The Treasurer has dropped some major superannuation proposals that he outlined earlier in this year’s budget, including the $500,000 lifetime concessional cap on contributions. This change has pleased many critics and brings the Coalition’s superannuation policy into line with much of the Labor party’s proposed policy for superannuation. There is now a new proposal on the table which is intended...

Key year end tax planning strategies as 30 June approaches With 30 June fast approaching, now is the time to consider your year end tax position. We have compiled the following list of items to assist in the year end tax planning process. Purchasing fixed assets Entities with turnover less than $2M are able to claim an immediate tax deduction...

Luxury Car Tax (LCT) is a tax of 33% on any luxury car sold in Australia or imported into Australia greater than the LCT threshold. A car is considered to be a motor vehicle designed to carry less than 2 tonnes and 9 passengers, however, Limousines are included no matter how many passengers they carry. The threshold for the 2014/15...

Well it’s that time of year again when we focus our attention on tax planning before 30th June. Tax Minimisation Strategies There are a number of tax minimisation strategies that are often forgotten or overlooked by small business taxpayers. These tax minimisation strategies also help you better understand your business. I will discuss six that I have found taxpayers could...

“How can I pay less tax?” would have to be one of the most common questions I am asked by small business owners (SMEs), especially given the current economic climate. One great way to save on paying tax is to make sure your business is taking full advantage of the various tax write-offs available to you. Some methods don’t even...