If you've bought an investment property, now's the time to start thinking about your taxes. If you haven't added the tax depreciation schedule to your list of necessities, you need to do that. This is especially true if your investment property was built after 1987. You can claim the depreciation on your taxes. In most cases, you can save yourself a lot of money when you claim depreciation. But, there are some mistakes you need to avoid.
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Many business owners think that they pay way too much tax to the ATO and that there is, seemingly, a tax related to almost every business activity. It's not surprising that these business people could become rather jaded and may not pay as much attention as they should to these various areas. While they may rightly pay closer attention to the "big ones" like payroll, corporation and GST, they may completely neglect to send in a return in other areas.
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Has your application for a loan for your small business been turned down by a bank? Read on and discover some of the other ways through which your accountant can enable you to finance your business without giving away an equity stake.
Factoring
Factoring refers to selling the account receivables (unpaid invoices) at a discount to a commercial financing entity/company. This can be done for your entire portfolio of receivables or for selected invoices.
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One of the critical benefits of financial planning is that it helps to regulate your expenditure. This can be achieved by determining the difference between luxuries and necessities. Luxuries are unnecessary expenses that one can easily do without. However, necessities are basic commodities that are essential and should be purchased. Before spending any money, you should go through the questions below with your financial adviser to enable you to determine whether you should proceed with the purchase.
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If you're about to embark on a construction project, you have probably been advised to arm yourself with some construction insurance. It is perhaps the best thing you could do as you commence your project but herein lies the problem: the risks inherent to any construction project are too many. Each of these risks can bring rise to the occurrence of considerable losses and setbacks. As such, it is paramount that you get insurance cover.
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