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TOP 4 TAX SAVING TIPS AND HOW TO AVOID TAX FRAUD

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

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Nishant Kosambi
Nishant Kosambi
2 February 2023
Excellent work by Dayan, Chamie, Lihini and the entire team. They have always been very professional and helpful. They have taken care of my business and personal tax obligations for many years. They have also sought financial solutions for me. I am very happy with how thorough Dayan is with his work. Clear communication and regular follow-ups all the way. 5 stars for this gem of a person and his team.
Ajith Ratnarajah
Ajith Ratnarajah
6 November 2022
These guys are very professional. You get the best of both worlds of a personalised service from a company rather than from an individual accountant. Their processes are well established. I would strongly recommend Opulent for any small, big companies and high net worth individuals.
Da Bella
Da Bella
12 August 2022
I consider myself extremely luck to be introduced to Dayan and his team. I found the solution to my loan requirement in one meeting itself...Super efficient, friendly and humble....Opulent finance rocks!!
srikanth chintalapudi
srikanth chintalapudi
11 July 2022
Dayan and his team did it again!!! They're proactive and provided timely advice in the recent sale of my investment property. They're advice saved me a lot of $$. Dayan and his team have been assisting me for the last 10+ years and they're always a lifesaver. Highly recommend!
Chamith Subasinghe
Chamith Subasinghe
15 February 2022
The team at Opulent have been extremely helpful and resourceful in securing a home loan for me. The responses have always been quick and progress made quickly through the loan application process. The advice provided by Opulent is high quality and very useful, special call out to Ishara and Dayan who have been very knowledgeable, experienced and professional. I have recommended Opulent to my friends and they have had positive experiences as well. I would highly recommend giving Opulent a go!
Daniel C
Daniel C
26 December 2021
Highly recommend Opulent Accountants! I've been lucky enough to deal with Hasi, Dayan and Charlene and all three of them have been a great help. Thanks guys.
Sam
Sam
5 November 2021
Great Accountants and Mortgage Brokers. Prompt, Professional, Well-informed and Responsive.
Kesh Aryaratne
Kesh Aryaratne
11 October 2021
The team at Opulent are professional, accessible, friendly and most importantly prompt in getting matters sorted. I have had the pleasure in dealing with both Dayan and Hasi who have guided me throughout and have been extremely helpful in getting my complex tax matters sorted on time and in a professional manner. Great work guys.
Mukesh S
Mukesh S
29 September 2021
I was apprehensive to take the plunge into refinancing my loans. However Dayan and his team were very patient and made it a point to respond to all my queries and doubts . They must be leading busy lives themselves, however they were flexible and accommodative of my requests for meetings at close of business hours. Further I noticed that they are particular in their and the customer's paperwork. Along with Dayan, I'd like to call out the efforts put in by Ishara for ensuring a smooth transition. She has ben patient with my many queries and diligent in her handling of the paperwork. Thank you Dayan and team.