Recently we briefly discussed 8 super strategies for year end. We now offer a further 4 tax strategies. As with the super ideas, these are general in nature, and professional advice should be sought before looking to implement.
Strategy 9.Use losses to reduce capital gains.
This is suitable if you have some loss making investments that no longer meet your needs. You can save some tax, and free up more funds to invest.
Strategy 10. Defer asset sales to manage CGT.
If you are thinking of selling an asset this financial year, deferring to next financial year can delay when the tax needs to be paid. It may further provide for an opportunity to reduce the CGT as well.
Strategy 11. Pre-pay interest on a investment loan.
If you have a geared investment, you may be able to prepay the interest. This will bring forward the deduction, providing the potential for a reduced income tax liability.
Strategy 12. Pre-pay deductible risk protection premiums.
Similar to the above strategy, pre-paying these premiums will bring forward the deduction. Often people think only of income protection, but for business owners, this may cover more types of policies.
Over the next few weeks, we will look at the practicalities of some of the above strategies.
No comments:
Post a Comment