Important Tax Points to Consider
- If you have a personal home mortgage and are currently unable to deduct the interest, you may be missing out on substantial deductions.
- Companies owning or leasing motor vehicles must ensure their FBT (Fringe Benefit Tax) liability is covered. You may have work related vehicles. Are they sign written? Are they used privately in the weekends? You may be exposed to FBT without knowing it.
- LTCs (Look Through Companies) have replaced LAQCs (Loss Attributable Qualifying Companies). QCs (Qualifying Companies) may be altered. LTCs can still pay out tax free capital dividends. Should you have one?
- Revolving credit loans. Are you in danger of inadvertently reducing your interest deductibility?
- Land transactions and trading. Are you aware of the proposed new rules? Have you heard of the tri-partite test?
- Have you recently sold your business or are about to? Are you about to re-structure your company? Are you aware of the "Related Party Capital Gains" tax? Do you know how you may avoid this?
- Donations are now fully deductible to the level of your taxable income. Have you claimed all you can?