Every year – tax time is a rollercoaster of emotions. People get so excited at the prospect of #refunds because well, FREE MONEY!! Yas. (When really it’s kind of a loan and you’re just getting your own money back… but anyways!) Then they remember all the paperwork, and receipts they needed to collect but haven’t, and the mood sobers up again. We’re here to help you avoid the rollercoaster – get prepared earlier and not only will you be seriously stoked with yourself for being organised, but you’ll be able to submit and get your return back MUCH faster. Win-win, right?
> Get your facts straight.
Did someone’s cousin’s friends accountant* say they could claim business class flights to Melbourne because they spent 15 mins looking at products that they might one day sell in their online store? Hrrmm. Let’s make sure you’re claiming the right things, for the right reasons – and avoid any issues down the track. Give your accountant a call or make an appointment to double check what you can and can’t claim, and anything you need to know before June 30 rolls around.
*Friend who started an accounting degree but didn’t finish
> Purchase any big ticket items before June 30.
Want to increase your deductions and buy that big ticket item you’ve been needing for a while? A company car, new laptop, office equipment? Don’t let it slip your mind – start your research now on sales and options and make sure you make full payment before June 30 to be able to claim it as a deduction this tax year.
> Organise your receipts and expenses (putting them into a shoebox doesn’t count).
Most people are guilty of putting their receipts and expense records ‘somewhere safe’, and end up scrambling to find them all when it comes time to lodge a tax return. Our suggestion? Start now, and keep track of them in an excel file or something to make it easier for your accountant to understand when the time comes to file. Need a template? Download one here.
> Check your mileage.
Have you been tracking your mileage over the year? If not – no need to worry. The ATO still allows you to claim up to 5,000 kms of business travel. You may be able to claim 66 cents per kilometre, as long as you can provide evidence should you be asked to provide it. Still unsure what is appropriate mileage to claim for? Email us.
> Review your YOY income & expenses.
End of the financial year is a great time to take stock and analyse how you’ve done in the past year compared to previous years. You have to do the paperwork anyway, so why not spend some extra time looking at some facts and figures that can HELP your business grow in the next financial year? Want more info on what exactly you should be looking at to make the most of the information you have available? Get in touch and we’ll sort you out.
> Remind yourself of any deductions you missed out on.
Is there anything you DIDN’T claim this year that you could have? One that is frequently underused is personal development and self-education courses. There are a huge amount of courses available to help you grow your business – but you’ll want to make sure they’re eligible for you to be able to claim. Chat to us about which deductions you may have missed – and what you are or aren’t able to claim.
When you’re taking the time out of your day to get your taxes organised – just remember, the more receipts you keep and paperwork you get sorted – the more likely it is that you’ll get a solid refund. Which really means… dollar dollar bills y’all!
Balance Tax Accounting offers a full suite of services for individuals and businesses. As a registered Tax Agent, we’re able to help you with a much wider range of services than a standard accounting firm. We can help with Tax Returns, BAS statements, Self Managed Superannuation, Small Business, Accounting & Bookkeeping, Business Consulting, Software Training and Business Name Registration. And we’ll come to you! Tell us where your favourite cafe is and we’ll meet you there. Alternatively, we also offer remote based services wherever you are in Australia – Perth, Adelaide, Brisbane, Melbourne, Sydney, Canberra, remote or regional areas where you can’t access a tax agent readily.