End of Financial Year Tips and What You Need to Do.
We are only 2.5 weeks away from the end of financial year 2011/2012 (hasn’t this year flown to date?!) and it is time to make sure that you get all of your tax affairs in order. We often lobby for a changed tax structure and reduced red tape but unfortunately some taxation is a necessary evil. There are some things that you can do to minimise your tax burden and we have outlined some tips below.
Get organised before June 30- if you leave it until after June 30th it will be too late to minimise your tax. You may not know how much you have earned until it is too late. If you’ve had a good year you may find you’ve moved to a higher tax bracket and then you are scrambling to find money for an unexpected tax bill. Alternatively, if you are organised, you can bring forward expenses or make other arrangements to lower your taxable income.
Consider making some tax-deductible donations prior to June 30- Donate some money to charity. It will make you feel good and it will also ensure that your taxable income is lower. If you want a recommendation on where to donate your money, consider something like the Kokoda Track Foundation.
Look at ways to minimise taxes- Newspapers, magazines and blog sites are filled with articles and advice at this time of year. Follow some of this advice that is relevant to your business.
Make sure that you get professional device- Follow some of the tips at the end of the day but remember that it is only general advice and it may not suit your circumstances. Get professional advice from an accountant before submitting your taxes. (After all, accountant’s advice is tax deductible.)
You especially need to get professional advice if you are currently operating under a discretionary trust. There are some changes that have been implemented that you may not currently know about.
You will also want to check out the Home Based Business Resources on the ATO website that I have mentioned previously.
Posted in Uncategorized
Leave a comment
Join the Home Based Business Community of Australia on Facebook
Sign up to our Home Based Business Community of Australia Page on Facebook.
Posted in Uncategorized
Leave a comment
It’s Tax Time
Check out the Australian Taxation Office’s Tax Guide for Home-Based Business Owner’s as you are preparing your own tax return.
Obviously, if you need expert advice contact your accountant or the ATO directly but this is a good place to start.
Posted in Uncategorized
Leave a comment
Current Campaigns
Here are the current campaigns that are being worked on by the Home Based Business Community of Australia.
The National Broadband Network- The Home Based Business Community of Australia welcomes the current government working with existing telecommunications providers in Australia to give them incentives to improve existing infrastructure bringing Australia up to date. We do have reservations about a government owned broadband network that is already slow by world standards and will be antiquated by the time that it is completed. We also argue that we would be better suited as a country to have a faster 3G network giving faster wireless coverage Australia-wide.
Carbon Tax- The Federal Government is currently trying to exorbitantly tax all Australians on the back of ‘global warming.’ With no identifiable benefit to be achieved from this tax we think it can only negatively impact the Home Based Business Community of Australia. We think that the Coalition’s Direct Action policies are best with no worldwide agreement or action. This has the dual benefit of reducing our carbon footprint whilst also providing incentives for Australian companies to invest in new industries. We can be world leaders instead of an economic basket case.
It is important that all members of the Home Based Business Community band together in order to make our voice heard. We make up the largest proportion of businesses in Australia yet our voice is rarely heard.
Join today and make your voice heard.
Posted in Campaigns
Leave a comment