News

Tax Tip – Did you know?

Did you know if you have a current novated lease and you join Matrix CMS, we can continue to novate your lease for you. The advantage to you is that the FBT payable would then only be calculated on the market value of the vehicle when you join Matrix CMS, not its original purchase price. This could save you $000’s per annum.

Did you know that your life insurance can actually be assessed as taxable income when you die? If at the time of your death you have no dependents (defined as a spouse and or children who depend on you), and your life insurance premium has been paid pre tax, i.e. via a superannuation fund, then the benefit paid will be assessed at your marginal tax rate. If you fall in to this category, you may consider paying your life insurance premium out of your after tax income, not via a superannuation fund, thus ensuring that your estate will not be subject to income tax on your life insurance benefit.

Did you know that you should keep receipts for any expenditure that you wish to claim in your tax return? However you only need to keep a tax invoice for expenses over $72.50.

Tax avoidance should be avoided. It’s illegal.