2021 is speeding up to the midway point which means EOFY is nearly here! If you haven’t already, now is a good time to start preparing for your tax return and also putting a strategy in place for 2021/2022 financial year. Remember seeing your accountant once a year to hand them your accounts seldom leads to efficient tax effective solutions.
Our top five tips are:
Keep a log book for any asset that is used both personally and for work/business; the Tax Office are very interested in scrutinising and the onus of proof is on you to justify your claim.
Think about where you want to be in 3, 5 and 10 years and write it down and make an appointment to talk to someone qualified in the area as to how best achieve those goals
Now that you have achieved a good steady income stream you need to protect it; consider the worst case if you are injured and cant work and then mitigate that risk by taking out Income Protection Insurance-its good peace of mind for you and your family and its tax deductible too
If you are planning any new ventures or large purchases in the coming months, double check with your Business Advisor before you sign the dotted line just in case there is another way to be more tax effective and save you money.
If your gut tells you something isn’t right with your business or you feel you might be missing out on something, you probably are! Best contact a trusted Business advisor before time marches on and you miss out on even more.