It's Tax Time - Again!
"Find out how you can LEGALLY MINIMISE your TAXATION obligations"
Some business owners simply pay too much tax! This occurs because they do not use strategies which legally minimise their taxation obligations. As a result the business can suffer a drain on cash flow and in the end the money goes to the taxman instead of you. Therefore, we recommend to all our clients that they plan (with their accountant) for their taxation liabilities and consider appropriate tax deductions prior to June 30.
Some suggested deductions include:
Increasing superannuation payments for directors; however, this is subject to the maximum contribution and also depends on your cash flow position. From 1 July 2009, the maximum deduction for superannuation will be: $25,000 per year (previously $50,000) for the under 50's and $50,000 per year (previously $100,000) for the over 50's.
Making the necessary superannuation payments for all staff.
Purchasing work related equipment.
Bringing forward spending on repairs and maintenance.
Purchasing additional work related supplies and stationery.
Making donations to registered charities.
Writing-off bad debts provided you can prove that you have taken reasonable steps to collect them.
Some of the above strategies (where applicable) can be useful for reducing company taxation liabilities. Please note - this information does not warrant advice and all taxation strategies that apply to you situation should be discussed fully with your taxation accountant.