Pay Less Tax - Part 2
February 23, 2017
Home Office Expenses for Business Owners
As accountants, one of our roles is to create tax efficiency for business owners. We do this, by ensuring a business claims all entitled expenses to reduce profit and therefore pays less tax. One expense that may reduce taxable profit is a home office expense claim.
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Pay Less Tax - Part 1
February 16, 2017
Save $12k in tax on $120k of income by structuring your business effectively.
Table 0.1 – How AgBiz Accountants could save you more than $12k in tax (an extra 10%)
Entity
Profit
Tax
Tax Savings
Individual
120,000
30,520
9,080
Company
...
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Tax TipsCashflowCOVID-19GSTTax ChangesTax Efficiency and Business StructureAgBizAccountantsBusiness Health CheckCompany's - tax rate of 28%GST requirementsHome Office Expenses for Business OwnersIncome TaxInterest DeductionPay Less TaxRental Property TaxesStructuresaccountingAssetsBorrowingBright Line ExtensionBusiness LoansBusiness lunchesbusiness planningBuying a homeCapital GainsCash and ProfitCommercial BuildingsCompany Tax LossesContractorsCrypto TaxCryptocurrencyCryptocurrency TaxDeductible expensesdeductible for taxDepreciationEntertainment expensesEntertainment TaxFarming Deductions for Home OfficeFinancial expenditureFirst Home BuyerFixed AssetsHome OfficeHybrid BasisInvoice BasisLoss Carry-BackLossesLow Value Assetsminimum wageParents Gifting to ChildrenPartnership - taxed at each partner's marginal taxPayments BasisPropertyregistered for GSTTax DeductionTax PoolingTaxable PeriodTrustTrust Act 2019Trust's - tax rate of 33%Understanding TaxVehicle expensesvoluntary GST registrationWage subsidywages increase