It’s easy to see how a garden can get out of hand so quickly with all the rain The Hills District has received lately! The basic principles of managing your tax and managing a garden are actually quite similar.
Consistent attention required
Do you have a set time each week to dedicate to financial admin? Or could your admin skills be more described as a ‘mad scramble’ at the end of each financial year (or in the next)?
Be disciplined to dedicate time each week to keep on top of everything. Consistent attention to your tax preparation can save so much time, effort and stress towards the end of the financial year. This also means that you can make informed decisions about whether any EOFY sale purchases really would be of benefit to you.
Be vigilant about pests / scams
You could work consistently on your garden, but if you’re not vigilant about pests sneaking in it could be ruined. It’s the same with tax scammers and you. You need to stay on top of what the latest scams are and understand the conditions in which they can sneak into your life.
Tax scammers are adapting to our changing tech environment and becoming more resilient. However, if you understand the very basics of how to spot a scam, you can stay one step ahead:
- Know that the ATO will never issue a warrant for your arrest
- Know that the ATO will never send a text asking you to access ATO online services via a link
- If a caller claims to have your tax agent on the other line, hang up and call your tax agent directly; and
- Check in with the Scam Alert page on the ATO website regularly.
The right tools + knowledge is key
Armed with quality tools and information, and a little effort, your garden could become bountiful! Like tax, there are some tools that will help you keep on top of your preparation. And yes – there’s an app for that! The ATO has developed a FREE app you can download to your phone and keep record of expenses as they are incurred, and incoming revenue as it’s received. The ‘myDeductions’ app can be downloaded from your app store. More information on this app can be found on this myDeductions page on the ATO website
By understanding the latest changes to tax regulations for personal, business and company tax, you can save you a lot of time, and ultimately money.
If you’re time poor; you can OUTSOURCE
As much as you may love gardening, there are some things you just may not want to do, or can’t. So, you outsource and spend more time on doing the things you love. Much the same as outsourcing your tax to Tax Arana. Whether it’s individual tax returns, small business or company tax, Tax Arana can help.
Like any garden, you generally get out what effort you put in. This means that the more you are in control of your tax records and preparations, what you’re entitled to and what your tax obligations are, the better equipped and ready you’ll be for the end of the financial year.
Don’t wait for the seasonal rush to book in your appointment with Tax Arana; book in early so you have more time to prepare for the end of the financial year.
Give us a call, or message us and book in, and let’s get you on top of your tax. Unlike your lawn mower, we continue to work in the rain 😉
Ph: 3351 6111