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Top ten tips for tax time

Discussion in 'Accounting, Tax & Legal' started by Nigel Ward, 6th Jun, 2006.

  1. Nigel Ward

    Nigel Ward Team InvestEd

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    Okay Team, it's that time of year again. Hopefully you've already been thinking about your tax position throughout the year, but now's the time to focus on implementing those plans. Let's see if we can cook up 10 sure fire ways of getting a whopping refund this year...so to kick the ball off:

    1) Prepay interest on your investment loans - given the change in margin tax rates from 1 July this one should definitely be considered.

    What are some others?

    N.
     
  2. TakeStock

    TakeStock Well-Known Member

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    I would think Nick should be able to give a pretty good run down here. Over to you...
     
  3. NickM

    NickM Co-founder Staff Member

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  4. TakeStock

    TakeStock Well-Known Member

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    Thanks Nick - good summary. Hey, why not move a copy of it to InvestEd? (if no copyright is infringed).
     
  5. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Actually I've already got a copy of that from Nick to be republished here ... just been a bit busy with other site stuff in the last week or so to get to it!

    I'll see if I can get to it tonight.
     
  6. Nigel Ward

    Nigel Ward Team InvestEd

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    Okay here's another one:

    #) Make those charitable donations ASAP! There'll never be a more tax effective time to help others! ;) :D
     
  7. Redwing

    Redwing Well-Known Member

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    MY FIRST POST HERE ;) after being a "lurker"


    We prepay rates to bring into this FY..though have been given contrary advice to recieving a "commercial consideration" or not........


    Redwing
     
  8. TakeStock

    TakeStock Well-Known Member

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    Welcome Redwing! Doesn't it feel great to no longer being a 'lurker'. It sounds as though you have conquered a major illness - forumese lurkersitis. Now for all those who still have the affliction, treat yourself by making your first post. (Even if its just to say - hey, this is my first post and I'm disease free!);)
     
  9. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Last edited: 1st Jan, 2007
  10. Nigel Ward

    Nigel Ward Team InvestEd

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    And another:

    #) Bring those repairs forward. Maybe you can charge higher rent and get a better valuation as well?!

    N.
     
  11. Redwing

    Redwing Well-Known Member

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    Retire next year if possible as the tax rates will be less- you want to take as much income into the next FY.

    and just in from Depreciator;

    Can't think of anything else other than to start lining your ducks up now.....
     
  12. NickM

    NickM Co-founder Staff Member

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    1 more tax tip

    Accounting fees are tax deductible.

    If anyone would like me to send them an invoice just let me know !
     
  13. Andrew

    Andrew Active Member

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    Buy trees. You can borrow the money and claim a 100% tax deduction
    up front on the investment and a deduction on the interest in subsequent years.
    If you use Fundbroker they wil rebate the excessive fees to you.

    For Timbercorp products the fee rebate is 8%. I'm interested to know what the
    tax treatment should be for fee rebates, is it a form of returned capital?

    andy

    n.b. I'm not associated with any agribusiness or Fundbroker.
     
    Last edited by a moderator: 14th Jun, 2006
  14. NickM

    NickM Co-founder Staff Member

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    My opinion on any investment is that you should invest with the aim to make money. The tax advantages need to be considered but by no means should be the driving factor in what you do.

    NIckM