More Bang for your Buck

Start planning NOW to maximise your tax refund next year!

We do a lot of tax returns. One thing we constantly hear our clients say is “I didn’t know I could claim that!” or “I wish I had kept my receipts!”

What’s the best way to avoid disappointment at tax time? Start planning NOW.

To help our clients we’ve been giving them a report of what strategies they can implement to maximise their refund next financial year. Here are our top 3 strategies:

1. Keep a Log Book for your Motor Vehicle Expenses
If you use your motor vehicle for work make sure you keep a 12 week log book to work out the work % of your vehicle use. By doing this, you will be able to claim this % of all your expenses during the year including fuel, depreciation, insurance and registration.

2. Prepay the Interest on your Investment Loans
Your deductions are claimed in the financial year they are paid. Therefore, by prepaying the interest on any investment loans means you claim the deduction now instead of waiting to the following financial year.

3. Make sure you have Income Protection Insurance

Protecting your number one asset, your income, is extremely important. It’s also worth noting any premiums you pay outside of superannuation are tax deductible (and when you think about it, the tax refund you receive lowers the out-of-pocket cost of the premium).

Interested in getting More Bang for your Buck? Make sure you talk to us about planning now to maximise your tax refund next year.

Are you using the correct award rates?

Happy new financial year! We hope last years was financially prosperous and here’s to another exciting year ahead.

However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates.

Here is a quick how-to-guide that we’ve put together to make sure you are up to date with the current rates!

To find your minimum pay rates:

1. Head over to the Fair Work Pay Calculator
2. Enter in your award or utilise the built-in tool to help you find your award.
3. Follow through the steps for each employee or employee type till you get to the end and compare that to your staff’s pay rate in your HR files and payroll software.
4. If there is a change, make sure you enter in the new award pay rates for your staff in their HR files and update your payroll software.
5. Feel free to give us a call if you have any questions about this process, your award, or anything else.

For our clients in the Hospitality, Restaurant, Fast Food, Retail and Pharmacy industries, make sure you look through the updated penalty rate changes. We’re looking forward to working with you into the future and to ensure you achieve all your business goals, and a beautiful future!