Businesses
We know that in Australia, there is a wide range of taxes & levies applying at local, state and federal levels. You need to strategically plan with your trusted advisors to legally reduce those costs wherever possible.
We love those immortal words of Kerry Packer: “I am not evading tax in any way, shape or form. Of course, I am minimising my tax. Anybody in this country who does not minimise his tax wants his head read.” We agree. Sometimes this involves a structuring review, forward planning, budgeting and goal-setting, accounting reviews, tax planning and/or succession planning.
Month by month Business Value Packages are tailored to the needs of each business owner. For smaller businesses, this might take the form of Quarterly Updates from their Xero file information in addition to regular compliance services.
For businesses with turnover from $1m per annum, IN8 Business Advisory’s CFO and Board of Advice services will help review your business operations, with structured meetings helping people get the most cost and tax effective advice to grow their businesses, reduce their stress and improve their personal taxation wherever possible.
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One of our passions is helping clients maximise their tax returns where they have investment properties. IN8 Business Advisory is a member of the Ban Tacs National Accountants Group, which specialises in investment property taxation advisory, whether the investor is here in Australia, or overseas.
Property investing should be a well-planned strategy, not an impulse purchase. Please come see us when you are thinking of investing, so we can help you analyse the tax side of a property purchase; or see us when you wish to sell.
For annual tax returns, both sides of politics in recent years have attached the after-tax returns of investment property owners. For various dates applicable from May 2017, now in 2019 there is now no deduction for travel to and from your rental property, there are now limitations on deductions for second-hand goods, no deduction for rental property plant and equipment where the property was previously not available for rent, even if it was purchased only a month before, for example. For the May 2019 Federal Election, the Labor government proposed to abolish negative gearing, and halve the capital gains tax discount.
And, although it’s not yet law, now if you have a land and building contract for a rental property, the holding costs – interest on the land and progress payments, rates, land tax etc, will no longer be deductible after 1 July 2019, which increases the after tax costs of those types of residential property investments. [Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019]. You really wonder what’s going to be the next ‘hit’ at the back pockets of Australian taxpayers trying to get ahead financially and save for their retirement.
It’s like the LNP, Labor and the Greens don’t want people to save for their financial future, a dangerous perspective in view of the ageing Australian population and increasing life expectancies.
These tax changes make it even more important for investment property owners to consult with a tax specialist who keeps up with the latest changes, positive and negative.
For more information on residential property investment taxation, download Ban Tacs’ brochures, Before You Buy A Rental Property, and Selling a Rental Property, for some great information on what to consider.
Case Studies
Lisa from Regional WA was referred by her Accountant as she was looking to purchase a school bus and a contract to pick up/drop off school children. The client had approached her existing Bank (NAB) who had been working on the application for 11 weeks before declining it. We picked up the application and had finance arranged with 48 hours of application for $250,000 and importantly enabled the client to purchase the bus/contract that she was at risk of losing due to the delays. The client now wants to refinance their 2 home loans away from NAB for $700,000.
Mohammed from WA was referred by his Accountant as he wanted to review his Home Loan. Unfortunately for the client, like many people in Perth, had negative equity. This didn’t mean we couldn’t help. We approached his current lender (Bank West) and conducted a product switch moving him from an old variable rate at 3.7% to a 2 year fixed rate at 2.99%. This took 1 day to process and saved the client over $200 per month.