of whether you have taken up real estate investment as a hobby or as a career, it is important to know that an investment involves not just a high sum of money but also effort and time. Avoid making mistakes that can be damaging to your portfolio by taking note of the above pointers so you have a better chance at a rewarding investment experience.

Starting A Business? What You Need To Know About GST

Starting a new business is both an exciting and daunting time for any entrepreneur or business owner. The setup phase requires managing an overwhelming number of tasks such as getting an Australian Business Number (ABN), registering your business and domain name, buying or leasing premises, and managing all the required licenses, permits and tax regulations. It is possible then, that some important aspects of taxation, including Goods and Services Tax, may not get the attention that it deserves.

GST is broadly defined by the ATO as a 10% tax on most goods and services sold in Australia. This is a tax that the final consumer of a good or service pays, leaving out the intermediate businesses. As a business owner, should you qualify for GST, you must charge GST on the goods and services you supply to your customers. You will also be entitled to reimbursements for the GST paid on your business inputs and can claim a credit for any GST included in the price of the goods and services you buy for your business. This is called a GST credit (or an input tax credit – a credit for the tax included in the price of your business inputs).

Knowing if your business needs to be registered for GST?

GST applies to you if:

  • You are a business (for profit organisation) with a GST turnover exceeding $75,000
  • You are a non-profit organisation with a turnover exceeding $150,000
  • You provide taxi travel to passengers, as a car owner or as a business owner renting taxi services, irrespective of turnover

Business owners can register for GST later on, especially if they did not anticipate an initial turnover of $75,000. In such cases, they can choose to register for GST before reaching this value. It is important to note that although new businesses may choose to not register at the beginning, one would still need to register within 21 days of reaching the threshold value as per regulation standards. To ensure that you do not delay tax payments, ensure that you track your business’turnover on a monthly basis.

Registration for GST may be done online via the ATO Online Business Portal. You can find more details of the registration process here. You may also register for GST voluntarily, even if your turnover does not reach these numbers. This is usually for the purpose of claiming GST credits or refunds for purchases made for your business.

Setting Up and Managing GST

Here are some of the next steps and important points to note regarding setting up and managing GST for your business:

  1. As defined, GST must be charged on “most” goods and services. For any business, know when you should be charging GST.
  2. Many basics, including some food items, education, healthcare services and exports are categorised as GST-free. This means that businesses may sell these to consumers without charging GST on them, but are still able to claim GST credits on supplies purchased to prepare them. For example, basic breads are non-GST items, but baking supplies may appear in your GST credits. Some other instances such as sale of an ongoing business may also be free of GST.
  3. Tax invoices are an important component of your GST reports to the ATO. Hence, ensure that the invoices follow the ATO’s assigned formats. You can inform your clients about the amount of GST amount you are charging them via the invoice.
  4. Upon registration for GST, you can include projections for payments and credits as part of your business plan.This would help you in managing your operating expenses.

How Often Should You Pay GST?

Companies may report, pay GST and claim GST credits through a Business Activity Statement (BAS) or through annual GST returns in some cases.

  1. Businesses with a GST turnover exceeding $20 million arerequired to report and make payments on a monthly basis.
  2. Businesses with less than $20 million in turnover may report and pay GST at quarterly intervals. This excludes businesses that have been mandated by the ATO to pay monthly for any other reasons.
  3. If your business is registered voluntarily, you may report and pay GST annually.

Common Mistakes with GST

Here are some common errors that businesses make when dealing with GST:

  • Claiming GST credits without a proper invoice attached to it
  • Incorrect GST claims on salary payments or on GST-free purchases
  • Failing to report GST on incentive schemes or government grants that are inclusive of GST

These, and some other common errors, are described in detail on the Taxpayers Australia knowledge base. Although the ATO may allow you to reconcile errors in a subsequent BAS, there are still penalties and fines for some offences so make sure you get your documents right.

It is important to professionally set up and manage your GST in order to enjoy all the benefits as a business,while avoiding any penalties for non-compliance. Get help from an experienced agent who can explain to you the nuances and details of GST, and assist you in setting it up for your new business. Superior Accounting Group has helped many business owners with their taxation needs, so they could focus on growing their business. Contact us today to make your start up journey an effortless one.

Grow Your Self-Managed Super Fund (SMSF) With Property Purchasing

Traditionally, SMSFs grow their funds through a variety of investment strategies like shares, term deposits, managed investment schemes, derivatives, collectibles and more. Investing in property was a less popular choice due to the large amount of funds required to purchase one. Since 2007 however, superannuation laws in Australia have allowed SMSFs to borrow money to invest in property, making property investment yet another viable option for growing a SMSF.

If you’re looking to grow your SMSF, here’s why you should consider purchasing property:

  • Possibility of generating high returns, thus maximising your retirement income.
  • Minimum taxation on the rental income that the SMSF property earns.
  • Not affecting your personal savings since the cost of purchasing the property and maintaining it are borne out of the SMSF.
  • Interest paid on loans, insurance, maintenance and other expenses related to the property are eligible for tax deduction. This will considerably bring down the tax you owe on your SMSF earnings each year.
  • Availing a discount on the capital gains tax if you happen to sell the property before your retirement, and if the property is sold when in retirement, no capital gains tax is applied.

Residential, commercial and industrial property can be purchased through a SMSF however must pass the ‘sole purpose’ test – meaning the property should have been bought solely for providing retirement income to the SMSF members. Purchase of the property should not directly benefit the trustees or people related to them in any way so trustees cannot live in nor rent the property to fund members or any other person related. The only exception to this is a SMSF member can purchase a property that their business operates out of and pays rent to the SMSF at current market rates.

What if your SMSF does not have sufficient funds to buy property?

You can use a Limited Recourse Borrowing Arrangement (LRBA) to fund the purchase. A LRBA is a type of loan where a SMSF trustee takes a loan from a third party lender to fund purchase of a single asset. The asset, in this case the property, will be held in a separate trust from your other SMSF investments. In case of loan default, the lender can only use the property purchased via the loan and any other security offered against the loan to recover the loan value. The other SMSF assets and investments will not be at risk.

Ideally, SMSFs should have a sizeable fund value before investing in property. While this is a good investment option, you may still want to have a diversified portfolio so as to minimise your risks. Also, consult professional help if you have decided to invest in property to ensure you are not putting your SMSF at any unnecessary risks. Remember that any non-compliance can invite a high penalty, leading to substantial loss of your fund money.

When done right, property investment can be a great way to maximise your retirement benefits. If you are considering making a property investment through your SMSF and want to know the dos and don’ts regarding property investment in SMSFs so that you are never at risk of being non-compliant, let us know and we’ll be more than happy to guide you through.

Looking To Retire With An SMSF? What You Should Know Before Moving Into One

A Self-Managed Super Fund (SMSF) is a legal tax structure regulated by the Australian Taxation Office (ATO) that allows people to control and manage their retirement savings. Individuals are responsible for managing the fund and investing it appropriately while ensuring compliance to tax laws and super fund regulations. The increase in popularity of SMSFs came after the 2006 announcement of tax-free super for senior citizens, and today, there are nearly 600,000 registered SMSFs in the country.

An individual SMSF requires one to four members who are all trustees. If you’re deciding on whether SMSFs may be the right choice for you, consider the following features and benefits:

  • Control and flexibility – This is one of the best features of running and managing SMSFs as it gives you control over your fund’s investments, and flexibility to invest in a variety of assets such as direct property, shares, term deposits, and collectibles. You also have the flexibility to switch or modify investments when needed.
  • Concessional tax rates – While investment income tax is capped at 15% during the accumulation phase, the pension phase has no tax payable at all, even for capital gains. Well thought out tax strategies will, in fact, help cut tax payments and grow super savings.
  • Capped costs of running an SMSF – This means your costs would not go up as the super balance grows. Your account balance would increase over the years but your costs will remain the same, making SMSFs a cost effective fund to manage.
  • Continuity of fund – It’s also important to note that the fund can continue at the event of the death of a trustee/member. His/her spouse and children can benefit from the fund.

Before making your decision to move into one however, consider also these other points:

  • The sole purpose of an SMSF should be to invest money to provide a substantial retirement income for its members. Investors must note that even though an SMSF gives you access to your super, it is illegal to use the money for any purpose other than investing it in an appropriate channel.
  • As with anything, you reap the rewards of your efforts so you must be prepared to commit some time and effort into managing an SMSF. As mentioned earlier, an SMSF is eligible for tax concessions; but in order to avail these concessions, the SMSF needs to be set up correctly, which would take time.
  • When the SMSF is up and running, you may want to consult an accountant periodically to ensure all records are in order, to review the performance of your SMSF, and seek guidance on tax minimisation.

Given the above considerations, many might then question whether it would be advisable to engage professional help in setting up and managing the SMSF. As is the case with any complicated super fund, it would make a lot of sense to consult and take help from experts to set up and manage an SMSF as well. This is because the entire process from decision making about choice of investments, the actual setting up and managing, and even being aware of the rules and legalities along the way can seem overwhelming to any individual investor.

With professional help such as our SMSF specialists at Superior Accounting Group, you can rest easy knowing that someone will be there to help you at every step along the way. This way, you enjoy the benefits of an SMSF going into retirement without needing to go through any additional stress and effort.

Planning Your Taxes In April Will Help Avoid Nasty Surprises

It’s a couple more months before you need to lodge your taxes again. While there’s still time before you need to get into tax planning, you might want to consider getting ahead of your taxes through pre-emptive tax planning so that when the time to lodge arrives, you are not in for a nasty surprise.

If you have had a steady income over the past year with no new investments or sources of income, then there is likely to be little change in your tax liability. However, if you have had changes in the past year affecting your income such as starting a new business, or perhaps earning rental income through investment in a new property – your tax calculation for this year may vary significantly from the previous year. Factoring these in, you may find yourself owing a sizeable amount of taxes you are not financially prepared for.

Other reasons why you should get an early start on tax planning 

  • Not only will you be financially prepared for it when the time comes, it will also ensure a smooth tax filing process.
  • If you know beforehand what you might owe, you can take steps to keep aside money to meet your taxes instead of dipping into your savings.
  • You can take appropriate steps to avail tax deductions like making contributions to charity, performing repairs on your rental property or prepaying interest on mortgages and other tax deductible loans to reduce your tax burden. Business owners can consider pre-paying superannuation for their staff to avail deduction this financial year.
  • You can check to see if you are able to write off bad debts to claim a tax deduction or are eligible for deduction on a portion of the cost of your business assets.
  • You avoid the stress of having to get all necessary documentation in order, in time.
  • Regular tax planning will cultivate financial discipline as it inculcates the habit of making sound financial decisions throughout the year and not just during the tax season.
  • For the business owner, it’s the time for you to reflect upon your business structure and assess the financial viability of your business in terms of cash inflows, cash outflows, surplus cash reserves, net profit etc

By planning early, you also have the opportunity to ensure that your taxes are filed correctly. The complexity of lodging taxes has left even large corporations finding themselves owing tax to the government due to ignorance or wrongful interpretation of tax laws sometimes. One case in point is Qantas, which was asked to pay $34 million additional tax due to GST on non-refundable airline tickets where the passengers did not show up for their flight.

Qantas’s argument that GST did not apply to cases where there was no flight was dismissed by the High Court on the grounds that even if the passenger did not travel, there was a promise of flight and its associated services, which Qantas made to the passenger in return for money. Just imagine the hassle and costs avoided if only Qantas had prepared their taxes early.

So, while you get started with your early tax planning, here are a few tips that would help you be more prepared for your next round of tax lodging:

  • Keep all necessary documents including relevant bills and receipts in order and organise your paperwork beforehand.
  • Consult your accountant to see what deductions and tax write-offs you may be eligible for.
  • Keep abreast of changes and additions to tax laws. Ask your accountant about how they may affect you.
  • Discuss tax minimisation strategies with your accountant upfront and implement them within the financial year.
  • Pay your expenses like superannuation payments for employees, interests to SMSF trustees, insurance payments etc. within the financial year and delay income sources to reduce tax for the current year.

For the business owner or property investor, filing taxes may be more strenuous given that you have more numbers to manage. This is where having an experienced accountant come in to assist with your tax planning help greatly while you focus on your business. At Superior Accounting Group, we will guide you to get your records up to date and advise you on applicable tax deductions so that you can minimise your tax liability. Get started on your tax planning today.