When Is The End Of The Financial Year?
In Australia, the financial year ends on June 30. From then, you have until October 31 to submit your return – unless you have engaged a tax agent, who can submit a tax return on your behalf many months later.
Help! I have some seriously overdue tax returns?
Even the most together people can have a bit of a blind spot when it comes to their taxes. But don’t worry: lodging a late return won’t get you into any serious trouble. In fact, the ATO can be quite reasonable, and will often be open to negotiating on fines and interest. When you engage our services at Link Accounting and Business Solutions, we’ll work with you to achieving your best possible outcome – minus the fear and stress.
What Is Tax Planning?
Tax planning is when you arrange your financial affairs to take full advantage of any rebates, exemptions or deductions in order to reduce your tax liability. In simple terms, it’s thinking smart so you don’t need to pay unnecessary tax.
My friend got in trouble for some “creative” tax planning. Is tax planning risky?
Tax planning is absolutely legitimate when done in the spirit of the law and to the letter. It’s when people get involved in tax evasion or tax avoidance schemes that the trouble starts. Our professional accountants are across all facets of taxation laws and regulations and only ever offer totally lawful tax planning that stringently adheres to ATO regulations. This means you can rest knowing you are getting the absolute best tax arrangement for you, without bending any rules.
Hiring Someone To Complete my Tax
If you earn under the tax-free threshold, perhaps not. But for those who earn medium to high incomes, tax planning is a sound investment. Our chartered tax accountants will work with you to decrease the tax you owe and maximise any returns you’re entitled to. And don’t forget, any accounting fees paid are a tax write-off.