April 2015, Newsletter
There's five key things that all business owners MUST consider RIGHT NOW. Three of them are brilliant wealth creation ideas. Please read on!
30 June is only 13 weeks after the beginning of April. It's not a long time at all. This year let's try and use all of them.
Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If we all leave your tax planning until the end of May and early June, quite frankly there may not be enough time to do anything significant to legally reduce your tax.
So for 2015, our invitation to you is to START NOW with your tax planning.
5 Key Tax Planning Strategies
1. Establish a Self Managed Super Fund (SMSF) - How to make it your family's wealth VAULT and legally pay NIL tax at retirement.
2. Big tax refunds for prepaid interest for a capital protected share portfolio (with NO cash required by 30 June).
3. Debt Optimisation – Pay off your home loan sooner, minimise non-deductible interest and maximise your tax deductions for investments.
4. Trust Distribution Resolutions needed BEFORE 30 June 2015 - or pay up to 49% tax on trust profits.
5. General tax planning strategies - Key items that mean $ in your pocket.
We will outline in detail for you how to save $ and at the same time grow your family's wealth in a low-risk manner.
How our Tax Planning Process works
First of all, we request from you details of your expected income and business profits for the 2015 tax year (1 July 2014 to 30 June 2015). This includes all wages / employment income, interest and dividends and rental income received, business profits / losses, and any capital gains / losses you expect to make.
Based on this information, we estimate your taxable income and your tax payable BEFORE any tax planning strategies. For example, we may calculate (based on your information) that you may have a taxable income of $100,000 for 2015. This would result in $26,947 tax and Medicare levy payable.
Secondly, we discuss all of your tax planning options. Some of these may be things to do in your business, and some of these may be investment / wealth creation options.
Third, we provide you with a report that explains in plain English the tax planning strategies we recommend and exactly how much tax you will save.
And finally, we provide you with an easy-to-follow Action Plan to ensure that both you and we can do everything that needs to be actioned before 30 June.
If you have any further questions contact the team at Camden Valley Financial Solutions today for further advice.