Tax time can often be a difficult time of the year as you become overwhelmed with what to do. To be prepared this year set aside some specific time now to go over your paperwork and create a checklist. This will ensure you tick off all of your required jobs and are able to lodge your return before the rush.
A lot of individuals become uncertain with what they can and can’t claim at tax time, and this year will be very different given the COVID-19 pandemic. It can often be a very time consuming and frustrating time, so you can always reach out and ask the professionals such as CKC Accountants and Thrive Advice, David Bigg Accountancy or Bennett Keogh & Associates right here in Canowindra for advice.
It’s important to collate all of your documents such as PAYG summaries, pension or government allowance, interest earned, rental property income, business income, work related expenditure, investment expenses, charity donations and private health insurance, just to name a few.
Tax planning should be customised to individual needs, and should be undertaken with the assistance of an expert. When planning now you should certainly consider strategies available specifically for Small Business Entities, such as the immediate write off deductions for capital items, and bringing forward expenses into the 2020/2021 financial year. Other tools to discuss with your accountant or advisor include the use of Superannuation Contributions as a deduction or Farm Management Deposits as a strategy.
This time of year is also ideal for planning and forecasting for the new financial year. Professionals can refine the process of identifying both the goals and the concerns of clients, and work with them to map a plan for the coming years. This includes a cash flow forecast and projected Profit and Loss, and is ideally revisited regularly through the new financial year. Planning and measuring performance are essential for reaching your personal and business goals.
Exciting news at CKC Accountants, as they teamed up with Thrive Advice last year, however it is business as usual at the Canowindra office. The increased scale and resources will help to continue to make advancements in adopting the latest technologies to best support you the client’s needs.
“All contact details are the same, yes we are a larger firm, yet we endeavour to maintain our personal touch and accessibility. I am looking forward to working in Canowindra for a prosperous 2021 financial year,” said Joseph Cunial from CKC Accountants and Thrive Advice.
The sooner you get in touch with the experts, the sooner you can lighten your load.