For every individual and business owner, success looks different. We need to ask ourselves what our aspirations and objectives are and what would the measure of success in these areas look like. It’s not all about making money, but about having a clear plan to achieve our goals and keep on track.
The end of financial year always comes up fast, and now is a great time to discuss strategies that could put you in a better financial position for the future. There may be tax concessions that you may not be aware of, or changes to government support and stimulus that could affect your tax.
1. Annual Tax Plan
Booking in an annual tax planning meeting is a great way to ensure you have a tailored and strategic way forward in your personal and business finances. An annual planning meeting can improve cash flow, improve goal setting and tracking, bring more control over your finances and improve decision making. We’ve come to realise that everyone’s goals and objectives are unique and therefore we are firm believers in tailored advice for your situation.
2. Know your tax payment dates
Avoid unnecessary fees by knowing when your taxes are due. Budgeting for and scheduling tax payments ahead of time not only reduces stress, but will keep you on track, improving cash flow and your ability to plan.
Fringe Benefits Tax & Logbooks
Fringe Benefits Tax (FBT)
FBT is a tax that is paid by an employer on benefits paid to an employee in addition to their wages. FBT is calculated on the value of benefits provided. One of the most common and well-established categories of FBT is the supply and use of vehicles.
Have you purchased a vehicle during the year? We encourage you to let us know so we can add the vehicle to your records and include you in any information you need to keep you on track.
A logbook is employed to keep on track of usage through your odometer readings, creating a systematic way of calculating taxable deductions on the vehicles. A logbook keeps the information in one place including supporting documentation.
Have you been logging your odometer reading into a log book? Logbooks can be purchased from local stationery shops, or you can log your vehicle usage electronically through an app such as the ATO myDeductions app.
For more on the logbook method visit the ATO resource page
There are many strategic ways to help you plan for the future and stay in control of your tax and finances. We are passionate about helping people be empowered to run their businesses and personal finances, and we are always here to support you in doing just that.
If you need any assistance, want to book a tax planning meeting or have any questions about fringe benefits tax or have brought a vehicle recently, please contact the office.