Getting ready for tax time, what your accountant isn't telling you
As tax time approaches, there’s a flurry of preparation and strategising, with business owners gearing up for the annual ritual of tax lodgments. However, amidst the rush, there might be critical pieces of information your accountant hasn’t shared with you, especially concerning the proposed changes to Stage 3 tax cuts and the intricacies of Fringe Benefits Tax (FBT). This oversight could be the difference between maximising your returns and missing out on potential savings.
The talk of the town: Stage 3 tax cuts
Recent discussions have brought the Stage 3 income tax cuts into the limelight, with proposed changes aimed at benefiting individuals earning less than $45,000. Originally legislated by the previous Coalition government in 2019, these tax cuts were set to roll out from 1 July 2024, primarily benefiting those above the $45,000 taxable income threshold. Under new proposals, the tax landscape looks set to shift, potentially impacting businesses and their employees significantly.
The median earnings of full-time Australian workers sit at around $83,200 per year, placing many within the scope of these proposed tax adjustments. Under the government’s new proposals, an average worker earning $83,200 per year will see a tax reduction, emphasising the need for businesses to stay informed and adapt their financial strategies accordingly.
What your accountant may not be telling you about FBT
FBT is another area where knowledge gaps can lead to missed opportunities for savings and compliance pitfalls. Ensuring your FBT return is lodged correctly requires a deep understanding of the relevant laws and regulations. This process involves more than just filling out forms; it’s about strategic decision-making that aligns with your business goals.
We dive deep into the details of your business, ensuring you’re not just prepared for tax time but are positioned to take full advantage of its intricacies. Our approach goes beyond basic compliance; we strategise with you, making sure you’re aware of the latest tax changes, including the proposed Stage 3 tax cuts and how they might affect your business.
Our ethos is to make every tax dollar work for you not the ATO, ensuring that you’re not just meeting your obligations but optimising your financial outcomes.
As the tax season looms, it’s time to ask whether your current accountant is giving you the complete picture. Are you being kept in the loop about the latest tax changes, and are your FBT lodgments being handled with strategic insight?
Expert Business and Tax Advisors: We work for YOU, not the ATO!
About Sphere Accounting & Advisors-
At Sphere Accountants and Advisors, we’re more than just accountants. We’re protectors of your wealth, steadfast in our commitment to keep as much of your money in your hands as legally possible. Remember, we always work for you, not the ATO.
When you seek our tax advice, you’re not just getting a service; you’re partnering with a team. We consider the complete picture and are always on the lookout for ways to help you to create, safeguard, and grow your wealth. This commitment holds whether you approach us as an individual or a business entity.
Our expertise isn’t confined to just taxation. We span across the realms of accounting, strategic planning, tax advisory and beyond, delivering a whole solution to fit your needs. With Sphere Accountants and Advisors, you gain a dependable ally in navigating the complex accounting landscape.
For more information, please visit our website, give us a call at (03) 8899 6399, or drop us an email. We look forward to assisting you on your financial journey.
