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How to take advantage of government grants and tax incentives

Thomas Edison once said that "Genius is one percent inspiration and 99 percent perspiration". 

Unfortunately, going from that inspirational idea to the finished product takes a lot more than hard work. Just like Edison, you also need to invest in a lot of research and development.

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9 ways you can pay less tax (but you need to act quickly)

 

If you want to take a few simple preventative measures to minimise or defer how much tax you will pay for this Financial Year, you need to do two things:

  1. Read the following 9 point checklist, then
  2. Call or email us as soon as possible so we can make a time to sit do with you to assess which of these preventative measures can be done for you in your circumstances.

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UBER - Know The Facts

A Shout Out to all the Uber Drivers - Here are a Few Facts You Really Need to Understand

Uber drivers are subject to some rules that are not the same as every other business operator. It is important therefore to understand what you will have to do if you are considering driving for Uber. If you require specific assistance then please give me a call on (07) 5439 1600 or book an appointment by CLICKING HERE.

Uber or Taxi? Does it even matter for the purposes of your tax?

The short answer is, yes it does matter because the Tax Office have specific rules for taxi's which define a taxi as a 'vehicle made available for public hire that is used to transport passengers for fares'. It would be difficult to argue Uber vehicles were therefore anything other than a taxi and Uber drivers must comply with the same "tax" rules as other taxi drivers.

  • You must register for an ABN.

So what do those rules mean?

As an Uber driver you are carrying on an enterprise, or business and are required to have an ABN whether registered as a sole trader, company or trust.

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Vehicle Logbook

Don't Want to Keep a Vehicle Logbook - Then Don't!!

If you don't keep a compliant logbook and claim your motor vehicle costs on an actual cost basis then your claim may be disallowed by the ATO. This may not actually be the worst outcome for you because just maybe, the logbook percentage has been letting you down.

We know keeping a logbook can be a proverbial pain in the rear but did you know that you have an alternative to keeping a logbook and it may even give you a better deduction than your logbook method.

 

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2016 Tax Planning

Are You Paying Too Much Tax?

Tax planning is not just for big business but should be something everybody reviews annually.

In recent years the government has made many changes to the tax system to broaden the tax base with the ultimate objective of making Australians pay more tax.

I just love this picture and think the fellow with the tax cup looks more like Mr Abbott than Mr Turnbull but the policeman could well be the last auditor I met from the ATO!! Anyway, I digress....

These changes have occasionally been political posturing such as the debate surrounding negatively geared properties, but we have definitely witnessed a hardening of attitude towards many traditional tax saving strategies. This attitude has been supported through several announcements by the ATO on what they expect in terms of substantiation for many common expenses.

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