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The following tips will help guide you when preparing this year's tax return, whether you or a Professional are lodging it.
- Get it Right the first time
- Support deductions with evidence
- Know what is ‘claimable’
1.Getting it ‘right’ the first time saves both you and the ATO time and effort. Make sure your end of year Income Statement is complete with all relevant facts. Don’t guess vital information and avoid submitting incorrect or misleading data. Mistakes can cause delays in processing, there is potential for penalties and can slow down receiving a refund if due.
2.Support your deductions with evidence. If you are claiming any expenses, such as ‘remote’ or working from home costs be prepared to provide proof, (receipts/ documents) to support eligibility. All deductions require evidence to back a claim.
3.Know what is claimable. Know what you are entitled to claim! For example, work-related education and training and donations to charitable organisations. Also, subscriptions, union and membership fees if they are work related. But remember if your company pays for them, you are not entitled to claim the cost.
Call on an expert to help you get the most out of your hard work and tax dollar!
Contact Blackburn Accounting, we tick all the boxes when it comes to tax matters.
We will work closely with you to help avoid any mistakes, to stay in compliance with tax laws and make sure you claim all the deductions you are entitled to. Don't delay, contact us now to make your appointment.
What is the ATO looking at in 2024!
The Australian Taxation Office (ATO) has announced it will be taking a close look at three common errors being made by taxpayers:
- Incorrectly claiming work-related expenses
- Inflating claims for rental properties
- Failing to include all income when lodging.
According to the ATO assistant Commissioner ‘the ATO is focused on supporting taxpayers to get their lodgement right the first time’. The above areas are where mistakes are most likely to occur, genuine errors but also sometimes deliberate. Taxpayers are being encouraged to get it right the first time.
- Work-related expenses
Last year, the ATO revised the fixed rate method of calculating a working-from-home deduction to broaden what is included, increase the rate, and adjust the records taxpayers need to keep.These changes are now in full effect this financial year, meaning you must have comprehensive records to substantiate your claims as you would for any other deduction. Important care needs to be taken as other home-related deductions such as internet expenses cannot be claimed if you choose to use the working-from-home deduction option.
Don't we all want to enjoy and reap the rewards of having a successful and harmonious Business environment.
I'm sure like most readers you said Yes!
What does it take?
Check these 7 Tips to building a happy, successful family Business
- Have and share the Vision
- Communicate, collaborate, and facilitate to unite the group
- Treat the Business as a Business. Separate personal and work matters
As a leader when it comes to selecting your Team ideally you have some choice.
And if you are a savvy, smart leader you will acknowledge your leadership style and how that will, can, influence your team selection.
For example, in the ideal model the Leader leads a strong team combining a group of individuals united in their effort to achieve common goals. They bring together their unique skills and abilities, sharing ideas, solutions and solving problems. As a Team, working and supporting each other to enhance a collective performance.
Building a ‘winning’ Team.
This begins with assessing your leadership style, strengths and weaknesses and using that to guide your recruitment. Form your team picking members that complement your abilities plus diverse others to fill any gaps. The skill is to draw on the best from all members, including yourself.
The four most common leadership styles are:
- Coaching (Conscious) - focuses on developing people
- Authoritarian, (Autocratic, Coercive, Commanding) about mobilizing people towards a vision.
- Democratic, (Participative or Facilitate), involves creating consensus.
- Laissez Faire (Delegative), a 'hands-off' approach.
1. Coaching style:
An example Satya Nadella, Microsoft who stepped into the role of CEO, when the business was experiencing a time of stagnation. He encouraged employees to embrace a growth mindset and made himself readily available to support them. His coach-like approach ultimately shifted the company culture bringing a successful and innovative period for the company.
This approach highlights:
A question often raised. Is there an answer!
In the current inflationary trading environment small Businesses and not so small are looking for answers, ‘fixes’, ways to get an edge and keep the cash flowing. Reinvention, revival, survival!
Sound familiar? What does it take!
A Winning Formulae!
Start by going back to sound Business basics, learning from mistakes, turning disappointment into opportunity, and keeping your belief and passion. No simple answer but consider the following gained from experience and research.
10 Tips and Snippets, check if you tick the list.
- Build Trust: Who wouldn’t like to be ranked highly on the ‘most trusted brand’ list. According to a recent report Bunnings scored top with its pillars of trusted brand, including, great customer service, solving customer problems, being an active part of the community, communicating what it stands for and product knowledge.
- Understand your market and develop a solid, sound Business Plan. Find your niche, know ‘the what’, why and how you will deliver your product to achieve the results you are wanting to achieve.
- Invest in yourself. To stay ‘current’ be prepared to further your knowledge, with formal education and learning new things to grow as a person, be informed and help stay ahead of your competitors. You are never too old or young to learn or keep learning!
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