Tax Matters – March 2020

A monthly update from local Accountants TaxArana

So how does your garden grow? With all the recent rain in the Hills District, it’s easy to see how a garden can get out of hand so quickly!  The basic principles of managing your tax and managing a garden are 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)?  Paying consistent attention to your tax prep across the year means that you will know where you are at with finances.  This also means that you can make informed decisions about whether any EOFY sale purchases really would be of benefit to your bottom line.

Be vigilant about pests / scams

You could work consistently on your garden, but if you are 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.  Stay armed 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. Understanding the latest changes to tax regulations for personal, business and company tax can save you a lot of time, and ultimately money in the short and longer term.

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 simply 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.

Give Tax Arana a call and book in, and let’s help you get you on top of your tax (apologies, but we can’t help with your garden!)

Unlike your lawn mower, Tax Arana continue to work in the rain!

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