EOFY Feature: Expert advice key at tax time

ADVERTORIAL

With the end of financial year looming, Good Life Accounting has some top tips for individuals and businesses wanting to maximise their tax returns.

Principal Peter Sobczuk (CPA, B. Com, MBA), who has been providing advice on the Redcliffe Peninsula since 2006, says keeping good records and seeking professional guidance are vital.

“Records are little treasures that our ‘big brother’ could be asking to see. If you have them, you could be saving many tens of thousands of dollars,” Peter explains.

“Good records can help with effective and efficient short-term and long-term tax planning. For example: records on capital gains and related investments.”

Peter says there are taxation changes every year, but new rules bring good opportunities for those who are proactive.

He says he helps clients to be proactive – investing, short and long term, in education and knowledge, keeping good records and maximising the use of technology. 

“Good tax returns are the outcome of good business and individual planning and short to long-term strategies in wealth creation,” Peter explains.

Top tips for individuals ahead of tax time:

• Invest in yourself by seeking professional advice from experts such as accountants and financial professionals who are members of the accounting bodies such as CPA and CA.

• Obtain a Statement of Advice addressing your personal circumstances and to maximise tax benefits potentially available.

• Establish a short-term and long-term professional relationship to navigate the financial world and achieve your goals and objectives in a tax-effective outcome. 

• Write your will in a tax-effective way.

Top tips for business owners ahead of tax time:

• Ensure, when entering the new financial year, that your business structure is effective, efficient, provides best potential asset protection (short-term and long-term) and brings the best outcome in minimising tax payable.

• Have a clear business and strategic management plan, addressing potential weaknesses through freely available tools such as a SWOT Analysis. Have a tax plan strategy, combined with your business plan and your personal goals and objectives.

• Invest yourself and your business by seeking professional advice not only at the end of the financial year but through the whole period.

• Invest in education and knowledge as it will transform your life and your business.

• Ensure Employees vs Contractors are clearly classified.

Good Life Accounting provides information through free monthly newsletters available to anyone via the Good Life Accounting App.

FIND OUT MORE

Visit petersobczuk.com.au

133 Redcliffe Pde, Redcliffe

0433 877 007