The Ultimate Guide on Tax Implications on Salary Sacrificing And Salary Packaging

The Ultimate Guide on Tax Implications on Salary Sacrificing And Salary Packaging

Did you know that as an Australian taxpayer, you could legally reduce your tax liability through a salary sacrifice or salary package agreement?  In this article, we’re going to take a look at the various tax implications associated with this option. And while the word ‘sacrifice’ might not necessarily sound like a positive implication, salary…

Everything You Need To Know About Winding Up SMSF
|

Everything You Need To Know About Winding Up SMSF

An SMSF (self-managed superannuation fund) is an attractive vehicle for retirement savings for many Australians. Though the setup and administration of an SMSF can be daunting, with proper planning, it can offer tax advantages and greater control over your retirement savings.  However, if you decide to go along the route of winding up an SMSF…

what happens when a company goes into liquidation
| | |

What Happens When a Company Goes Into Liquidation?

Considering the current state of the worldwide economy and the effects of the pandemic, it’s no surprise that business owners are rethinking their exit strategies, particularly in terms of liquidation. Some business owners have seriously weighed up the option of closing their doors to avoid possible negative consequences. But for others, the negative impact of…

tax deductions for doctors
| | | | |

The 9 Best Tax Deductions For Doctors

Doctors are among the highest-earning professionals in Australia. And the higher the income, the higher the marginal tax rate. But did you know that as a medical professional, you’re eligible for a pretty long list of deductions? Unfortunately, however, many doctors are missing out because they don’t know what tax deductions they can claim.  So,…

tax on cryptocurrency in australia
|

How Tax on Cryptocurrency Australia Works

Cryptocurrency has undoubtedly experienced explosive growth over the last couple of years – but how does tax on cryptocurrency in Australia work? With governments worldwide cracking down on managing the tax implications of cryptocurrency, you would likely have had to start reporting cryptocurrency on your annual tax return.  In Australia, it’s no different – if…

Discretionary Trusts: Everything You Need to Know

Discretionary Trusts: Everything You Need to Know

Discretionary trusts are widely used for asset protection purposes and tax management.  But, by transferring your assets into a discretionary trust, you will no longer own the assets. So, how exactly do discretionary trusts work? What are the advantages and disadvantages? How do you set up a discretionary trust in Australia? It’s worth being equipped…

Luxury Car Tax Thumbnail

The Luxury Car Tax Guide: Must Read Before Buying

If you’re thinking of buying that brand new Mercedes-Benz S-Class, you’ll need to also think about luxury car tax.  You might change your mind when you hear just how heavily luxury cars are taxed in Australia. Either way, it’s good to know what tax consequences you’re going to be liable for when you drive that…

asset protection strategies thumbnail

The 4 Best Asset Protection Strategies You Should Know

Asset protection strategies are arguably as significant as purchasing the assets in the first place.  Many Australian’s dream of owning multiple assets such as investment properties and companies, but unfortunately, there is a lack of education around the importance of protecting those assets once you own them. So, we’ve created this list of the best…

Uber Tax Deduction Thumbnail
|

The Ultimate Guide on Uber Tax Deductions

Did you know that as an Uber driver, you’re considered an independent contractor?  This means that you’re entirely responsible for fulfilling your own tax obligations each year. The income you earn as an Uber driver is assessable income and must be reported in your annual tax return.  What’s more, the Australian Tax Office (ATO) requires…

Reduce Taxable Income - Individuals
|

8 Ways on How to Reduce Taxable Income for Individuals in Australia

Although paying tax is inevitable, most people want to determine how to reduce taxable income. Did you know that through effective tax planning you could pay less tax and walk away with more money in your pocket each financial year? But what does effective tax planning entail? What are the simplest ways to determine how…

End of content

End of content