Are you looking forward to a big tax refund this year? Well, you shouldn’t.
That’s because a tax refund is effectively a free loan from you to the ATO, often for more than a year, and there’s a simple way to get that money back much earlier.
Around 80% of Australian taxpayers get a refund each year and around 65% of Australians have a credit card debt. Are you one of these people borrowing from a bank and lending to the ATO? There is a better strategy.
Getting your money back earlier is as simple as lodging a PAYG Withholding Variation, which compels your employer to take less tax out of your wage every pay period. Freeing up that money for more important things through the year.
People who benefit most from a withholding variation are workers who receive allowances for tools, meals or cars, rental property owners, people with investment loans and business owners.
"We have been using Haslam Consulting and Accounting for over seven years to look after our bookkeeping. We have found their serive to be outstanding on both a professional and cost effective level. Having our accountant do bookkeeping increases their understanding of our business and frees up our time to work on growing the business." Craig Lloyd, Director Craig Lloyd Painting Services
Phone: 1300 427 526
Address: 15 Melway Crescent
HARRISTOWN QLD 4350,
If you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return.
Are you running behind on employee superannuation payments?
If so, you’re in luck.
Kelly O’Dwyer, Minister for Revenue and Financial Services, has just announced a Superannuation Guarantee Amnesty.
You have 12 months to get your unpaid super in order.