Tax Tips for this Tax Season

The end of this tax season is slowly approaching which means that you have probably had all the work done already. However, if you haven’t done it yet, don’t panic and get professional financial assistance – call one of the best Brisbane located offices – Syndeo Group – and ensure you have the most experienced accountant taking care of your work.

Hence, here are four of the most useful tips to help you prepare and take advantage of this tax season:

1. Get the New Tax Cut

Thanks to the recent Federal Budget there are many advantages on offer. To be more specific, remarkable tax cuts for those who are low and middle income earners were announced in the Budget which may be go up to $1080 for individuals or $2160 per year for dual-income households.

This new tax cut is offered as a tax offset and if you want to take advantage of it, you should claim it in this tax return. So, you should act really quickly if you want to get it because there isn’t much time left.

2. Spend Your Tax Money Smartly

The truth is, when there is a tax rate reduction, getting a few dollars reduction in the amount of tax that is deducted each pay period is one of the best tax reduction benefits. And, this reduction isn’t really noticeable on a weekly basis, but the tax cut is different.

Actually, the tax cut is considered to be an offset which means that you will receive the entire value at one time. So, imagine how good it would be for your financial status to get $1080. Sounds amazing, right? But, make sure to use the tax cut money wisely, for example – you may pay off some debts.

3. Use the Instant Asset Write-off for Small Businesses

The government also announced a remarkable extension of the instant asset write-off deduction. This new extension is for capital assets acquired by small businesses. Now, it also applies to all individual capital assets purchases that cost up to $30,000. And, the turnover threshold for qualifying is increased to $50,000.

In other words, you’re given the opportunity to write-off the cost of anything your business needs, like IT equipment, a car, or other tools, straight away against this year’s profits. So, get in touch with Syndeo Group and see how you can get the best financial benefit of this instant asset write-off. An accountant can really help your small business.

4. Claim Your Travel/ Work Expenses

Last but not least, there are various work-related expenses that you have the right to claim back. So, why not take advantage of the opportunity! Just ask for the professional opinion of the experienced accountants from the Syndeo Group and find out which work expenses you can or cannot claim.

And, you can claim not only travel but also phone and internet bills. So, you’d better book an appointment with Syndeo Group and take advantage this tax season.