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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Moumita Ghosh
Moumita Ghosh
2020-11-18
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We've been meeting Dayan for years now and he is great with his advice and is very knowledgeable and pragmatic. We recently used his services to get the home loan for our house and he and his team went above and beyond to get us the best possible deal. Ishara in his team was super communicative and responsive in following through and made the process very easy for us. Highly recommend them!
Cara Neela
Cara Neela
2020-10-24
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Dayan and Hasi are wonderful, wouldn’t hesitate to recommend them! They went through all with a fine tooth comb to ensure all was correct. Thanks to you both and the Opulent team!
Jason Barry
Jason Barry
2020-09-29
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I was looking for a different accountant and was recommended to Opulent Accountants. I have been blown away with there service. I wish I moved accountant sooner. Platinum Plumbing Enterprises P/L
Afshin Koohestani
Afshin Koohestani
2020-09-10
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Uditha Illeperuma
Uditha Illeperuma
2020-09-08
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Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
Dinesh Fernando
Dinesh Fernando
2020-09-03
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Very happy with the service provided in getting my tax returns done. Mr. Dayan is very helpful and professional and has extensive knowledge in his field of expertise. Highly recommend if you are looking for a hassle free and prompt service.
Ronald Turner
Ronald Turner
2020-07-16
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Opulent were absolutely fantastic to deal with, they are competitively priced and incredibly proactive and friendly. For me I have been much better off using their fantastic services as opposed to doing tax returns myself. Sum was amazing, incredibly knowledgable and super friendlyI'll certainly be back with Opulent next year
Milinda Wickramasinghe
Milinda Wickramasinghe
2020-07-05
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Opulent team has been fantastic and it has been truly a pleasure dealing with the team for more than 10 years. Dayan and Ishara have gone above and beyond to assist and communicated with me even when I was overseas. Excellent service has being provided in a professional and timely manner. I would highly recommend the team.
Chami Ranaweera
Chami Ranaweera
2020-04-28
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I have been working with Dayan last 9 years. All of my loans, refinance and tax are done through Opulent.Dayan and his team including Ishara are very helpful and easy to deal.
Edmund Lobo
Edmund Lobo
2019-12-02
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We were new entrants to the cattle farming scene. All the rules and regulations surrounding primary production can be very confusing. The team at Opulent Accountants walked us through all the steps, set up the necessary ABNs and Company / Trust accounts, filed the related pending BAS and Tax returns, and is currently keeping us up-to-date with all ATO related transactions. We recommend them highly to all.