𝗪𝗮𝘆𝘀 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗿𝗲𝘄𝗮𝗿𝗱 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗮𝗻𝗱 𝘀𝗵𝗮𝗿𝗲𝗵𝗼𝗹𝗱𝗲𝗿 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗵𝗮𝘃𝗶𝗻𝗴 𝘁𝗼 𝗽𝗮𝘆 𝗙𝗿𝗶𝗻𝗴𝗲 𝗕𝗲𝗻𝗲𝗳𝗶𝘁 𝗧𝗮𝘅. Fringe Benefit Tax (FBT) came about in 1985 so the Government could tax non cash benefits provided to employees. In fact it is an Income tax based on the assumed value of the benefit and…

By applying the 63 day Rule for Holiday paid accrued, bonuses and Directors fees paid you can reduce your terminal and provisional tax bill. Come the end of the financial year it is worth looking at what Holiday pay has accrued that has not been paid out. The reason to…

Negotiating a discount on the new vehicle rather than a generous trade in value would have a positive impact on your terminal and provisional tax bill. When a business sells an asset (Fixed Asset) there are a few considerations. If you are GST registered you will have GST to declare…

The type and the value of some business assets will have more of an impact on reducing your terminal and provisional tax bills than others. Some tax tips live on beyond their use by date. When you buy a fixed asset like plant and equipment or a vehicle worth more…

To reduce your taxable profit in the current financial year you could prepay some upcoming expenses for next year before or on the last day of this financial year. Choosing expenses you will be paying in the coming months such as rent, consumable aids, insurance, maintenance contracts,  rates, subscriptions, stationary…

If your business carries inventory  the value of this at the end of the year will have an impact on how much tax you will pay. In general inventory is an asset until it is sold and an expense when it is sold. So if you buy $50,000 of inventory…

Yes it is legal to minimise your tax but some strategies are obviously not legal and fall into the categories of tax avoidance or tax evasion. The Duke of Westminster principle, which is often cited in discussions of tax minimisation, states that taxpayers are entitled to arrange their affairs to…