- April 21, 2016
- Posted by: admin
- Category: Tax Minimisation
Taxpayers are encouraged to try tax planning to make sure they pay the least amount required. This is a good opportunity to get the most out of your earnings or profits without escaping from your responsibility to the government. If it’s your first time to do tax planning or you feel you haven’t been doing it right, the best course of action is to seek help from a small accounting firm in Melbourne or a Melbourne accountant.
These experts are adept in tax minimisation strategies. They will not only help you apply the best techniques to minimise taxes due and maximise deductions, they can also help you discern if an entry falls into tax avoidance or you are at risk for tax evasion. But though it’s easy to rely on your trusted Melbourne accountant, there are things that only you can do to minimise tax effectively. What are those?
- Getting help early. Even the best small accounting firm in Melbourne can only do so much if you don’t give them enough time to do their work. So, call months before the tax season and if possible make them part of the entire financial year. Great timing is a tool in tax minimisation. You should not only avoid late tax return lodging but you should know, too, when to defer or accelerate income and deductions.
- Stating correct information. Your Melbourne accountant will use the information you are giving so if these are erroneous or misstated, that’s on you. Take time to review the details you are providing to avoid honest mistakes and don’t be tempted to consciously lie to gain tax advantage; the Australian Taxation Office (ATO) is very good at their job.
- Being organized. Financial documents, receipts, invoices and related paperwork should be kept safe and organized for convenient tax return lodging. Create a system for organizing such and develop the habit of taking pictures or screenshots for back up. For tech buffs, there are great apps available for keeping these things organized.
- Getting involved. It’s your tax return and needless to say it is your responsibility to ensure that the claims are true and complete. The pros are here to help but ultimately, everything should be approved by you. When you feel some entries will get the attention of ATO, talk to your accountant or get in touch with the ATO.