Kerry Francis Bullmore Packer has famously stated.

‘I am not evading tax in any way, shape or form. Now of course I am minimising my tax and if anybody in this country doesn't minimise their tax they want their heads read because as a government I can tell you you're not spending it that well that we should be donating extra’

Kerry Packer stated this in November 1991, before the House of Representatives Select Committee on Print Media.

Some of the fundamentals in minimising your tax position include:

1.    Reducing assessable income.

2.    Increasing your deductions or tax offsets.

3.    Diverting Income.

4.    Selecting an appropriate tax vehicle.

5.    Deferring capital gains events.

6.    Moving money into lower tax structures, i.e., Superannuation Funds

7.    Reviewing your asset register;

8.    Reviewing your stock ledger;

9.    Reviewing your debtors ledger for bad debts;

10.  Reviewing your accounts payable / creditors ledger to ensure all your bills have been included.

If you would like to discuss further please contact us:
McNamara & Company - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com