Fresh starts, tax, deductions and audits.

If you think you the end of financial year is all about complying with the taxman you are missing the best time to assess your fiscal health. If you haven’t done this before consider the following:

  1. Review: When you are finding all those receipts and completing your logbooks for your tax return, go through each months banks statements and start categorising your expenses e.g. food, fuel, car repayments etc.
  2. Assess: Did you spend too much? Do you really need those pair of shoes? What do my savings look like? What big ticket items are coming up? What does your financial health look like.
  3. Act: Put in a place a budget, set goals and don’t give up if you fail. If you need to seek a financial adviser take your time and have a clear direction of what you want to achieve more importantly what you want from that relationship.

When it comes to claim deductions it is more important to keep to your record keeping obligations. Ensure that what you are claiming is true and correct and that you have clearly communicated it within your submitted documents. Once you have received your tax return, you must read, check and ensure that the information is true and correct.

Record keeping diagram ATO

Much has been in the media about work related expenses (including car expenses) and the ATO’s ability to data match with other databases e.g. State Revenue Office. We have always believed that there should always be an expectation that you will be audited.

For peace of mind, we are offering Tax Audit Insurance for all client types and is your policy (portable). It extends to some other government agencies and is not just limited to accounting fees. (When making your next appointment ensure that you have discussed whether this is right for you).

It also pays to be proactive and discuss your financial year with us before its over to tax plan and become fiscally fitter.

If you have found this information of interest or wish to discuss your personal situation please contact us to make an appointment.

General Advice Warning

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Taxation, legal and other matters referred to on this website are of a general nature only and are based on the author’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.

 

 

 

 

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