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Written by Adele Wardley. As you and your practice prepare for the end of the 2012 financial year, check you have these simple tax strategies covered:Do any repairs and maintenance to the surgery premises that you have been putting off. For small business taxpayers the repairs will need to be paid for by 30 June to be deductible. For larger taxpayers the repairs must be invoiced by 30 June to be deductible this year.Bring forward any expenses you are likely to incur in the next few months. E... More...
Written by Adele Wardley. 1. Ensure any pensions are paid in full before year end. Failure to do so will result in the fund losing their substantial deduction for exempt pension income. See my detailed article here.2. Review the fund’s capital gains tax (CGT) liability, and consider whether there are any capital losses which should be realised to reduce capital gains. Remember that the sale of assets must be genuine, and any capital loss on assets sold and immediately re-purchased will not b... More...
Written by Adele Wardley. If your education relates to your employment keep all receipts for text books, materials, computers/iPads/tablets, internet connections, and study related travel. You may be able to claim a self-education tax deduction. If you are still studying you may consider obtaining employment in an area that directly relates to your course. By qualifying for the self-education tax deduction you will be able to claim a deduction for the education expenses you had to pay anyway... More...
Written by Adele Wardley. Today’s smartcompany article reveals that the average cost to a business of tax compliance is $28,000 and 493 hours per year.Ouch! Imagine what could you do with an extra 500 hours per year.Are you spending your money wisely? Are you getting value for money?Are you leveraging your tax records to help your business make more money?Are you waiting for the government to simplify tax regime or are you going to do something about it? You might be waiting a while! we are... More...
Written by Adele Wardley. Time. It’s probably a small business owner’s most valuable asset and simultaneously their scarcest resource. Being a small business owner myself I understand the list of ideas, tasks and possibilities is almost always bigger than the time I have available. There is nothing quite so motivating as building and maintaining a successful business, yet nothing as frustrating as having more ideas than you have time to implement them.One of the first things many business ow... More...
Written by Adele Wardley. If you completed one of the following courses you may be eligible to claim a reduction on your HECS-HELP payment amount and debt:undergraduate natural or physical sciences course of study completed after 30 June 2008an education course of study completed after 30 June 2009nursing (including midwifery) completed after 30 June 2009To be eligible you must also:have been a Commonwealth supported student for some or all of that coursehave been employed in an eligible occ... More...