Welcome to HG Khouri & Associates
H G Khouri & Associates was originally founded on forward thinking, innovation and excellence which are qualities our team continues to embrace and practice.
Today H G Khouri & Associates continues to offer a range of talented professionals encompassing technical and industry backgrounds and our focus is on delivering strategic advice, innovative solutions and excellent service to our clients.
The pitfalls of accessing
your company profits
One of the benefits of operating a business through a private company is the ability to access a flat 30% tax rate on profits. However, shareholders often forget that the 30% corporate tax rate is only intended to apply while the profits are being used in the company’s business or investment activities. The Government and ATO’s expectation is that top-up tax (if any applies) should be paid by shareholders at their marginal tax rates once they have access to these profits. Click here to read more.
Keep Your Receipts
Once you’ve lodged your tax return, don’t throw out your receipts, credit cards statements of other records just yet. You should keep these for five years from the date of lodgement. Currently, if you are an individual and you make a capital loss you must keep the records for at least two years after the ATO has issued a notice of assessment for the return in which you recouped the loss.
Are you a tradesperson that works in construction? You may be able to claim deductions for certain car, clothing, self-education, tools and equipment, union fees and phone expenses. Consult your H G Khouri & Associates CPA tax advisor to determine your eligibility for such deductions.