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WITH the end of financial year fast approaching, it's time to start thinking about our finances.
But with tax rules changing every year, it can be a little confusing when trying to understand what you can and can't claim.
"The Federal Government's recent budget made a number of changes to support small business to encourage spending and provide taxation incentives," says Baker.
With that in mind, Baker has shared his top five tips to help keep you sane and savvy as you prepare for tax time.
Small Business? Spend to save!Exciting news for small businesses in the recent budget, with the announcement of a new $20,000 write off. This means small businesses are immediately able to write off single assets up to $20,000 in value.
Adding supplementary money into your super account while earning good money is a great way to boost your retirement fund, but is also a clever way to save on tax. This is applicable to both self-employed and employed people and additional superannuation contributions allow further tax deductions for simply putting their own money away for the future.
Prepayment of expenses
Consider your insurance
What some people don't realise is that your superannuation can hold onto your Life & Total & permanent disability insurance (TPD).
Don't DIY
Every person is unique and there are many different opportunities for individuals and businesses to save tax. Reach out to your accountant or adviser so that they can cast an eye over your financials and make recommendations to save you or your business money.
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