In Part 1 of the Great Australian Nightmare I alluded that those people growing a small business and creating at least $200,000 in family profit should NOT pay off their private home mortgage and instead invest the money into other growth assets. By doing this you can save upwards of 20% per annum via the correct tax structure.
Tax Champion will provide Real Knowledge for small business in easy to understand lingo. We implement all these tax saving strategies in our own 40 yr old family business. Tune in via a You Tube subscription and we’ll keep the Real info flowing. Now time to go and see the Pies eaten alive by the […]
The Great Australian Nightmare is when a person with a growing small business decides to pay off their home loan and chase the Great Australian Dream. In most cases they are inadvertently paying 100’s and 1000’s too much in tax and there’s nothing sweet about that. They should be thinking the opposite. DON’T pay off […]
Ok got that paranoid defensive argument documented, lets move on. So we left off in PI-1 with you putting in a claim for PI Insurance. The shiny salesperson who sold you the insurance has flicked your claim to a set of specialist lawyers. The Wolf has entered the story.
The Small Business Entity threshold has increased to $10 million from 1 July 2016 onwards (became law on 19th May 2017). Previously the Small Business Entity threshold was $2 million. Basically, you are a Small Business Entity if you carry on a business and have an aggregated turnover of less than $10 million.
Accountant found to be an accessory for “wilful blindness” towards underpaid employees. In a precedent-setting decision by the Federal Circuit Court, an accountancy firm has been found accessorily liable for the underpayments of the employees of one of its clients.
Deceased estates and Stamp duty – the transfer of property in accordance with the terms of a will or codicil is subject to stamp duty unless an exemption is available and section 42 of the Duties Act in Victoria exempts certain transfers of dutiable property where …
If you are lucky enough to have come to that point in life where you have paid off your private mortgage you may now be looking at paying down some investment loans. There are a number of factors you need to consider to ensure you get your excess cash working for you in the best way possible.