Tag: Tax Planning
- Farm Tax and Planning Strategies From Sharp AccountingWith strong commodity prices and continued innovation in the agricultural sector, many agribusinesses are looking ahead to a positive 2024–25. While seasonal variation and cost pressures remain, proactive tax planning can help Victorian farmers maximise profitability and prepare for future challenges. Here are a few key farm tax and planning strategies to keep in mind…
- Urgent Reminder for Trusts: Finalise Your Trust Distribution Resolution Before 30 June 2025If you operate a discretionary trust (also known as a family trust), there’s a crucial deadline approaching that could significantly impact your tax bill. To avoid unnecessary tax of up to 47% on your trust’s income, you must prepare and sign a Trust Distribution Resolution before 30 June 2025. Here’s why it matters — and…
- How a “Bucket Company” Can Help You Save Tax in 2025If you operate your business through a discretionary or family trust, there’s a smart strategy you should consider before 30 June 2025 — using a bucket company to cap your tax rate. This approach could significantly reduce the amount of tax you pay on trust profits, and it’s one that many business owners are taking…
- Don’t Miss Out on Superannuation Tax Deductions in 2025When it comes to building long-term wealth, superannuation is one of the most powerful tools available to Australians. But beyond preparing for retirement, your super can also help you save on tax if you know how to use it effectively. One of the best strategies available in the lead-up to 30 June 2025 is making…
- Smart Tax Planning for 2024–25 and Beyond: Strategies That WorkTax planning takes advantage of lawful and strategic ways to minimise tax liabilities this financial year and in future years. While it may minimise taxes in any given financial year, tax planning works best when used as part of a long-term financial strategy. This post will outline some tax planning considerations for businesses and individuals…
- Stay Ahead with Proactive Tax Planning; Book a Tax Planning Conversation With Us TodayTax planning isn’t something you set and forget. Your strategy needs regular attention with changing regulations, business growth, and new opportunities. That’s why ongoing conversations with your accountant matter, ensuring you are proactive with your tax planning. Why regular tax planning makes a difference As your accountant and tax advisor, our goal is to help…
- Important Tax Tips for Primary Producers Post Instant Asset Write-OffAttention primary producers! With the instant asset write-off now finished, managing your equipment trades and avoiding unexpected tax bills is crucial. As livestock prices fluctuate and climatic conditions impact your farm, here are some tips to minimise your tax: Water Conveyancing/Conservation:Expenses for pumps, piping, and irrigation are fully deductible. Fencing:Internal and external fencing qualifies for…
- Maximise Tax Savings: Seven Essential Strategies for Self Storage Businesses Before 30 JuneWith the end of the financial year upon us, it is imperative to take action to maximise tax savings for your self storage business. To help keep more money in your pocket, here are seven essential strategies to consider: 1: Bad Debts Consider writing off outstanding customer accounts that are unlikely to be collected, such…
- Sharpen Your Numbers – FAQ: Why do the ATO want multiple payments for BAS, tax, PAYG; why can’t I just pay one payment?Our latest frequently asked question is from Gavin: “Why does the ATO want multiple payments for BAS, tax, and PAYG? Why can’t I just make one payment?” In this video, Glenn shares why the ATO requires multiple payments for BAS, tax, and PAYG instalments. From withholding employee wages to GST and income tax, each payment…
- Sharpen Your Numbers – FAQ: Can I or should I, put money into my superannuation and claim a tax deduction?Sarah asks about claiming a tax deduction for contributing to her superannuation fund. In our latest FAQ video, Glenn explains the options: salary sacrificing, where the employer contributes pre-tax dollars, or making deductible contributions from after-tax salary. Both offer tax benefits, with differences in timing. Seek advice tailored to your situation for the best approach.…
- Sharpen Your Numbers – FAQ: How will the Stage 3 tax cuts it impact me?James from Ballarat asks about stage three tax cuts. He earns around $90,000 annually and wants to know how it will affect him. In response, we explain that under the proposed Labor changes, he’ll initially be about $800 better off. However, as his income grows over time, surpassing $120,000, he’ll start paying a higher tax…
- Stage 3 Tax Cuts + Bracket CreepIn recent news, there’s been significant discussion surrounding the stage three tax cuts, particularly with the Labor government’s decision to modify them. Originally intended to address bracket creep for individuals earning up to $200,000, these tax cuts were agreed upon by both sides. However, the proposed adjustments by the Labor government aim to allocate these…