Your Car and Property Can Save You Thousands in Taxes!

I love helping people, which is why I don’t keep ‘secrets’ like this close to my chest. For some reason, this information isn’t openly provided to the general public and I think it’s about time that changed.

Generally speaking, the way you purchase and treat your motor vehicle (even if it’s family owned or used) and/or property can save you thousands in taxes each year.

Often times business owners are concerned about the Fringe Benefits Tax (FBT) implications. But trust me; the payback received from vehicle deductions can far outweigh those of the FBT. Keep all your car-related receipts and don’t forget to stash a vehicle log book in your car – and always remember to use it!

For individuals and property investors, the way they treat their house from Day 1 can affect the Capital Gains Tax (CGT) amount they end up paying when it’s time to sell. Holding onto your record of sale as well as costs involved with maintenance, are just a few things you need to start ball rolling here. Also, did you to know that whether you live in the property from day one of purchase (even if it is for several months) compared to renting it out from day one, could potentially save you tens of thousands of dollars in taxes? It’s true! So, if you’re looking for an investment property, or a home for yourself (but plan to rent it out for a couple of years) – be sure to give me a call straight away before you make a very expensive mistake!

Naturally, every person and business is different, meaning those few simple steps will indeed vary depending on your circumstances. The main point here is that you can save thousands on your taxes each year – and it’s easy! Just pick up the phone and have a quick chat with me about your specific situation: 1300 135 918

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Chartered Accounting firm in Sydney, Australia.