Lodging your tax return has never been an easy job. Often many of us put lodging our tax return off repeatedly as we find it too daunting a task to face. Let Femia Accountants help take the stress out of lodging your tax return.
Who needs to lodge a tax return?
If you have had tax deducted from the income you have received during a financial year, there is a need for you to lodge a tax return unless you belong to a certain class of exceptions.
Tax planning for high income individuals
Taxpayers can take advantage of tax planning initiatives like maximising deductions, in order to manage their taxable income. The tax planning process should start early in the financial year in order to take full advantage of these opportunities. While undertaking tax planning, be cautious of anti-avoidance provisions. However, tax planning can offer several tax savings, if done correctly.
Tax minimisation strategies for individuals
There are many widely-used legal tax minimising strategies that can make a large difference in your overall wealth. These strategies include creating an offset account alongside a mortgage to dump any extra money. Another is sacrificing your taxable income salary into superannuation, whereby you maximise the contribution to your retirement accounts. The more you save for retirement in qualified retirement plans, the bigger tax benefit you will have.
It all becomes much easier when you utilise the services of a competent CPA such as Femia Accountants, who follow up with the latest changes in tax code and identify the right tax concessions for your needs.