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Tax Time

Written by Craig Toyne, Rethink Financial on Jun 14, 2017 5:37:42 PM 0 Comment

 

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Wrapping your head around taxation is a favourite pastime of few - which is why Craig Toyne from Rethink Financial has you covered at tax time.  

They’ve compiled the latest tax tips, expertise and ways to use your Bartercard trade dollars, imparting invaluable advice which may reduce your tax bill. Check out these latest tax tips posted weekly in the lead up to tax time.

 

Keep a log book to ensure the maximum deductions are claimed for the business use of your vehicle.

Trading tip: Bartercard has a range of mechanics where you can service your car using trade dollars instead of cash, to keep more in the bank.

Plus to make the most out of your tax return, be sure to keep these tips in mind:

1) Income received in advance of services being provided is not assessable until the services are provided.

2) For taxpayers who report income on a cash basis, income not received until after 30 June is not assessable in that tax year.

3) For taxpayers who record income on an accrual basis, invoices not raised until after 30 June are not assessable in that year and deductions are abvailable in the year when they are incurred (when liability arises) not necessarily when they are paid.

This information is applicable up to 30 June 2018.

This is general advice only – please seek specific advice for your own circumstances from your own professional advisor.

Welcome to Rethink

We’re here to help you fulfill your true potential. If you’re pursuing a thriving business, a family dream, or a life you truly love, our complete team of spirited, ambitious and wholehearted advisers have the financial, law and life experience to get you there.

Our fully-connected family of like-minded advisers will be by your side. Be enriched by the support, understanding and awareness of our team and community as we work with you to activate and energise your life or business from the inside-out.

Visit rethinkfinancial.com.au for more information. 

Topics: Smarter Tax Tips, Tax time tips, Tax Season

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