💰EOFY Ready? Hey Gorgeous - You Can Actually Enjoy Tax Time! ✨
As CEO of your financial life, building your fabulous financial dream team isn't just smart – it is definitely one of the most powerful decisions you can make as a financially confident woman who understands that seeking expertise is not a sign of weakness, but rather a brilliant strategy to maximise your EOFY outcomes.
In the next week or two you can put strategies in place that will make a difference to your annual taxation outcome.
Get organised - the time to act is now, before the end of the financial year. 💥
Consider the following actions:
If you are unsure what to do then it is important that you seek professional help from a bookkeeper, tax agent or accountant. In many cases the advice they provide will more than compensate for their fee for the service. My accountant is worth his weight in gold. He knows of all the legitimate deductions and strategies that I am not aware of.
✅ Bring forward any claimable expenses and pay for these items prior to 30 June. This allows you to deduct these expenses from your taxable income.
If possible, delay the receipt of taxable income until after 30 June. This income will then be considered in the next financial year. And, the new tax cuts will apply from: 1 July 2026, the 16 per cent rate will be reduced to 15 per cent. 1 July 2027, the 15 per cent rate will be reduced further to 14 per cent. Certainly not a game changer but it all adds up.
✅ Consider making extra deductible contributions to your superannuation fund.
✅ Employees - Make Those Deductions Work For You!
As an employee, did you know your tax is automatically deducted based on those taxation tables I shared in my previous newsletter? That's fabulous for convenience, but here's the exciting part - your taxable income can be reduced significantly by claiming legitimate deductions!
If you're on a fixed income (as many gorgeous 50+ women are), it's definitely in your interest to maximize these deductions. Every dollar you claim back is money in your pocket! This is not about being crafty - it's about being financially savvy and not paying more tax than you absolutely need to.
✅ Self-Employed - Your Tax Strategy Matters!
Being self-employed opens up amazing opportunities to manage your tax position strategically! Unlike employees, you are responsible for setting aside your own tax payments, but you also have access to a wider range of legitimate deductions.
👉Track absolutely everything related to your business - your home office space, internet, phone, car expenses, professional development, and even that coffee meeting with a potential client! These all potentially reduce your taxable income.
👉Explore online resources and software that can automate some of the tasks to help you manage revenue and deductions. You have a few to choose from – Xero, QuickBooks, MYOB. Personally, I’m old school I use Excel spreadsheets.
Consider the joy of prepaying certain expenses before June 30th to claim them this financial year, or delaying income until after July 1st when possible. And don't forget about the instant asset write-off - an absolute gift for small business owners!
The key is maintaining fabulous records throughout the year. Remember, being organized with your finances isn't just about compliance - it's about creating financial freedom and choices for your future self!
You can find a list of these deductions on the Australian Taxation Office website www.ato.gov.au or; leave it to your fabulous financial dream team to maximise your EOFY outcome.
Remember, it is your money and your future.
Do you want more Calm, Confidence & Control of your financial future?
📢 Register for our FREE live class now! Your future self will thank you. Wednesday 4th June, 12pm–1pm or 7pm–8pm
https://us06web.zoom.us/meeting/register/UGx2ixN4QHWVISGzWKkTng
