Business Growth Services

Key deductions include work-related expenses, charitable donations, investment-related expenses, self-education expenses, and costs associated with managing your tax affairs. Eclipse Advisory offers insights on maximising these deductions.

Australia uses a progressive tax system where higher income earners pay a higher percentage of their income in tax. The tax system includes income tax, GST, capital gains tax, and other levies like the Medicare levy. Eclipse Advisory ensures compliance and optimal tax planning.

Income tax is applied to your earnings from work and other sources, while capital gains tax is applied to the profit made from selling assets like property or shares. Capital gains are included in your assessable income and taxed at your marginal tax rate. Eclipse Advisory helps manage both income and capital gains tax effectively.

Strategies include maximising allowable deductions, contributing to superannuation, investing in tax-effective investments, and managing capital gains and losses effectively. Eclipse Advisory’s tailored tax planning strategies help reduce your tax burden.

You should keep records of income, expenses, deductions, and any relevant financial transactions for at least five years. This includes receipts, invoices, bank statements, and records of investments. Eclipse Advisory helps you organise and maintain these records.

Property investors need to consider rental income, allowable deductions (such as interest on loans, maintenance, and depreciation), and capital gains tax on the sale of the property. Eclipse Advisory provides comprehensive advice on property investment taxation.

Concessional contributions are taxed at 15% within the super fund, while non-concessional contributions are not taxed in the fund. Excess contributions may attract additional tax. Eclipse Advisory helps you navigate these tax rules and optimise contributions.

The Medicare levy is a tax of 2% on your taxable income to fund the public health system. Most taxpayers need to pay it, but there are exemptions and reductions based on income levels and eligibility. Eclipse Advisory ensures you meet your obligations and explore any eligible reductions.

In Australia, there is no inheritance tax, but you may need to pay income tax on inherited assets, such as rental income from a property or dividends from shares. Eclipse Advisory offers guidance on managing the tax implications of inheritances.

You can claim deductions for expenses directly related to earning your income, such as travel expenses, uniforms, training, and equipment. Ensure you keep accurate records and only claim legitimate expenses. Eclipse Advisory helps you identify and maximise these deductions.