Success Tax Professionals in Mooroolbark, Victoria | Business consultant

Success Tax Professionals

Locality: Mooroolbark, Victoria

Phone: +61 412 701 420

Address: Shop 2, 66-74 Brice Avenue 3138 Mooroolbark, VIC, Australia

Website: http://www.stptax.com

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20.01.2022 Tax Savings Strategy 191 Pets in the Workplace This strategy makes private pet ownership costs tax deductible (under certain circumstances). Having pets in the workplace involves the employer acquiring pets for the workplace (whether an office, factory or warehouse).... The pets could be the standard, cat, dog, fish, ferret, bird, snake, or any other pet really. The business benefits of pets in the workplace include improved employee morale, reduced stress, better employee interactions, higher employee motivation and engagement, and improved culture. The workplace pet's food, vet expenses, insurance, grooming and other costs will be tax deductible.

13.01.2022 Tax Planning Strategy 189 Increase Giving Via Discretionary Trusts This strategy involves a discretionary trust making pre-tax trust distributions to a tax-exempt beneficiary. If the beneficiary is tax exempt (a not-for-profit organisation or church) then there will be no income tax paid on that income by the beneficiary. The beneficiary does not need to be able to receive tax deductible donations (i.e. be a deductible gift recipient).... Example: To give $1,000 to your church you would firstly have to earn approximately $1,500 and pay $500 tax. In contrast if the gift was given by a discretionary trust, the trust could simply give the $1,500 (and the giving has increased by 50%).

07.01.2022 Tax Planning Strategy 154 Eligible Start-Up Costs From 1st July 2015 eligible start-up costs can be fully deducted in the year they were incurred, if they relate to setting up a proposed small business and are:... Incurred in obtaining advice or services (from lawyers, accountants or business advisors) relating to the proposed structure or the proposed operation of the business. A payment to an Australian government agency of a fee, tax, or charge incurred in relation to setting up a business or establishing its operating structure. E.g. ASIC fee for forming a company. Stamp duty payable on transferring assets to the entity which is intended to carry on the proposed business (e.g. cars, property, etc.). Costs associated with raising capital (debt or equity) for the operation of the proposed business (including for example, costs incurred in accessing crowd-sourced equity funding).

05.01.2022 Tax Savings Strategy 202 Uber Partners This strategy is about using your private vehicle to operate an Uber business and make additional income (whilst at the same time making your private vehicle expenses tax deductible).... Deductible Uber business expenses include: Fuel Registration Insurance Repairs, tyres and maintenance costs. Depreciation on the car purchase cost. Car purchase cost (if less than $20,000) Lease payments (if the vehicle is leased instead of purchased). Interest on any car loan. Rider amenities including water, mints, and newspapers. Tolls and parking. Police and medical checks. Mobile phone (business use percentage). Internet (business use percentage). Spotify subscriptions. Sunglasses for driving. Car cleaning costs. Bank fees (for Uber business bank account). Stationary.

02.01.2022 Tax Planning Strategy 155 Salary Packaging Associated Leases An associate lease is an agreement where an associate of the employee (typically spouse or partner), leases an existing or replacement car to the employer. The employer then provides the car to the employee via a pre-tax salary sacrifice arrangement. That is, the employee pays for most of the vehicle's operating costs from their pre-tax salary as a salary sacrifice arrangement.... The tax savings with salary packaging an associated lease are two-fold. Firstly, salary packaging a car saves the standard $2,700 pa in tax due to the concessional valuation rules that apply to car fringe benefits. The second more substantial tax savings are achieved as the employee's salary package is reduced by the lease payments that are ultimately included in the assessable income of the spouse. This has a tax benefit as the spouse is usually taxed at a much lower marginal tax rate than the employee.