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Tax Lessons Learned from the 2023 Women’s World Cup
Just like that, the Women’s World Cup is finished! Over the past month, we’ve seen an impressive run to the semifinals from the Aussies, a few favourites knocked out early, and some intense competition on the pitch. And wouldn’t you just know it, we’ve learned a few tax-related lessons along the way! If you’re ready to kick goals this financial year, here’s some inspired football wisdom to get you started.
Just like the best teams have a thoroughly prepared strategy for each season, you’ll reap the benefits of a solid tax strategy.
Articulate a thoughtful tax strategy, utilising deductions and exemptions wisely to capitalise on potential tax savings. If you’re in business, there are a number of tax incentives and programs available to you to optimise your tax strategy (PAYG instalment variations and concessions & exemptions for example). Just like a well-executed game plan can lead to victory on the field, a well-thought-out tax strategy can help you navigate the complexities of the Australian taxation system, and effectively minimise your tax liabilities.
Keep Your Cool
Maintaining composure under pressure is key. Similarly, staying on top of your lodgements throughout the year can prevent tax-time stress.
Unfortunately, the tax season is often accompanied by stress. By staying organised throughout the whole year, as opposed to waiting until tax time, you can ensure not only a better tax outcome for you and your business, but a less stressful season. Action lodgements throughout the year as they fall due – particularly if you’re in business and have multiple lodgement deadlines and obligations such as FBT, PAYG instalments, Superannuation payments etc.
Accuracy is key – keep in the ATO’s good books and maximise your deductions with correct tax calculations.
Just as accuracy in executing penalties is essential for success on the field, precision is paramount when dealing with tax. Inaccurate tax calculations and incomplete reporting can lead to penalties and potential audit activity. Thoroughly document all your income and expenses, ensuring every detail is correctly reported. Keep track of receipts and important documents (leveraging apps like Dext), and address financial matters in a timely manner, so you’ll be better equipped to handle the challenges that arise during tax time. By maintaining accuracy and attention to detail, you’ll avoid unnecessary fines and complications, enabling you to stay on top of your financial game.
Take a Step Back to Read the Play
Great football teams de-brief and assess after each game and season, consistently reviewing your financial situation can lead to optimal tax planning.
Regularly assess your income, investments, and deductions to identify areas where you can optimise your tax strategy. Taking a proactive approach allows you to adjust your financial game plan accordingly, potentially increasing tax savings and enhancing your overall financial wellbeing.
Effective tax planning also gives you certainty for the next 12 months, with a clear picture of your tax position that gives you the tools to make better decisions with your business or personal finance.
Teamwork Wins Games
Winning teams have a collaborative spirit – working alongside tax professionals ensures you’re making the best decisions for your financial goals.
Having an experienced team around you giving proactive advice can be the difference between winning and losing at tax time, and throughout the year. The Tax team at McKinley Plowman have helped countless client optimise their business and individual tax position with thoughtful strategies and up-to-date knowledge of the tax legislation framework.
It’s not too late to let us handle your 2022-23 tax returns – you can book in your appointment here, or call us on 08 9325 2411 (Perth) or 08 9301 2200 (Joondalup).
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