Posted in Tax
Posted by Dean McKinnon
on 27 May 2015
Most people would like to put some savings aside for their child, whether it be for paying for their education, buying them their first car, or helping them with the deposit for their first home. However, depending on how you save those monies, the tax man could be taking more than their fair share!
Here are 3 things you need to know when saving for your child's education
1. The primary issue for saving for children is the "minors income tax rates"...
Posted by G. Dean McKinnon
on 12 August 2014
Today, I started the process of acting for a client for the proposed purchase of a commercial property. Following is a list of reasons why appointing an independent representative to act on your behalf, when negotiating the purchase of a property, may help you make the whole process a lot less stressful:
The independent representative usually does not have an emotional or financial stake in the transaction, which may increase your chances of achieving your budgeted purcha...
Posted by G. Dean McKinnon
on 5 June 2014
I recently developed a strategy for a client which, in effect, will increase their compulsory employer superannuation contributions.
Employers often 'package' their employee's remuneration package, possibly including a car allowance. However, some employers only calculate their compulsory super contributions based on the gross base salary (which doesn't include the car allowance component)
If the car allowance component is say $17,000, the employee may miss ou...
Posted by G. Dean McKinnon
on 25 November 2013
It may be possible for your to reduce your Finance Repayments by using the GST you've paid on the vehicle or equipment purchase.
Consider this scenario:
You purchase a new vehicle for $50,000 + GST ($5,000)
You Finance the entire $55,0000 (purchase price, including GST)
You estimate you will receive $5,000 GST refund in the next BAS (the GST you just paid on the vehicle)
You structure the Finance to include a $5,000 payment after the BAS refund is due
...
Posted by G. Dean McKinnon
on 19 November 2013
When calculating how much Income Insurance you need, it's easy to overlook the fact that tax is payable on the Claim Payment received.
How Much Tax is Payble?
That depends on your taxable income.
Income Insurance Claim Payments are effectively treated as taxable income, which is added to any other taxable income you receive, such as rental property income, etc.
Will It Be Enough?
That depends on your expenditure. Consider this comparison of Employment Wages and Inco...