Are you sick of paying too much tax in this country? It’s a question often heard, not just here in Australia, but everywhere else in the world.
Taxes are what we call the necessary evil. Its government mandated and we can’t really do anything about it. It’s the price we pay for a civilized society. But indeed, paying too much tax can really be a pain.
Is there anything we can do about it? Well certainly! There are ways minimize taxes you pay. Let’s start off with one of the top 3 of tax minimization. Read on!
Write Off
1. Old equipment can be written off if you can’t sell it by June 30. By doing that, you can get a tax deduction for the year.
2. Bad debts which can’t be collected can also be claimed and be written off before June 30.
Education Tax Refund
Any equipment used for your children’s education can be refunded. (Computers, repairs, computer related equipment, internet subscriptions, educational software, school textbooks etc.) You can get up to 50% tax refund.
Prepay your Taxes
If you are on a high tax rate, prepay interest (up to 13 months advance) to reduce taxable income/ profit.
Sounds a bit complicated? Taxes can be really daunting. That’s the reason Wealthsafe is here. We are all about protecting your assets and minimizing your taxes. If you would like more information, fill out our webform or give us a call at 1300-669-336 and our Advisers would be glad assist you.
At Wealth Safe, we’re here to help you with all your asset protection, offshore tax planning, business structuring and superannuation needs. We work with you to find the best strategy to keep your assets safe, slash your tax 100% legally, and put more money in your pocket.
Please feel free to visit us at our Facebook page at www.facebook.com/WealthSafePtyLtd for more interesting articles, and tricks to reduce your tax and protect your assets.
To contact us, and get your complimentary copy of your book on how to slash your tax and protect your assets, complete our web form by clicking here. Or call us on 1300 669 336. One of our staff will be glad to assist you.