Taxation is complicated. But shouldn’t be yours to bear. The tax advisory team at Camphin Boston delivers advice you can trust. Our team undergoes continuing professional education to keep up with changes in the taxation environment to make sure your business is compliant.
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Yes. Strategies using superannuation, general Capital Gains Tax (CGT) concessions or small business CGT concessions may be tailored to your circumstances in order to reduce the tax payable when you sell your business. If eligible, you can apply for as many concessions as you’re entitled to until the capital gain is reduced to nil. It’s important to get tax and financial advice as early in the sales process as possible so that issues such as whether to sell shares or business assets can be included in negotiations.
You can claim expenses relating to your rental property, but only for the period your property was rented or available for rent. For example, advertising for rent, bank charges, body corporate fees, cleaning, council rates, gardening, insurance, interest, land tax, and property agent fees.
People often miss out on maximising their negative gearing benefits by not being aware or not claiming deductions for items such as travel costs relating to the inspection of the property and depreciation of the building and/or fixtures and fittings.
The ATO actively audits rental property claims to ensure capital works and depreciating assets are claimed correctly.
Yes. There are a number of strategies that can reduce the amount of tax you pay. Strategies include: use of self-managed superannuation fund transition to retirement income streams, pre-payment of deductible expenses, selling and repurchasing assets to offset capital gains, negative gearing, living-away-from-home allowances, salary sacrificing and salary packaging.
Employee Share Schemes can be complex. Your employer should provide you with an annual statement showing the value of any discount you received from an issue of employee shares to include in your personal tax return. In limited circumstances, you can defer paying tax on the shares until the point where they are sold or meet another tax condition.
If your business is conducting research and development, it could be eligible for a cash refund or tax rebate. To access the concession, you must lodge an application form, document your R&D plan and maintain adequate records.
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