- Description
- Specifications
Tax planning is a perfectly legitimate activity. All taxpayers are entitled to arrange their affairs, within the limits of the law, so that they pay a minimum amount of tax. Small/medium enterprise businesspersons have a legitimate right to so arrange their affairs as to minimise income tax.
This paper summarises many of the tax planning opportunities available for business people.
The paper includes Addendums for Travel Diary and a Telephone Log Sheet, which will assist in the substantiation of telephone calls, especially from a private residence.
The paper is presented with comments under the following headings:
- Introduction To Tax Planning
- Set Up A System
- Planning Is A Whole Year Event
- Meaning Of A Small Business Entity
- Australian Taxation Office - Comments On Mistakes Made By SMEs
- Deferring Income
- Motor Vehicle Expenses
- Travel Expenses
- Depreciation - Plant & Equipment, Fixtures & Fittings Etc.
- Simplified Depreciation Rules – Small Business Entities
- Depreciable Components Of A Building
- Depreciation Of Staff Amenities
- Depreciation Of Primary Production Plant
- Capital Works Allowance
- Deduction For Cost Of Conserving Or Conveying Water
- Superannuation Minimum Contribution
- Superannuation - Contributions Limits
- Choice Of Superannuation Fund
- Prepayments – Small Business Entities
- Prepayments – For Businesses With Over $10M Turnover
- Bad Debts
- Capital Losses
- “Wash” Sales
- Plant And Equipment Disposal
- Stock
- Negative Gearing
- Shareholder Loan Accounts
- Primary Producer Or Hobby Farmer
- Deferral Of Losses From Non Commercial Activities
- Staff Bonuses
- Staff Holidays
- Interest On Loan Funds
- Directors’ Fees
- Borrowing Costs
- Entertainment
- Research And Development
- Property Owner Deductions
- Gifts
- Minor Benefits
- Audit Fees
- Salary Packages
- Fringe Benefits Tax Payment (Accruals Basis)
- Commissions Owing (Accruals Basis)
- Interest Owing (Accruals Basis)
- Salaries And Wages (Accruals Basis)
- Commercial Bills (Accruals Basis)
- Rent (Accruals Basis)
- Shareholding Investment Expenses
- Taxation Advice
- Motor Vehicle Expenses
- Bad Debts Recovered
- Personal Service Income
- Goods And Services Tax
- Creditable Purpose Calculation
- Pay As You Go Tax (PAYG)
- Small Business Entities
- Superannuation Funds – Taxation Treatment
- Valuation Of Natural Increase
- Investments In Management Investment Schemes
- Student Loan Repayments
- Fuel Tax Credits Expansion
- Building Trade Being Targeted By Australian Taxation Office And Child Support Agency
- Tax Office Targeting Cash Economy
- Private Use Of Assets
- Professional Advice
ADDENDUMS
012-015A - Travel Diary
012-015B - Telephone Log Sheet
012-015C - Reasonable Travel & Meal Allowance Expenses