Family trusts can be used effectively to minimize tax, and it is very simple to understand. Unfortunately, not enough businesses utilise its benefits. Talk to a financial expert at SiDCOR Chartered Accountants to ensure you are correctly structured from day one. You would be reckless to not minimise your tax expenses and save thousands. You work so hard for your money, only to give it away in government taxation.
Depreciation
According to bestinau.com.au, many quality accountants like Paul Siderovski will place you into a simplified tax system (STS) to accelerate depreciation. Accelerated depreciation allows you to claim deductions on assets to minimize taxable income, provided you are eligible for those concessions. This option is extremely popular with small business taxpayers.
For a business to qualify under a simplified tax system, you need to be classified as a small business entity with a total cash flow turnover of less than $2 million. This enables the business to qualify for a range of tax concessions.
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Incorrect wages structure
Paul Siderovski says that if you run the business and you are paying yourself wages, then you have structured your business incorrectly. You end up paying too much tax. With the right structure, you can pay less tax.
Get the right people in the right roles
Find people who do what they love, people who are passionate about the roles they are in. Having the right employees will greatly improve the company culture – keeping your business self-sufficient – and will improve your profit margin. For a business to truly be successful, it needs to be independent. This all starts with correctly moulded employees.
SiDCOR Chartered Accountants
Paul Siderovski practices what he preaches. Established in Newcastle Australia in 2002, Paul has successfully expanded his enterprise to another four locations throughout Queensland. With over 20 years of accounting experience, Paul’s unique drive has led him to become a self-made millionaire. Recently, Paul has successfully led the expansion of the frozen yogurt company Yogurtland across Australia.
Paul Siderovski is a strong advocate and follower of Tony Robbins. And has spoken at various business mastery events across the globe in Australia, London, Las Vegas and Florida. Paul is highly motivated to make a positive impact in the lives of all he serves.
