Me and my partner are both contractors, and we both have yearly income of 110K.
My expenses related to the business are only 20k. so I am facing a massive tax bill soon.
I have just purchased a property, can I make deductions from this investment? ( i borrowed the money to purchase this house valued 350k)
what should I do to reduce tax ??? please help [blink]
You should talk to a good accountant about operating through a company and or trust structure. There are various rules now preventing people doing this, but it may still be possible.
Also maybe consider using a service trust. This will help divert income into a discretionary trust. eg. the trust could employ you and rent your services out to your company.
With property, you should be able to claim any loss against your personal income.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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