Five tips to help blitz your tax return
Tis the season to be tax savvy as the countdown to June 30 continues. To help you get into shape for the new financial year, the boffins at Officeworks have put their heads together to come up with a tax time plan of attack for your business.
Keep these five simple tax tips in mind this month and watch your tax return grow.
•1. Get organised
Tax time is one of the busiest and most important times of the year. Start sorting out your finances now to avoid the headache and stress that comes with a last minute rush to get your tax return in on time.
•2. Know your entitlements
To minimise your tax bill and maximise your return, the best thing you can do is to research what deductions and rebates you are legally entitled to. For more information on completing and submitting your tax return, head to the Australian Taxation Office website at http://www.ato.gov.au/.
•3. Plan ahead
Wherever possible, businesses should bring forward upcoming expenses so they can be claimed as deductions in this financial year. If your business needs new technology, office supplies or furniture, think about making the purchase before June 30 to reap the tax rewards.
•4. Give yourself permission to spend
Every dollar you save is another dollar to re-invest in your business, or maybe even pay for that long awaited holiday. If you've been umming and ahhing over whether to purchase that big ticket item, buying it before the end of the financial year will bring you tax benefits.
•5. Don't forget about the little things
If you're sorted for printers, desks and the like, remember that short-term consumables such as office supplies, stationery, tea bags and the teddy bear biscuits are all tax deductible too!
Get what you need to blitz your tax return at Officeworks, the tax time superstore. Please refer to the accompanying Officeworks product information page for some ideas to help you create your own Tax Buster Pack. For more tax time product ideas, head to http://www.officeworks.com.au/