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Tax Saving Tips for Fresh Entrepreneurs Presentation

If youu2019re a fresh entrepreneur, thereu2019s a good chance you havenu2019t yet reached the point in your career where you can afford to hire an accountant. But that doesnu2019t mean you should ignore the tax implications of your businessu2014especially if you want to keep it afloat long enough to do some hiring of your own.

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Tax Saving Tips for Fresh Entrepreneurs Presentation

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  1. TAX SAVING TIPS FOR FRESH ENTREPRENEURS Accountant in Brookvale

  2. USE AN ACCOUNTANT An accountant in Brookvale is a valuable asset to any business, especially when it comes to tax time. A professional accountant will work with you to set up your books properly so that all of your transactions are accounted for and recorded accurately. This will make filing your taxes much easier and more accurate. An accountant Brookvale can also help you avoid penalties by ensuring that all necessary documents are filed on time every year. page 02

  3. KNOW YOUR DEDUCTIONS As a small business owner, you can deduct expenses directly related to your revenue. For example, if your company buys a computer for $1,000 and uses it exclusively for work purposes, then it is allowed as a tax deduction. As an employee, there are several deductions that may help lower your tax bill during the year. These include: Travel expenses – including meals while traveling away from home. Car expenses – including parking fees when driving between different places of work. Home office expenses – including mortgage interest payments or rent. page 03

  4. KEEP A LOGBOOK Logbook records are a great way of keeping track of your car and work- related use. If you don’t record all your business kilometers, you may have to estimate them in your tax return and pay fringe benefits tax on any car benefit you receive (including the fuel cost). page 04

  5. CONSIDER A BUSINESS STRUCTURE THAT ALLOWS YOU TO PAY LESS TAX The type and structure of your business will determine how much tax you have to pay. The most common business structures are: Sole trader Partnership Company (or Pty Ltd) Trust Each of these structures has different tax rules, so choosing the one that best suits your needs and circumstances is essential. page 05

  6. DON’T BE LATE WITH YOUR BAS Being late with your BAS is not just an administrative error; it’s also a costly mistake. If you’re not filing your BAS on time, you may be subject to penalties and interest that could cost you thousands of dollars. To avoid being late in paying your tax liability, follow these steps: Ensure that your accountant has all the necessary information to prepare the BAS on time. You can find out what this includes by visiting the Australian Taxation Office Have enough funds available in your account so that when it comes time for payment, there are no problems with making the payments on time without having to apply for an extension or incurring additional fees due to insufficient funds in their bank accounts page 06

  7. DEPRECIATE ASSETS PROPERLY Depreciation is one of the most significant tax deductions. The idea behind depreciation is that you can deduct an asset’s cost throughout time based on its useful life. This will result in lower taxes and help you keep more cash in hand to reinvest into your business. Depreciable assets include vehicles, computers, furniture, and office equipment. To calculate depreciation for these items, simply multiply the purchase price by a percentage based on the IRS guidelines (5 years per item). page 07

  8. THANK YOU 0437 157 610 www.mymconsultancy.com.au info@mymconsultancy.com.au Disclaimer: This is a generic Information & post; content about the services can be changed from time to time as per your requirements and contract. To get the latest and updated information, contact us today or visit our website.

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