How can Morris Accounting help Individuals who are employees?
As an employee, your biggest cost in life is tax…
Tax Return Preparation — Are you getting the best tax refund from the tax man?
The team at Morris Accounting have had years of experience in the preparation of individual and business tax returns. Utilising technical skills through study and continual training, as well as practical skills with various clients, Nathan has developed systems and checklists to ensure that all the right questions are asked so that you claim the maximum deductions possible. In addition, these checklists attempt to minimise the chance that income is missed, and an adverse amended assessment from the Australian Taxation Office (ATO) is issued, resulting in you paying tax back!
Salary Packaging
Salary packaging is when your employer provides you with benefits as part of your salary package. There are numerous items that are eligible, with some employees being able to pay upto $17,000 dollars of expenses with pre-tax income, not after-tax income.
You need to talk to Nathan if you:
- work for a health services company (or government agency)
- are considering purchasing a computer/laptop/PDA/new mobile phone
- are considering salary sacrificing superannuation
- are considering purchasing a new vehicle
- want to ensure that you are paying for expenses in the most tax effective way possible, utiling pre-tax income where possible
By using pre-tax dollars, you are saving tax, the biggest expense during your lifetime.
Wealth Creation through tax effective strategies
One of the best ways to create wealth is through the concept of leverage. It is also leverage that also offers great tax breaks in the accumulation of capital growth assets. By leveraging your existing cash balances or cashflow to hold as many capital appreciating assets as you are comfortable with, you will increase your wealth. By letting Morris Accounting help you in choosing the appropriate structure for you, you can do this in a tax effective way.
Investment Properties and Negative Gearing is a very effective form of leverage, and often results in good tax incomes. Please note that negative gearing does not necessarily mean negative cashflow either. Depreciation deductions and other non-cash costs, can result in a property being cashflow positive, but for tax purposes, negatively geared. Often resulting in large tax refunds come tax time.
Margin Lending for Shares and Managed Funds is another effective form of leveraging into investments. For those keen to enter the share market, and/or invest via managed funds, you can enter with a low initial investment. Through regular gearing, and fully franked dividends, you can have a good capital appreciating asset, from which is minimally cashflow negative, creating tax deductions, and long term wealth creation.
Other tax effective investments and Agribusiness. The team at Morris Accounting are familiar with, and use investment strategies, including agribusiness, to assist clients meeting their short and long term investment goals.
Morris Accounting moves on from just looking after your tax, to ensure that you are making the most of the tax breaks available to everyone. By being pro-active with our clients, we are helping them increase their wealth right now.