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Posted in Tax
Negotiating Property Purchase for Client
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 in:Why Dean is a LegendTaxSuperannuationMortgages and FinanceInvestment | 0 Comments |
Increasing Super Contributions with Salary Packaging
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 in:Why Dean is a LegendTaxSuperannuationFinancial Planning | 0 Comments |
Use GST to Reduce Finance Repayments
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 in:TaxMortgages and Finance | 0 Comments |
Are Income Insurance Claim Payments Taxable?
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...
| Posted in:TaxInsurance | 0 Comments |
This Week: GDM | New Accountant
Posted by G. Dean McKinnon
on 12 August 2013
One of my long-term clients (who is also now a Total Service Client) was having some major issues (services and increasing costs) with their existing accountant, and they needed to make a change.
As they are a Total Service Client, I had all of their relecant information, and I was able to introduce them to a new accountant, who acts for a number of our other clients.
Today I met with the client and their new accountant and we presented a summary of all of the client (numerous) ent...
| Posted in:Why Dean is a LegendTax | 0 Comments |
