Many Australians say that there are only two things that you have to do in this life and one is to die and the other is to pay their taxes. We know and understand the importance of paying taxes because this payment helps to fund everything that the Australian government does and so it provides us with quality schools, excellent hospitals and unsurpassed infrastructure. There is something about taxes however that greatly upsets us and many don’t enjoy the prospect of having to pay money out of their salaries or out of their earnings if they own a business.
You can of course turn to small business tax advisors to guide you along the way and to try to save you some money as well. It will be their job to make sure that you submit on time but they will try to find some legal loopholes which will allow you to save money on your taxes this year and every year. There are a number of things that you can do to save on your Australian tax payments and the following are just some of those.
- File your taxes on time – There is a specific date on which your taxes have to be filed before and it doesn’t matter what kind of excuse that you have because if they are late then you will receive a warning and a significant fine. Luckily your tax advisor will know the exact submission dates but if you are actually considering doing your taxes on your computer all by yourself then if they are not sent in by the appropriate date then expect to pay money out of your own pocket.
- Try to contribute more to your pension – In order to be able to reduce your taxable income, you can contribute money to your private pension plan and the Australian government allows you to save with this. You could also try to put more money away towards your kid’s university fees and once again, money that is spent on education isn’t taxed in Australia.
- Be aware of the deductions you are entitled to – If you’re paying money for a mortgage then that is money that can be set against a tax deduction. This is a kind of difficult procedure and so this is why it makes perfect sense that you would reach out to your professional and affordable tax advisor to do all of this for you. There are a number of other deductions that you are entitled to like making essential improvements when it comes to your home and efficiency and you might want to consider spending some money on a new electric vehicle.
Once you accept that taxes need to be paid but there are a number of ways that will allow you to save yourself money on your payments then things will start to become a little easier for you. If you have any questions, direct them towards your tax advisor who is there to help.
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