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Tactics for Tax Planning

By Opulent Accountants|Wednesday Jul 11, 2018

Before starting a business usually, a person is looking for some good tactics to minimise taxes on investment and ordinary income. Many people will advise you to see tax agents in Melbourne but it is wise for you to understand that the best taxation planning techniques are implemented in July only. It is also important to understand that appropriate tax planning is something more than finding better and bigger deductions. The best tactics are those that established your tax affairs in a perfect order, not just for the current year but also for future income years. It is not necessary that all of the suggestions will fit your situation exactly, but you can view them as a list of possibilities. They might allow you to get your thinking in the right direction and it is also possible that you willend up in asking the most appropriate questions. Obviously, seek advice from accountants in Melbourne or business accountants, if you need more information.

If you are trying to invest in property it is important for you to remember that having a rental home or any property is claimable. It means that it is beneficial to provide any cost before the end of June in order to claim them in the existing financial year. Any tax agents in Melbourne will advise you the same because if the investment property needs some attention or maintenance, you can incur the expenses prior to June 30th.

Interest Repayments

In a similar way, if you are able to work things out together with some Accountants in Melbourne to generate upfront interest repayments for many investments like a margin mortgage on the stock shares. In Melbourne, most of the tax payers claim a deduction for twelve months. But be sure how your loan provider or you have assigned the funds guaranteed upon the property.  A tax deduction is only allowed against the expenses sustained earnings from investments. If you redraw from this loan because of some other reasons than deductions will not be available.

Take advice from Business Accountants who can definitely tell you to bring forward the other deductionsinto 2018-19. If you came to know that in the next 12 financial months you will end up producing less, for instance, going part-time or maternity leave. The deductible costs that you brought ahead into the current financial year will give to wonderful financial advantage.

No one understands your situation and problems better than yourself, so you are the only who can identify if any of these tax-related tactics relate to your situation. In Australia, every citizen is required to lodge their tax return by the end of October. But the tax agents in Melbourne are generally provided with more time to lodge, which can be a very advantageous extension to a deadline payment. If you know that you will get a refund then don’t delay it and for these cases, it is worth getting all the information from us as soon as possible.

To discuss your situation, give us a call at +61 (3) 8838 8726 and talk to our professionals at Opulent Accountants.

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