Don’t spend a dollar to save 30 cents
“G’day, it’s time for another Taggart tip.
A lot of my clients actually ask me, whether or not they should spend money on buying a new car or buying some more stock or something like that.
The short answer is: if you need it, buy it.
Let’s assume the tax rate’s 30%.
My tip for the day, so remember this one: ‘Don’t spend a dollar to save 30 cents’.
That’s the tip. If you need it, if it’s gonna make you a return on your investment, if it’s good for your business, spend the money.
If you’re gonna buy it just to get the tax deduction, forget it.
Don’t spend a dollar to save 30 cents.”
Interested to find out more, get in touch with a tax accountant from Taggart & Partners on (07) 3391 1188 and find out how you can utilise effective tax minimisation strategies to grow your business today.
Thank you tuning in to watch another of our Taggart Tips, a series of short video tips that can help you run, manage and grow your business. We hope you have found the information useful and will have a new Taggart Tip out for you shortly. For any urgent concerns we encourage you to get in touch with the team at Taggart & Partners today.
*** Our series of Taggart Tips are intended for guidance purposes only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.
Updated 24 June 2020