This tax tip will be relevant for you if you’ve got a family trust or a discretionary trust, and it runs a business or receives investment income, and you use that to distribute to family members or entities in your family group.
READ MORE2021 Tax Rates For Individuals Vs. Companies
As an individual, the tax rates have actually changed from 2021 Financial Year versus the year beforehand. But with individuals, the more money that you earn, the more tax you pay as a percent. Here’s the income threshold breakdown for individuals:
READ MORETax Tip: Amazing Power Of Bucket Companies
So this strategy actually requires you to have a trust that’s earning income – that could be investment income or business income, it doesn’t really matter too much, but the whole purpose of a bucket company is to receive the rest of the distribution from a trust.
READ MORECut Your Tax Bill In Half With Tax Planning
Our tax planning season is between March and June every single year, and this involves every single client. Now, the reason why we enforce that is because it’s so critical – It’s just such a no-brainer part of working with a client, that we need to do this with you. There’s plenty of other […]
READ MOREThe 4 Savings Accounts Every Entrepreneur Should Have
I’m not suggesting you have 30 accounts for your business, but there’s a couple of main ones that we want you to have, and these are;
READ MOREPractical Ways To Improve Your Cash Flow Days
Some practical little nuggets that you could pull the trigger on to improve your cash flow days is to keep less stock on hand – but don’t be doing it so you can’t deliver to your customers, don’t go so low. If you’re a service business, it could be invoicing earlier; don’t wait four months […]
READ MOREThe Importance Of Financial Forecasting
If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple? The answer is an indication of the risk in your business. So, you get a higher business multiple if you’re a lower-risk industry or business, or you’ve got systems in […]
READ MOREHow To Increase Your Business Value
If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple? The answer is an indication of the risk in your business. So, you get a higher business multiple if you’re a lower-risk industry or business, or you’ve got systems in […]
READ MOREWhat The Plot Twist Of 2020 Really Taught Us
I was recently invited to jump on the @EmployeeMatters Podcast hosted by HR Guru @NatashaHawker and we spoke about the positive outcomes from COVID.
READ MOREHow To Avoid Trouble With The ATO
Natasha Hawker: What’s your view of the ATO now? You were pretty impressed with them when we spoke last time – how do you think they’ve managed this?
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