Life is for living, not retiring, but there may come a time in your life when you either want to change what you’ve been doing and stop working completely, or take a long break and work out what’s next.
As a sole trader or small business, if possible, it is best to put money aside throughout the year to help pay for your tax. Make sure you regularly set money aside, or are aware of future tax payments, so you are able to meet your tax responsibilities. A set routine for putting aside tax as you go is essential to avoid any tax-time panic.
When lodging your tax return its important to have a record of all your work-related expenses and their associated receipts. Keeping good records is essential to allow you to complete your income tax return and to back up all your claims.
Business goals! You know they’re a good idea, but there’s filing to be done, bills to chase and clients that won’t stop calling. I get that the everyday tasks of running a business can distract you from those big goals that make running a business worthwhile in the first place. So let’s do away with big, long term goals. Let’s just focus on this quarter and pare it back to manageable goals that you can achieve.
Now that it’s time to put in your tax return for 2018-19, you’re probably looking at all the usual deductions to claim: bodycorp, rates, water, training, uniforms. However, one of the most overlooked deductions you can make is on after-tax super contributions. Not only does it reduce your tax burden in the present, it sets you up for a more comfortable life in the future.