Small Business Tax

Tip #5 : Save money by filing your taxes online

…IF you aren’t too worried about accuracy

Actually, not many accountants will tell you to file your taxes yourself. This is because there are so many rules and regulations about what you can claim. You’re more likely to hear this kind of advice from someone at a backyard BBQ.?

You can save a few hundred or a few thousand dollars with a DIY tax return. However, you could be missing out on a better outcome. And if you get your figures wrong, you could face an audit from the ATO.

The cost of getting help is a tax deductible expense that does make sense. As an added bonus, accountants can delay the filing of your tax return so you have time to put money towards a bill if you know you have one coming.?

The takeaway: You’d think accountants were paying us to write this… but we know getting professional help makes sense if you’re serious about staying in control of your money and growing your business.?

Final tip: Preparation helps

There’s no opposing perspective on this one…

If your business is making money, you have to pay tax. It’s never easy to figure out how much money to put aside but if you get a general rule of thumb and make sure to store it in a separate account every month, you’ll have a lot less stress when your tax bill comes in.?

Often, your quarterly contributions are calculated based on your previous year’s earnings. If you’re in a growth period, you may find you wind up with a larger EOFY bill than expected. Again, work closely with your accountant to check you’re putting enough money aside to cover the cost of tax. It’s easy for small tax debts to add up over the years, leaving you under financial stress.?

Links to Tips 1-2 here and Tips 3-4 here

Best of luck this tax time!?Don’t forget to connect with reliable and highly recommended financial providers on the BackBone platform to future proof your business!