The end of financial year is often the trickiest and tiresome for business owners, who are already time strapped. Paying your tax on regular basis always brings good reputation for your company. No matter you are a start-up or a corporate giant, you should always make precise planning before tax season to avail all the key benefits of reduced tax bills.
Fortunately, if the recently announced Federal Budget is anything to go by, the Australian government provided a sigh of relief to small businesses. Along with the potential savings you could make in tax cuts and concessions, there are a plenty of ways you can appertain to curtail the amount of tax you’re paying. Here are a few simple and smart ways in which you can pay less tax.
Be charitable:
Are you aware of the fact that making donations to any charity that is registered is tax deductible? Donation is always a benevolent and courteous thing but what makes it even better is that the amount you have donated is deductible on your tax return. That is definitely a win-win, right? Keep in mind you should have the charity dockets intact to avail the benefits.
Keep good tax records:
Keeping good tax records has now been easier with smart applications and software. Tax deduction claims need to be amalgamated with receipts that you can show to the Australian Taxation Office (ATO). Keeping track of those counterfoils is the law, but it’s also the best way for you to remember everything that you can claim later on.
Claim everything you are entitled to:
Avowing tax deductions is one of the best things in curtailing your overall payable tax. If you have to spend money during the year and it relates to earning your income, then keep the counterfoils and make sure you claim the deductions for what you are entitled to. Even if you work officially from your home, you can still claim an apportioned tax deduction.
Have a good tax accountant on your side:
Filing tax is a hustling process and not all are capable of filing in the right way. Getting advice from a trustworthy tax accountant not only helps you to be accurate but also enlightens you about various benefits that you were deprived of.
Always keep in mind there are certain factors that can help you to pay less tax this season. Get in touch with your trusted tax agent for better details.