In the previous article on Melbourne accountant tax tips, we have tackled some of the many ways you can minimise your tax returns legally with the assistance of your Melbourne accountant.
A lot of people are not aware of the deductions they are eligible or tax breaks that are available to them. It is for this reason that you will want to work with a Melbourne accountant to help ensure you only pay for what you owe – nothing more and nothing less.
Whether or not you want to hire a Melbourne accountant to plan and prepare your taxes, here are some more tips to keep in mind:
Among the most valuable tax strategies you can use is to defer the taxable income into the next financial year. This is actually one of the most common methods and yet most overlooked option by many.
You need to work with your Melbourne accountant to set the timing of income in order to fully maximise a benefit. For instance, if you own a small business, you can defer the income received and you should defer them until you actually receive the amount.
If you are operating a medium scale business, you also have the option to invoice your income into the next financial year so it is not included in the taxable calculation.
A lot of businesses are actually aware of payment summaries or group certificate. But many business owners who do not work with a Melbourne accountant that certain tax requirements come into play.
A lot of people seem to assume that only minimal details are required in group certificates but the truth is, fringe benefit and salary sacrifice tax details should be indicted in the summaries.