Tax time is something many business owners dread. It’s that time when you will need to drag out boxes of receipts and work with your Melbourne accountant in the preparation of your tax returns.
For the past several years, Australian businesses are slowly emerging from the economic downturn, but everyone still needs every dollar they can get. With the tough times far from being over, you will want to save as much money as you can to keep your business afloat.
This is one of the reasons why hiring a seasoned Melbourne accountant makes perfect sense. While you want to ensure full compliance with ATO regulations, you don’t want to part with more money than you owe. Here are some valuable tips from your Melbourne accountant:
If you are still starting out and your business is turning over less than $2 million every year, you are classified as a small business by the ATO. Ask your Melbourne accountant if you are eligible for certain tax breaks, which can be a significant help with payment requirements.
If you are planning to dispose of some of your investments that may either deliver some profit or losses, it is important to coordinate with your Melbourne accountant to properly time such sales in order to reduce the among of capital gains tax or even cancel out the same tax altogether.
In the latest federal budget, the Australian government has allocated an extra $ 440 million to help crack down on cash economy as well as promote GST compliance. It is important to work with your Melbourne accountant to ensure all your ducks are in a row should you face audit.