Have you started planning for tax time? Now’s the time to ensure that appropriate steps are being taken to manage your tax affairs. You want to ensure that you aren’t paying more tax than you need to, especially if you have a complicated tax return.
When you are planning for tax time, you need to cover a number of key topics including the below:
- Negative Gearing is important if you have investments. The income earned from your investment is either positively or negatively geared:
- Rental Properties
- Shares
- Tax Implications for SMSF’s (Self Managed Superannuation Funds)
- Salary packaging if applicable
- How to safeguard assets and minimise tax
- Maximising tax deductions such as:
- Work-related Expense Deductions
- Tax Offsets
- Substantiation Requirements
If you have any questions about these key topics, you should seek advice from a trusted Accountant. It could mean a significant difference in terms of how much tax you pay this year.
Tax time can be stressful, especially if you have complicated financials. The team at APS Tax and Accounting are here to help you every step of the way. To learn more, click here. If you would like more information about Tax, Accounting & Business Services, please call 1300 131 809.