If crunching numbers isn’t your strength, keep calm
with weekly tax tips from Rethink Financial.
We've compiled these latest tips which may reduce your tax bill, and keep you financially collected at tax time.
Keep these tips in mind to get the most out of your tax return:
1) For taxpayers who report income on an accrual basis, invoices not raised until after June 30 are not assessable in that year and deductions are available in the year when they are incurred (when liability arises) not necessarily when they are paid.
2) To be deductible, superannuation contributions must be made and received by the superannuation fund by 30 June.
3) Review trust deeds to identify possible beneficiaries for trust income.
This information is applicable up to 30 June 2019.
Read more tax tips from Toyne Business Consultants in the Bartercard blog, posted weekly in the lead up to tax time.
This is general advice only – please seek specific advice for your own circumstances from your own professional advisor.
Plus follow these extra tips from Bartercard to stay on top at tax time.
- Seek advice from start-up
Managing your finances from day one (or from July 1) and setting up the right structures to keep the bookkeeping and accounting side of your business in shape will equate to less stress at tax time.
- Know your finances inside-out
Even if you aren’t mathematically minded, understanding your finances inside-out instead of handing them entirely over to your bookkeeper or accountant will not only assist you at tax time, but help you make better business decisions year round. It’s worth investing the extra time with your bookkeeper and accountant.
- Lose the paper
If you have years of receipts crammed into shoe boxes, it’s only likely to lead to stress. Keep your receipts organised and tidy instead of facing the task of sorting at tax time. A tip is to take photos of receipts and file them digitally on a regular basis.
Read Rethink Financial's other tax blogs here.
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Visit rethinkfinancial.com.au for more information.