Jamiesons Chartered Accountants
Accounting in Gold Coast

Where the service is personal and professional! Managed investment trusts a fresh tax system. This effectively means a gain is provided to somebody because they are an employee. Allows an employee to use a work vehicle for private purposes. The latter checklist will aid you labor out if you are already providing a fringe gain to your employees. A property fringe gain for example, providing food and drink. The costs associated with Christmas parties held off your business premises (for example, a restaurant) will donate rise to a taxable fringe profit for employees and their associates unless the benefits are exempt peaceful benefits. For clients there is no FBI payable and the cost of providing the entertainment is not income tax deductible. Avoid incurring director penalty liabilities by ensuring the company is lodging and paying on time. Ensure that obligations to pay bonuses, leave pay and superannuation etc are incurred prior year's end. Review personal spending during the past year to see if anything can be claimed as a tax deduction. Even though CDT rollover relief is obtained, consider conceivable assessments below other provisions (Ag trading stock) and stamp duty consequences. CDT energetic assets' exemption if disposing of insignificant business and seeking the active assets' exemption, remember need to also focus on any related businesses. Remember that individuals, complying superannuation funds, trustees assessed on a resident beneficiary's share of net trust income and definite other entities (but not companies other than life insurance companies) can now obtain refunds for excess franking tax offsets. With the final of the financial year swift approaching, the subsequent brief thoughts might be useful for you to do something about reducing the amount of tax that you pay on your income. Whether embarking on a new business venture or restructuring an expanding business it is crucial to decide on a business structure relevant to your circumstances, and asset concern required. The trustees of an SMSF are required to prepare and implement an investment strategy for the superannuation fund. The strategy must reflect the purpose and circumstances of the fund and take into account: The skill of the fund to pay benefits as members arrive retirement, and other costs incurred by the superannuation fund. However, many Believe Deeds will tranquil restrain clauses requiring a Member to be paid their superannuation benefits in these circumstances. If you contribute more than your annual non concessional contributions cap and you are lower 65 years old, you can bring forward two years of contributions see Bringforward provision for people under 65 years old. Rather than making gifts below your Will to individuals, you can make gifts to blood descendant Trusts set aside for those individuals. If you have the cash available and you have had unusually lofty income for the year, an one off prepayment might be what you need for some tax relief. Remember if you prepay the interest this year, you can't claim it following year.