Category «Tax»

Franking Credit Detailed Argument

Refunding Franking Credits – Let’s address the Elephant in the Room – Tax Free Superannuation Labor party policy is that franking credits should not be refunded to taxpayers and self managed superannuation funds (SMSF) who don’t have enough taxable income to pay tax. Note that public superannuation funds that pay tax free pensions will still …

The $25K Immediate Writeoff – Clever Trick

(Download PDF) Time to start thinking about whether you would like to take advantage of the $25,000 (increased from $20,000 on 29th January, 2019) immediate tax deduction before the end of the financial year. Though it will still be available in the 2019-2020 financial year. The full detail on how this works is below but …

Year End Strategies

Before embarking on any year-end tax strategy it is first important to consider whether you are going to be in a higher tax bracket next financial year. Examples of how this could happen would be a capital gain because you are going to sell an asset or your pay may go up next year. If your tax bracket is going to be higher next year, then it may be better not to drag deductions from next year into this year or delay income from this year to next year…