As crazy as it sounds save tax by putting your money in the bank.   From 1 July 2013, individuals will be entitled to a tax discount of 50% on up to $500 of interest income they receive.From 1 July 2014, individuals will be entitled to a tax discount of 50% on up to $1,000 of interest income received each year.

By focusing on a few key strategic focus points, one business worked out that they could potentially turn their profits from $15,000 to $100,000 in one year.  This sometimes seems too good to be true…..this does not happen overnight, but if you don’t focus on the important focus points for your business, it might never happen….that is a certainty!

If the property was purchased prior to Sept 1985 by the deceased and subsequently sold within 2 years of the deceased passing, the new owner will not pay any CGT irrespective of whether it was rented at some point in time while the deceased owned it.

BankLink provides accountants and businesses like yours with solutions to simplify the accounting process – letting you spend less time on your accounting and more time on your business. Through your accountant, BankLink automates and streamlines your accounting by virtually eliminating manual data entry and the collection of receipts and bank statements.

We have successfully negotiated full remission of interest and penalties with the ATO for a client in excess of $13,000…………doing things differently!