Wise Accounting Podcast (wap)

June 30. It seems so far away, but believe me, now is the time to start thinking about this date. Plan for June 30, forecast your business results and get your tax planning underway. In this podcast Tyler discusses the ways in which you can quickly analyse your financial statements to find out where your cash-flow has gone, where your business is leaking and what you can do to arrest it; or hopefully help you undertake some tax planing scenarios to lower your potential tax liability.

Everyone has to live somewhere. Why not get a tax benefit from it. Well beware the pitfalls that exist if you are thinking you are going to own your home through your business or work. You might not even come out in front. Even more so, it might not be even an allowable situation. Listen in to get the inside track on why you simply may be better to keep it simple when it comes your home.  

If you want to claim your home as a tax deduction beware of the hidden capital gain tax consequences. In this episode Tyler discusses how you can claim your own home, and what to consider to ensure the long term benefits upon disposal remain. Before you run a business or work from home, you should have a sound understanding of what you can claim, what you need to do to ensure your claims are accurate and allowable; and certainly consider the long term issues that may arise.

Claiming company losses is not an easy matter, certainly when compared with individual revenue and capital losses. This week Tyler answers a listener question who wants to know, how a new director can affect losses being claimed, what if the business diversifies their operations, and how long can the losses be available for. Some great, albeit complex questions presented. This is a very relevant podcast if you run your business through a company or you intend to. Learn and understand how you can access your losses.  

Acquiring an investment property is often an exciting time. Like anything, tax and accountants can ruin fun times. It is very important you understand the benefits and consequences of owning and acquiring investment properties in the different entities. In this podcast Tyler discusses what you need to know about owning an investment property as: An Individual Through a Trust In a Company The information covered off in Podcast 4 is also relevant, and you may wish to listen to this one too, if you have not already.

If you are starting a business, or even currently run a business, it is very important you understand the different tax entity types and structures that are available to you. More importantly, you should have an understanding of the benefits of each type of entity available, and also the potential problems and issues of each entity. In this podcast Tyler discusses the four most common entities used to operate a business: Sole Trader Partnership Trusts Companies (Pty Ltd's) And the pros and cons of each type.

In episode 3 I discuss the capital gains taxation implications on various property investments. Whether it has always been an investment property, or you formerly lived there, or whether you currently live there, or intend to live in the investment property. Each instance has different taxation consequences and through this podcast I discuss the different circumstances that apply, to give you an understanding of your potential taxation liability...if one exists at all.

Episode two is all about the non commercial loss provisions, which are important if you operate a business.  Understanding when, and how to claim any business losses you have can have significant tax implications. Listen to understand when your losses can be claimed against any other source of income, and the tests to be passed.

In this podcast, our first podcast, Tyler Wise discusses the requirements to contribute funds to a super fund, in a tax friendly manner, and also the hidden traps to be aware of. Flowing on from this are certain items that you should consider when acquiring an investment property. Not all deductions, are deductions and having a thorough understanding of this is important. Resources of use, relevant to the podcast: Are you eligible for a deduction? ATO - http://bit.ly/1gxbsew ATO rental properties guide: http://bit.ly/1jp81tx