Tax tips to streamline your Finances in 2021

February 18, 2021
 
streamline your Finances in 2021
 

2020 became one of the most challenging and difficult years for most small businesses. Most businesses have been looking for attaining financial success in 2021 by using advanced strategies and streamline their finances in 2021. Many small businesses in Australia have been dealing with the property potentially harmed back in 2020. Some people also travel with restrictions because of the COVID-19 pandemic.

When you are a small business owner looking for a better way to easily streamline the finance with the Tax obligation in the year 2021 then it is important to choose the best Tax accountants who are well versed in handling the Tax filing. Clear Tax is the leader in bringing you well-experienced and skilled Accountants for your Tax filing and planning. Contact Clear Tax as your Tax Accountant in Melbourne today to get advice on tax tips to streamline your finances in 2021.

Choosing Best Industry Expertise to streamline your finances in 2021:

Tax Laws in Australia are mainly prone to frequent changes and they could be quite confusing for most businesses. Choosing a professional and specialized accounting firm having good years of experience in the Taxes complexities would be one of the best options. It mainly saves your time on filing the tax within the time limit. Normally, professional tax accountants stay up to date with the latest tax laws. It is a suitable option for minimizing your stress and gives you the managed control on the Tax payment to the extent. There is no need to spend more time in understanding as well as researching the new laws. Clear Tax will provide you Tax tips to streamline your finances and perform your Business Tax return in Richmond. This gives you the complete option for staying focused on your business.

Contributing to Superannuation:

It is quite an efficient option for growing the retirement savings as well as income with choosing the better contribution on the superannuation fund. When you are having taxable income in the country then you could also easily claim them for the Tax deduction. You could easily make the concessional contribution capped at $25,000 per person per year maximum. You can extensively notify your fund of intention to claim the tax deduction. It is one of the best strategies that would be suitable to assist you with streamlining your finances in 2021. This mainly reduces the Australian tax liability.

Streamline the income – streamline your finances in 2021

Whether you have established a small business in Australia, it is important to pay taxes on the income. When you have more products for your business then you are required to pay the taxes accordingly. Making the appropriate Tax planning is quite important to streamline your finances in 2021. This is quite an awesome option for extensively saving more time in the process. When you have the Australian investment income that includes the

● Interest
● Dividends
● Royalties

Withholding tax deducted by the payer. It is important to get the right advice from the experts. It is quite important to make the appropriate business tax planning for your business which would be a suitable option for extensively gaining a better advantage.

Filing on Time:

Normally, the Tax returns cover the financial year from 1 July to 30 June. It is mainly due by 31 October. Normally, late paying of Tax liability also gives you a raise for the interest charges based on the ATO. It is important to pay the tax within the time scheduled. Clear Tax as your Tax Accountant in Melbourne can help you file your tax return on time as well as provide you with tax tips to streamline your finances in 2021.

Most of the Taxpayers also lodge the Returns online with the myGov account. This is helpful for streamlining the complete Tax filing process along with the information from the employer, health funds, banks, government agencies as well as other 3rd parties. When you are expecting any kind of tax refund then it is important to lodge it online for getting the money. Normally, ATO issues refunds within 2 weeks when you have lodged the Tax online. In the case of paper returns for individuals – refund processing can take up to 50 business days of lodgment.

Many Employers also have been reporting with the Single Touch Payroll. This is a completely secure process for ensuring that you make the direct payment. But you will not be receiving the payment summary from the employer. The income statements are available through the myGov account.

Tax-Deductible Gifts:

It is quite important to make sure that donations are made to entities with a ‘Deductible Gift Recipient’ status otherwise no deduction will be allowed for the donation made. To claim a deduction for the donation made, you also need to satisfy other conditions such as you must have a record or receipt of the same. Without keeping any kind of record, it is quite difficult to file the Tax appropriately. With the introduction of modern technology, it is also an easier option for getting electronic receipts through email.

Health Coverage:

Before choosing the right insurance coverage, it is quite important to know about the types of Tax coverage suitable. Health insurers do not require sending the members with the private health insurance statement. When you are lodging the return online, then you could easily attain the health insurance details from the ATO Pre Filled data in myGov. You are required to reach out to your insurer for getting the statement directly by July 20.

Maximising Your Tax Refund to streamline your Finances in 2021:

Due to COVID-19, there has been a lot of change in working arrangements among the employees. Recently, ATO also introduced more numbers of new methods to claim the working-from-home based on the Tax deduction. Normally, you can claim a deduction of 80% for every hour from March 1 to June 30 for the work from home. This is a suitable option for you to carry out ordinary employment duties. It is mainly incurred with additional running expenses. Employees are required to keep a complete record of their working time from their home. It is quite important to make the appropriate tax planning for your business for streamlining the financial attributes to the extent.

Contact Clear Tax today to obtain tax tips to streamline your finances from the professional accountants and hire them to help you with your business tax return in Richmond.