Now that we are in August (time flies!) and well into the 2019 financial year, many of you are probably busy preparing your file to send to us for review. Year-end reviews can sometimes be a daunting experience as you never know what the result will be, or what more documents you need to bring in to us… So is there anything you can do to make both of our lives easier? Definitely!
In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc
This article will apply to businesses running as sole traders, companies, trusts and partnerships.
As 30 June is fast approaching, this is the best time to review your situation to see if you are able to maximize your income tax deduction to get back more tax refund (or reduce your tax liability) when lodging your 2018 tax return!
This article will focus on what individuals can do to legally maximize their tax deduction to minimize income tax liability. We will look into some work-related expenses, donations, tax agent fees, personal super contributions and income protection insurance in this article.
There will be a separate article for business owners so keep an eye on our website!
Note that we are only providing general advice on what items you may be able to claim as your tax deduction, the actual tax deductibility for certain items depend on your personal circumstances. If you would like assistance for your situation please contact us.
If not now, then when?
For clients who have not lodged their 2017 tax returns – please get in touch with us as soon as possible to commence preparation of your tax return before it is too late. The general tax return due date is mid May 2018 – individual due dates may vary – we suggest clients contact us for your exact due dates.
Please be aware that late lodgements may attract fines and penalties from the ATO, so avoidance is not a wise move.