As we get closer to the end of financial year, you may be thinking about what deadlines you still need to meet for your business, as well as how you may be able to claim some tax benefits. 1. Maximise Deductible Contributions The concessional superannuation cap for 2018 is $25,000 per year. Do not go over this limit or you will pay more tax! Note that employer super guarantee contributions are… Read more
The end of financial year is almost here! Now is the time to review what strategies you can use to minimise your tax. 1. MAXIMISE DEDUCTIBLE SUPER CONTRIBUTIONS Individuals can now make tax-deductible personal contributions to superannuation to reduce their taxable income. The advantage of this strategy is that superannuation contributions are taxed at 15% or 30% compared to typical personal income tax rates of between 34.5% and 49%.Superannuation… Read more
The time arrives in most small businesses when you’re required to go borrow some money. It’s in your best interest to make your business as attractive as possible before presenting yourself to the lender. The good news is that if you know what the lender is looking for you’ll be able to take appropriate steps to get your business in the best possible shape. 1. Ensure your financials are up… Read more