Do you operate through a company structure? If your answer to this is a yes then answer this next question. Has the company advanced you some money during the year or taken care of some expenses on your behalf? If you have a ‘YES’ answer to this too then it is actually time for you to figure out or work out how to repay the loans or put a complying loan arrangement in place. Now if you have already done this in the previous years you should now consider making sure to make the minimum repayments with interest included before June 30. If it is the norm of the company to declare a dividend to cover the loan repayments, make sure the dividend is declared and set-off before the above stated date.
Are you a salary earner? Are you totally sure that your salary sacrifice agreements are still valid? If you are a salary earner, please take time to confirm that you have an agreement in place which is still relevant or viable. Also if your taxable income is up to or above the $180,000 dollar benchmark then do not forget about the debt tax.
If you are a business owner and have available cash to pair for repairs, replenish consumables supplies, trade gifts and donations then now is the time to do these things as this step would contribute to reducing your taxable income.
Also remember your superannuation account. Whether it is personally funded or sponsored by your company the fund should be received before 30th of June to be deductible this tax year. It is dangerous to breach your concessional contribution caps so be careful to make sure the paper works are duly in place to cover that.
And that’s it brethren. Note that the information in this post is advisory and should not be used in any capacity other than that. For better and more technical advice contact our (Opulent Accountants) Business Accountants and Tax Agents in Melbourne.
Now to some more advice on how you can avoid getting scammed because you have outstanding tax debts.
Tax times are usually dangerous for because scammers tend to capitalize on the fear of these honorable citizen. But this time around make sure to be alert this year and use the precautionary methods that have been put in place by the ATO.
You might probably get a call or receive a voice message or email in your inbox saying that the person calling is from the ATO and are calling in respect to your outstanding tax debts. If truly one is aware of their debts they are understandably compelled to call back. Then they tell you that they can make all the troubles go away if you pay them a certain amount of money. When you receive such calls please make sure you get as much information from the person as you can.
Get details like their names addresses and personal mail address and phone lines without giving too much about yourself. You can then contact Opulent Accountants to do verification on your behalf or simply report directly by mail to ReportEmailFraud@ato.gov.au