TAX TIME REMINDERS

Just a friendly little reminder... it's coming up on TAX TIME. It's not the most enjoyable part of our job - in fact I hate it with every bone in my body and fear it worse than spiders - but we're almost at the end of the financial year. I would like to share four pieces of [fairly obvious but worth reminding of just in case] advice...

  • Find a great accountant who you enjoy working with, who genuinely understands (and wants to understand) your business, who you trust, and who is active in giving you advice, reminding you to stay on top of things, and is committed to helping you achieve long-term wealth and success. They do exist, and though it might take some shopping around to find the right one, it will be well worth the search.

  • Accounting, bookkeeping and tax stuff might be painful, but the ramifications of putting it off are significantly worse. It's just a necessity, and one of those things that should never be procrastinated - no matter how daunting it can be. (I hate adulting at the best of times, but only when I visit my accountant do I really feel like I'm being my most responsible self.)

  • Pay your taxes weekly rather than monthly or per quarter. Unless you are the world's best budgeter and have the financial discipline of an all-star CFO, then make it easier for yourself by setting up recurring payments into your account with the ATO. Estimate your tax liabilities then set'n'forget. When it comes BAS time, you'll either be slightly ahead (and can reduce the recurring payments accordingly), or just a little bit under (and can more easily come up with the shortfall). Credit sitting with the ATO can always be redrawn, so it's not like any of the money is going to waste - but it is a great way to take some of the stress out of tax time.

  • Turn it into a game. If you're anything like me, you're a little bit (a lot) competitive - even with your own self. Tax time is less enjoyable that cleaning the oven, but there is one sort of cool thing about it, which is that we get to really look at our earnings. It's a great opportunity to assess personal and professional financial goals, and set new ones for the following quarter.


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