Tax Time is Approaching

As the end of the 2017/18 financial year fast approaches, small business owners, and individuals should set aside time to assess their financial situation and lay down plans. Rather than sinking into a state of being overwhelmed, think of tax time as the ideal opportunity to get your business or finances in shape.

5 ways to ensure a great tax return:

  1. Organise your receipts
  2. Review Holzworth Partners individual and investment/small business tax strategy Papers
  3. Review your investments and personal insurance
  4. Assess any current deductions and write-offs
  5. Call Holzworth Partners, to consult with an accountant to make sure your tax plan is bullet proof.

You can reduce your taxable income by claiming tax deductions for most costs incurred in running your business. Individuals should be aware that most work-related are tax deductible. But being able to show proof of purchase is a must.

By being diligent about managing your finances throughout the year, this can help make tax time a breeze. Start the process of organising yourself early, so you don’t miss deduction opportunities later.

If you have not received a copy of our tax strategy papers, contact us via accounting@holzworth.com.au or 1300 009 888 for a complementary copy.

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