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| Child Care Industry News |
| April 25, 2017 |
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| Welcome, this week tax minimisation strategies for early childhood services and great news about the number of children attending preschool services. Finally, today is Anzac Day and we pay tribute to those who served and to thank those who continue to serve today. Lest we forget. |
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| Most pre-schoolers receiving their all-important 15+ hours per week |
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Almost 9 out of 10 four year olds and 2 in 10 five year olds were enrolled in a preschool program in 2016, according to a report published today by the Australian Bureau of Statistics (ABS).
ABS spokesperson Michelle Marquardt reported that across the nation in 2016, there were 344,676 children aged four or five years enrolled in a preschool program and Aboriginal and Torres Strait Islander children made up 5 per cent (16,598) of this total.
"Of the children enrolled in a preschool program in 2016, 43 per cent were enrolled in preschools and 51 per cent in Long Day Care (LDC) centres," Ms Marquardt said.
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| Tax minimisation strategies for child care providers: The why, what, when, where and how |
| by Peter Khalil |
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Tax minimisation is legal. Tax evasion isn't. One permits the use of strategies to pay less tax within the intent of the law, while the other is about deliberate exploitation of the tax system. Not declaring cash income or under-declaring income would be an example of tax evasion.
Tax minimisation starts with the type of business structure you use to operate your centre and to distribute income and profits. Getting the right advice in this area is vital. Setting up the right structure for your business will, to a large degree, determine the tax planning that can be done, and therefore the amount of tax you can save over the lifetime of owning your centre or centres. Consider your business structure enables you to save $10,000 in tax per year then multiply this over 12 years – that equates to $120,000 in tax savings.
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| Boost your occupancy |
| Our Premium and Enterprise services will increase parent enquiries to your child care business |
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