Beware Tax Planning, It's not all it's Cracked up to be
Don’t Waste Your Money on Tax Planning Opportunities If You Don’t Need To.
The end of the financial year isn’t far away, and whether you’ve made a profit or suffered a loss, it’s time to focus on tax planning. Tax planning is all fine and good, but you have to have the cash flow or funding to reap the benefits of most of the opportunities available. Â
Hopefully, you’re aware that as a small business, the ATO allows you to claim a full deduction for the cost of equipment, fittings, computers and so on up to a cost of $ 30,000 per item.Â
Superannuation contribution limits are $ 25,000 for employees of all ages.
If you have a family business where both you and your partner work in the business, you have the opportunity to contribute $ 50,000 which includes superannuation guarantee on your wages.
LET’S SEE HOW THIS MIGHT LOOK FROM A CASH FLOW PERSPECTIVE.
1. Assuming that both family members take a salary of $ 90,000, that means that superannuation guarantee contributions are $8,55
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