General Accounting
How to Escape the Rat Race
With the introduction of the new development, Success Business Accelerator, we are focusing on helping entrepreneurs increase their outputs by changing the way they approach their inputs. Running your own business should be a balance of work and play so escape the rat race and start doing something today that your future self will thank […]
Tax Planning Strategy #5: General Tax Planning Strategies
Lan Nguyen, Chartered Accountant General tax planning strategies for 2015. Now, tax panning normally involves bringing forth deductions or payments you might have made for things, into a period of time before 30th of June so you can claim this as tax deduction this financial year. For example, if you’re going to pay for some […]
Tax Planning Strategy #4: Trust Distributions Resolutions
Lan Nguyen, Chartered Accountant Family trusts or discretionary trust are trusts where you can distribute with the choice of who receives the income. Now, the people that can receive the income are the trusted beneficiaries, and in 2012 the tax department changed the laws and said that before the end of June, every person with […]
Tax Planning Strategy #3: Debt Optimisation
Lan Nguyen, Chartered Accountant Pay off your home loan sooner, minimise bad debt and maximize your tax deductions for investments. So debt optimization, what is it? Let’s say, you have a $500,000 loan on a property worth $750,000. Debt optimization is taking home load debt, which is not tax deductible, paying it off faster and […]
Tax Planning Strategy #2 – Tax Refunds for Prepaid Interest
Lan Nguyen, Chartered Accountant Big tax refunds for prepaid interest for a capital protected share portfolio (with NO cash required by 30 June). Did you know that you can buy a parcel of blue chip shares by using capital protection and not lose your money if the share market goes down? At the same […]
Tax Planning Strategy #1 – Establish a SMSF
Lan Nguyen, Chartered Accountant Establish a Self – Managed Super Fund (SMSF) – How to make it your family’s wealth VAULT and legally pay NIL tax. Should you have a self – managed fund? In summary, a self-managed super fund has trustees, so that would be a company with your parents, your partner, whoever. […]