- Description
- Specifications
Business people should be conscious of tax planning issues throughout the year and not just at end of the financial year.
Tax planning should not be thought of just one week prior to the end of a financial year.
Tax planning should be a constant affair - and whilst tax is not the most important consideration determining an investment strategy, it is big enough to figure in the calculation. It is important that proper documentation and records are kept to support your interpretation of all business transactions as to whether expenditure is deductible and income is assessable.
This paper analyses, over four pages, some of the strategies that small business operators should be utilising relative to tax planning so as to attempt to legally minimise income tax payments. The paper analyses the issues under the following headings:
- Tax Planning - An Overview
- Self Assessment
- Tax Audit
- Legally Minimising Tax
- Strategies For Reducing Tax
- Negatively Geared Investments
- Tax Office Attitude To Negative Gearing
- Primary Production And Forestry Investments
- Plantation Forestry Management
- Non-Forestry Horticulture Schemes
- Films
- Superannuation
- Employees Can Negotiate With Employers To Pay Some Expenses
- Placing Investments In The Name Of The Person On The Lowest Tax Bracket
- Utilising Discretionary Trusts To Distribute Income
- Prepayment Of Expenses (Small Business Taxpayer)
- Deferring Assessable Income
- Income Splitting
- Zone Allowance
- Sickness And Accident Insurance Premiums
- Home Office Expenses
- Tax Free Threshold
- Rebates
- Work Related Expenses
- Dividends And Interest
- Superannuation Payouts
- Minimum Annual Pension Payments
- Goods Taken From Stock For Private Use
- Rental Property Deductions