Written by Louise Torquati - co-founder of Unique Lifestyle Management
During my career in the finance and accounting industries, I can’t tell you the amount of people I’ve come across who absolutely dread tax time and put off getting their taxes completed.
Those who try to complete their tax return on their own often find the task daunting. The language is baffling and the rules are confusing. Tax filing preparation, especially for businesses requires the collation and collection of many source documents. If compiling all this information for the accountant or bookkeeper is left to the end of financial year or even last lodgement date, you run the risk of making critical errors. Leaving it to the last minute often makes people feel confused and frustrated.
I believe most, if not all of this confusion and frustration stems from a lack of knowledge and common misconceptions of the taxation system. Clients seem to be unsure of deadlines and due dates of lodgements and payments. It’s also extremely common for clients to be completely unaware of expenses that can be claimed.
Whilst Unique Lifestyle Management keeps informed and updated with all tax legislation, including tax deductions for all current years, your accountant will advise of the deductions you can claim in your tax return.
We will work with your accountant to ensure all deductions are specific to your industry.
If you would like to view a list of deductions the Australian Taxation Office have a list of industry specific deductions click here.
To avoid the end of year financial mad rush you should start taking action now as 30th June comes upon us quite quickly. Unique Lifestyle Management recommends that all businesses be organized as early as possible. Being put under pressure not only increases risks, mistakes and lack of efficiency, but also can take your focus off running your business in order to meet the Tax Office deadlines.
ULM can ensure your business has an efficient system in place, with the support to go along with this to ensure your end of financial year comes without the headaches experienced by many others. Regardless of your business type (multi staff, sole traders, large companies) implementing our systems into each financial year can help your business stay organized and work smarter towards the year ahead.
Preparing your taxes and strategizing how to keep more of your hard-earned dollars in your pocket becomes increasingly difficult with each passing year.
Your best course of action to save time, frustration, money, and (God forbid!) an auditor knocking on your door, is to have Unique Lifestyle Management handle your financial affairs. Unique Lifestyle Management has years of experience with financial preparation, We stay informed by attending tax seminars, reading financial journals, magazines, and monthly tax tips, among other things, to correctly interpret the changing tax codes, gaining the advantage over the everyday individual.
Utilising Unique Lifestyle Management to assist in the preparation of your financials will reduce the time and expense incurred by your accountant.
We will have your financials, checks and balances in place. By partnering with Unique Lifestyle Management you will know what’s going on at all times. This allows you to then spend time quality time with your accountant planning and implementing goals for your next financial year, you will be on the forward planning in advance!
Unique Lifestyle Management have a list of preferred accountants in each state who we can put you in contact with. Unique Lifestyle Management doesn’t replace your accountant we work in conjunction with your accountant (weekly, monthly or quarterly) to ensure that you achieve the best possible outcomes not for just this financial year but in each to follow.
Follow Unique Lifestyle Management on