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    Deduct Your Home: Why a Home Business Offers So Many Significant, Immediate and Lasting; Business, Taxation, Wealth and Lifestyle Benefits
    Deduct Your Home: Why a Home Business Offers So Many Significant, Immediate and Lasting; Business, Taxation, Wealth and Lifestyle Benefits
    Deduct Your Home: Why a Home Business Offers So Many Significant, Immediate and Lasting; Business, Taxation, Wealth and Lifestyle Benefits
    Ebook196 pages2 hours

    Deduct Your Home: Why a Home Business Offers So Many Significant, Immediate and Lasting; Business, Taxation, Wealth and Lifestyle Benefits

    By Frank Genovesi

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    About this ebook

    A qualified and practising financial, property, retirement and tax adviser's take on why a home business offers so many significant, immediate and lasting; business, taxation, wealth and lifestyle benefits.

    *Get A Partial Or Full Tax Deduction For Your Home Loan Interest
    *Get A Partial Tax Deduction For Your Other Property Expenses
    *Pay Little Or No Capital Gains Tax At Sale*Live Better Now And Always*Wipe Out Your Mortgage
    *Reduce Business Costs
    *Cut Personal Debt
    *Build Wealth
    *Be Happier
    *Slash Tax

    LanguageEnglish
    PublisherFrank Genovesi
    Release dateNov 15, 2017
    ISBN9780648196631
    Deduct Your Home: Why a Home Business Offers So Many Significant, Immediate and Lasting; Business, Taxation, Wealth and Lifestyle Benefits
    Author

    Frank Genovesi

    Grab yourself a partial or even a FULL tax deduction for the interest on your home loan without necessarily paying any capital gains tax upon profitable sale. Furthermore, the ongoing deductions can easily amount to tens of thousands per annum on your swimming pool, stunning gourmet alfresco, dream kitchen, luxury bathrooms, home theatre and more. The crazy part is your accountant will rightly tell you that none of these areas are or ever will be tax deductible yet the tax man continues to privately approve these arrangements! Visionary business, taxation and real estate practitioner and 25 year-ex financial adviser, Frank Genovesi, has re-set the playing field so you can allow the seemingly impossible to become your new everyday reality thereby and to have you Set Up For Life. Frank’s exceptional grasp of Australia’s relevant intertwined legal, financial, taxation and various governance and regulatory systems reveals many opportunities for simultaneous wealth and lifestyle enhancement. No lawyer, accountant, financial planner, academic, banker, professional advisory practice or professional association in Australia has ever advertised or published anything even remotely like it.

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      Book preview

      Deduct Your Home - Frank Genovesi

      DEDUCT YOUR HOME

      Title

      Copyright

      Acknowledgement

      Foreword

      1. So What's All The Fuss About?

      2. Resimercial (Our Infused, Asset Sub-Class)

      3. Some Pertinent Facts And Worthy Thoughts

      4. The Five Strategies

      5. If This Is So Good, Why Hasn’t My Accountant, Financial Planner Or Lawyer Told Me About It?

      6. The System Must Reward You for Smart and Fair Play

      7. A Very Powerful Integration and Optimisation Platform

      8. You’re Always Controlling What Happens

      9. Lowers the Cost of Home Ownership at Any Purchase Price

      10. Appropriate Business Structures

      11. What Is A Business?

      12. What Is A Small Business?

      13. Tax Stuff In More Detail

      14. To Build Or To Buy Established? – That Is The Question!

      15. A Buffer Against Some Negative Forces In The Economy

      16. Help Yourself To A Cost-Effective Home Upgrade

      17. How About A Cost-Effective Home Extension?

      18. Wipe Out Some Or All Of Your Existing Personal Debt

      19. Give Or Grab A Leg-Up Into Home Ownership

      20. Big, Free Money

      21. Improve Your Lifestyle

      22. Age Is No Barrier

      23. Retirement Considerations

      24. This Suits Many Businesses

      25. You Don’t Need To Be Wealthy Already

      26. You Don’t Have To Quit Your Job

      27. What’s In It for Existing Home Business Owners?

      28. But I’ve Paid Off My Mortgage

      29. But My Business Already Runs From Commercial Premises?

      30. A Big Fat Tax-Free Windfall Anyone?

      31. Sure Beats Super

      32. How Does Some Nice, Tax-Subsidised Travel Sound?

      33. Wanna Help Save The Planet?

      34. Certain Furnishings Equate To Business Plant & Equipment On The Balance Sheet

      35. Explore Potential Ventures

      36. No Restrictions on Future Business Activities

      37. General Insurance

      38. Asset Protection

      39. Cashflows And Costings

      40. Advanced Cash Flow Applications

      Conclusion

      Contact Details

      Guide

      Cover

      toc

      Title

      DEDUCT YOUR HOME

      Why a Home Business Offers So Many Significant, Immediate and Lasting; Business, Taxation, Wealth and Lifestyle Benefits

      By

      FRANK GENOVESI

      Financial, Life Insurance, Superannuation & SMSF Adviser

      Fellow of the National Tax & Accountant’s Association

      Real Estate & Business Sales Professional (WA)

      ASIC Registered Agent

      Registered Tax Agent

      Business Adviser

      Proprietor

      Copyright

      Copyright : First Edition © 2017 for Genovesi Enterprises Pty Ltd by Evolve Global Publishing,

      PO Box 327, Stanhope Gardens, NSW, 2768

      Email:   info@evolveglobalpublishing.com

      Website: www.evolveglobalpublishing.com

      Book Layout: © 2017 Evolve Global Publishing

      ISBN: 978-0-6481966-3-1 (Paperback)

      ISBN: 978-0-6481966-1-7 (Hardcover)

      ISBN-13: 978-0-6481966-2-4  (Createspace)

      ISBN-10: 0648196623   (Createspace)

      ISBN: 978-0-6481966-3-1(Smashwords)

      ASIN: B076KCDMR8 (Amazon Kindle)

      This book is available on Barnes & Noble, Kobo, Apple iBooks (digital), Google Books (digital) All rights reserved.

      This book is protected by copyright in Australia and also by international treaties. Apart from any fair dealing by you for the purpose of study, research, criticism, review or as otherwise permitted under the Copyright Act 1968 (Cth), no part may be shared, physically reproduced, stored in a retrieval system or transmitted in any form or by any means without the express written permission of the copyright owner.

      Pursuant to the aforesaid Act, the author furthermore and expressly claims his moral rights in this publication.

      For permission requests, write to the publisher, addressed Attention: Permissions Coordinator, at the above address.

      Limit of Liability Disclaimer:   The information contained in this book is for information purposes only, and may not apply to your situation. The author, publisher, distributor, and provider provide no warranty about the content or accuracy of content enclosed. Information provided is subjective. Keep this in mind when reviewing this guide. Although the author and publisher have made every effort to ensure that the information in this book was correct at press time, the author and publisher do not assume and hereby disclaim any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from negligence, accident, or any other cause.

      Results Disclaimer:   All examples in this book are just that, examples. They are not intended to represent or guarantee that everyone will achieve the same results. You understand that each individual’s success will be determined by his or her desire, dedication, background, effort and motivation to work. There is no guarantee you will duplicate any of the results stated here. You recognise any business endeavor has   inherent   risk of loss of capital and of time and effort expended. The typical result one can expect to achieve is nothing. The typical person never gets to the end of this book. The typical person fails to implement anything. Thus, they earn nothing, zero, no income and what’s worse, perhaps even a loss of income. For some, there will be no benefit to be had in way, shape or form whatsoever and that’s because typical" people are lazy i.e. they do nothing but want results. Consequently therefore, they achieve nothing and are somehow satisfied with that. My advice to you is to be atypical i.e. do something, implement something and if it doesn’t work, make a change, and implement that and if that doesn’t work, try again but harder. Persist and reap the rewards.

      The ATO Acknowledges Our Intellectual Property:   Across a series of rare moves, the Australian Taxation Office has formally admitted our intellectual property both verbally and in writing, as regarding the matter of the taxation of home businesses.

      This is significant being that as you may know, a private binding ruling (PBR), is the highest and best form of protection any taxpayer can have as it provides the Commissioner’s views in writing to a stated arrangement (or scheme as the ATO calls it), that the taxpayer wants addressed, all for sake of certainty under the tax law. Presuming a PBR is issued, the ATO publishes it at the Register of Private Binding Rulings some 28 days afterward (https://www.ato.gov.au/rba/search/). This now publicly available document is always edited however to protect the identity of the taxpayer. The register exists to instil community confidence in our tax system by way of a transparent regulator i.e. the ATO (and that’s a very good thing in my opinion). I have taken it further however given that in my many interactions with the Australian Taxation Office (ATO), I have put forward both orally and in writing, that much of what I’ve figured out is the product of my own mind albeit in a format as owned by my company i.e. that it is confidential business information or put interchangeably, intellectual property (IP).

      The relevance here is that often times I have obtained private binding rulings for myself, my company and its clients whereby in the process, I have asked the ATO to refrain from putting this IP on public display being it is in the public interest to allow only myself and my company as the developer of the IP, to commercialise it for public consumption. This is important because of the countless reckless advisers who and contrary to the warnings at the register not to do so, would nevertheless read the PBR’s at the register and then armed solely with a limited understanding therefrom, would try to reverse engineer them so they could sell to others the advice and outcomes as their own. In my view that would be a recipe for disaster for taxpayers. I therefore take this opportunity to again gratefully acknowledge the ATO’s cooperation in each and every instance of having granted my requests. Importantly, all ATO staff must follow published directives from the Commissioner of Taxation known as Law Administration Practice Statements. The relevant one in this case is PSLA 2008/4 where you will see how this process is applied at Step 4: Remove or replace confidential information…   ht tp://law.ato.gov.au/atolaw/view.htm?DocID=PSR/PS20084/NAT/ATO/00001

      Of course, should the so-claimed confidential information already exist in the public domain, then ATO staff must refuse the request. Furthermore, all decisions are reviewed by a higher ranking ATO officer before being handed down to the applicant who requested the PBR.

      Interestingly back in 2010, I emailed the Director of Aggressive Tax Planning/Promoter Compliance, Northbridge, WA, to look into my business to ensure it wasn’t promoting an illegal tax exploitation scheme under the Promoter Penalty Laws and sure enough she took me up on it. Of course I’m pleased to say here that the letter I received stating that the review had concluded did not indicate any issues and nor have any surfaced since despite it saying the ATO would keep an eye on me. In getting back to the topic of IP, during the second lengthy interview, I directly asked whether or not the IP was mine. The reply given was along the lines of yes the IP is yours but you can’t say that we said so. Hmm, even with the acquisition of a few more grey hairs, I’m saying here and now to hell with that silly game as there’s no harm in my telling the truth. Of course I still have the cd recording of the formal review as was being conducted at the time into all of this and so that is that!   The formal review lasted some four months and included perhaps hundreds of emails back and forth plus many telephone calls. I further submitted around 400 pages of technical documents I’d authored and other correspondence including as with the then Federal Treasurer and notable others within government and agencies of government.  Of course, n one of this means that the ATO has granted myself and/or my company any specific IP rights as that can only be formally done by IP Australia (which on 16/06/2008, granted my company a trade mark for the words Set Up For Life (registration number 1245116, as registered on 16/06/2008). Set Up For Life is registered in the following classes: Class 35: Business advice; business assistance; business assistance relating to corporate identity; business information; business strategic planning; dissemination of business information; strategic business planning. Class 36: Providing information, including online, about insurance, financial and monetary affairs including real estate affairs; provision of financial information; provision of information relating to financial services. https://www.ipaustralia.gov.au/

      In fact, each of the ATO, ASIC and the Tax Practitioners Board have long had a copy of my seminal manuscript entitled Set Up For Life i.e. the precursor to this book and which is far more technically orientated towards taxation and other financial professionals.

      General Advice Disclaimer:   Any and all assumptions herein are based on our past and current examination, testing and interpretation of many Federal and State Legislative Acts and Australian Taxation Office Rulings together which may change in the future. Your potential for gaining profit or loss from running a home-based business has not been expressly factored as we have no way to determine your future prospects and possible results in this regard. Mortgage interest rates and capital returns from property may also change affecting your financial position over the short, medium and long-term. We

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