So when should you get down to the tax agent? Here we tell you some sure signs you need some time with your tax agent.
Your tax return has been the same for many years…
Put simply if your tax return looks the same year in year out, it is a sign that your financial life is not improving either. Someone with healthy tax returns, has increasing income and deductions over the years. It is a good thing for your tax return to grow in complexity as you grow into more deductions, investments and income sources develop.
If you have had a tax agent and your tax returns have remained the same, then perhaps you aren’t getting the best from your taxation agent, so may wish to consider a new tax agent. Or perhaps you haven’t taken action on suggestions and advice.
Tired of not having any deductions
Are you one of those people who looks at their end of the year tax paid and feels they have played a lot of tax and wish they could claim more and get better refunds?
Sure you may be an employee without many current deductions, but there may be proactive ways to improve your tax position which your taxation agent may be able to suggest to you. Many good tax agents provide a tax minimization service which can look at your individual position and advice strategies on how to best minimize tax even if you don’t have many current work related deductions.
Remember if you do not know any tax deductions, ask your tax agent for some tax reducing strategies.
Thinking of starting a new business
With so much current job dissatisfaction and job insecurity, many Australians are considering starting their own business. If you are one of these it is time to ask your taxation agent for help to get your business off to the right start.
There are many things to consider when starting a business such as which entities to run your business through, what taxes you will need to pay, how to get an ABN, should you be registered for GST, how will I do my books and what bank accounts do I use, how do I get a business name, how much tax shall I keep aside, how do I employ employees, what is the best small business marketing I can use, do I need licenses and insurance. Just to name a few.
In business and flying blind
Did you know many business fly blind in that they do not know if they are making money or not? So in other words they fly along in their business without keeping up to date accounting to give them a scoreboard of how they are doing.
So would you watch a sporting event without a scoreboard? How different would the participants be without a scoreboard to tell them if they are even winning or losing.
Same with a business owner not knowing how his accounting or scoreboard looks. It is like not knowing at all if you are winning or losing.
The best businesses all run an accounting scoreboard so they can use accounting to grow their business and make decisions based on good information. Your tax agent can help you implement having a good accounting scoreboard to help you use accounting to grow your business.
Making strong business profits or employee income and not knowing how to exploit super
Yes if you are an employee or business owner making good income then you need to know all the possible ways of reducing your tax including using superannuation to reach better wealth creation and tax minimization.
These are just some of the signs you may need to see us as your tax agent. Call us on 08 8337 4460 for your tax agent services.