If you've bought an investment property, it's worth knowing that you can save tax on depreciation. But understanding how a depreciation schedule works can be confusing for owners who don't know the first thing about tax savings on a property. This guide shows you how you can save tax with the right depreciation schedule. A quantity surveyor is a qualified professional who will compile your depreciation schedule, which cannot be put together by your existing accountant.
If you are currently preparing your annual tax return and have discovered you owe more than expected to the tax man, it may be the right time to call in a financial advisor. Below is a guide to 4 ways a financial advisor can help you to reduce your tax bill.
Optimisation of Debt
Some forms of debt which have interest payments, such as that which is used for investment purposes such as a mortgage for an investment property or a margin loan which is part of a share portfolio, can be used as tax deductible items on your tax return.
Business insurance can be essential if you want to ensure that your business is financially protected from everything from fire to theft to liability. In some cases such as dealing with company cars, business insurance is even legally required. Although the expense is necessary, you don't want to spend more money than you need to.
Here are some tips on saving money.
1. Consolidate Your Plans
In many cases, you may have multiple policies for your business.
Very often people forego the use of a professional financial planner simply because they think they don't have enough money for anyone to manage, or they fail to realize the benefits of such a professional. A person may be offered a certain retirement package through their employer and contribute to that, and then assume that this is all they need to do to plan their finances.
This type of thinking is very shortsighted and can actually cost you money in the long run.