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We are part-way through May, with the final siren due to ring for the end of financial year only a mere 49 days away.
The 2014 MoneySmart poll provided a great insight into what Australians actually did with their tax refunds in the 2014 financial year. Not surprisingly, the vast majority of taxpayers used the funds to pay bills, loans & credit cards and home loan repayments, whilst a small percentage used their refunds to take a well earned holiday.
With the end of the financial year looming, have you thought about implementing a Tax Planning strategy before 30 June? Tax Planning involves getting in a room, on the phone or in a Skype/webex meeting with a Chartered Accountant, who will review your income, employment, current deductions, investments etc, and make recommendations on opportunities that they identify for YOU specifically. The cost of a Tax Planning meeting can be as little as $330, but the value it may provide you with could be considerable – particularly if you are a reasonably mid to high income earner or have sold an investment asset throughout the year. The catch is, you must start the process well before 30 June, because when the bell rings for the 2015 financial year, the opportunity for tax planning will have passed you by.
If you would like to book a Tax Planning meeting with a Chartered Accountant, please phone our office on (03) 9999 7200 and book a tax planning meeting today.
Source: Australian Taxation Office Annual Report 2013 & Moneysmart poll, September 2014
All information provided in this article is of a general nature only and is not personal financial or accounting advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of our information.