The 10 most valuable tax tips

Information supplied by David Shaw of WSC Group.

I would like to take this opportunity to thank the readers who voted for me for the Property Tax Specialist of the Year in the Readers Choice Awards recently.

The award results were announced in the December issue of the
“Your Investment Property” Magazine which is in stores now.

 

As a Property Specialist who has advised property tax clients in over 4,000 interviews in the last 10 years it is my honour to be able to add value to WSC Group’s 6,000 clients and property investors all over the country.

As a part of winning this award I thought I would share with you your 10 most valuable tips that you should be aware of in relation to your property investor endeavours.

  1. Structure your finances correctly and separate tax and non tax deductable transactions into separate loan and offset accounts.
     
  2. Make sure where possible that you buy new to maximise tax deductions.
     
  3. Always complete a tax variation so you can in effect obtain your refund in your pay as opposed to waiting to the end of the year.
     
  4. Always claim your interest during construction on an investment property you are constructing.
     
  5. Always structure your purchases to minimise individual State land tax thresholds.
     
  6. Don’t capitalise interest on investment loans to try to minimise tax.
  7. Don’t buy expensive motor vehicles which will inhibit your ability to buy additional investment properties.
     
  8. Have a buffer of between $10,000 to $15,000 per property so any unforeseen circumstances can be reacted to quickly.
     
  9. Always lock in interest rates when the variable interest rate is on the way down.
     
  10. Always obtain advice from a qualified accountant and financial planner before setting up a Self Managed Superfund to purchase property

To find out more about the importance of these topics I am inviting you to a free WSC Group Tax Seminar where I will be presenting changes in the Tax Legislation over the past year.  I will also be presenting these changes in a comprehensive tax presentation covering basic property investment through to self-managed super funds and estate planning. 

I will be accompanied by Matthew Laird of WSC Group – Aust Wealth Management Pty Ltd, a qualified Financial Planner and Greg Hearn, an accredited loan broker from Greg Hearn Financial Solutions.

Topics will include:

Tax  

  • Tax updates from the recent Government Budget announcement
  • Updates issued from the ATO in respect to Self-Managed Super Funds
    (what the ATO is targeting)
  • Updates on accountants advice on investment decisions
  • Changes to the Senior Australian Tax Offset

Financial Planning

  • Retirement Planning
  • SMSF’s trustees insurance strategy requirement
  • How do I know if I have the right life & income insurance?
  • ASIC’s new requirements in relation to advice
  • Why ASIC are targeting certain schemes?
  • Demonstration of WSC insurance website

Loans

  • What’s happening in the market place – interest rates?
  • Cross-collateralisation of loans – is this appropriate?
  • Disclosure to banks and the ramifications of fraudulent disclosure of income

 

Event details:

Date:

 Tuesday, 12th November, 2013

Time:

 6.00pm for 6.30pm start

Venue:

 City of Sydney RSL

 565 George Street

 Sydney NSW  2000

 Level 4 Shamrock Lounge

 Light refreshments will be served

 

Please reserve your place as soon as possible as seats are limited

 

RSVP: to Rosanna Simone on  info@wscgroup.com.au or 02 8525 4600 by the 8th November 2013. Only those who have registered will be able to attend as there are limited seats available.

 

The above information is supplied by WSC Group.
Disclaimer: while due care is taken, the viewpoints expressed by contributor and/or sponsors do not necessarily reflect the opinions of Your Investment Property.

 

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