Tax Deductions

After calculating your Gross Income, the next issue, dear to all our hearts is the amount tax deduction we can establish to reduce our Gross income with work related expenses for individuals and Sole traders. The greater we can reduce the Gross Income to get to a minimum Gross taxable Income the better.

Tax deductions:

Come in many forms, here are just a few:

  • superannuation tax deduction
  • Income Protection
  • tax deduction in your salary
  • Work related expenses
  • calculating car tax deduction payments
  • negative gearing tax deduction
  • capital gains tax calculation
  • Deductible Interest on Loans

 

New Prosperity can manage these items above and many more just like them. Managing tax deductions through out the financial year is so much more efficient of your time and helps in maximising your tax deductions when it comes time to prepare your Tax return. Leading busy lives these days makes it hard to attend to this very important area of creating wealth.

New Prosperity empowers you to work with your partner in a cohesive manner by virtue of the fact it is an online service with access for the two of you from any where in the world. What better way to spend lunchtime at your work place going over and updating your home finances having your partner do the same and then discussing the printed summary pages at your convenience.

This process of management for all facets of New Prosperity is where the true value lies in subscribing to our service.

 

SCENARIOS:

Once all work related expenses are inputted, this is when New Prosperity becomes empowering to you. At this time you can model scenarios, look at impacts of different tax deduction strategies, through out the financial year.

NB:

A simple one is investigating the tax benefits of Salary sacrifice and benchmarking this against your Annual surplus each year. Investigating the impact of personal income tax on your wealth building aspirations is one of the more important issues you should consider in any financial decision made in your home.