m+a Accounting & Consultancy

Tax Consultant in Sydney: How They Can Cut Down Your Burden

Taxes are one of the uncertainties in life. Whilst maintaining your physical and mental health can help you live longer, financial preparation and strategy, on the other hand, can lower your tax payments.

When it comes to taxes, we all want to pay less, yes?  Learning how to lower your taxable income will help you keep more money whilst reducing your debts and repairing your credit fast. By handling your tax file at the end of each fiscal year, a tax accountant will help you lessen your tax burden.

When compared to the amount of money you will save, the fee you pay for them necessary for paperwork is trivial. A tax consultant will carefully consider your yearly financial goals before finding a solution to save you from paying more taxes. They will also advise you on making further investments to qualify for tax exemption.

Why Should You Consider a Professional Tax Consultant’s Assistance in Sydney?

Regardless of financial situation, no one in the world likes paying a large sum at the end of each year. If you want to save money, you need a professional’s support.

There are many ways that the best tax accountant in Sydney can support you. 

• Give You Solutions Through Questions and Answers

The best tax accountant near you will keep probing you with questions until they completely understand your goals in the investment and finance areas. 

If they ask the same question repeatedly, don’t get offended. To build a provision for savings, remember that they are only trying to learn as much as possible about your financial status.

• Get Ready Ahead of Time

Taxpayers incur additional costs as a late fine if they fail to pay taxes within the legal time frame. Therefore, getting your money, assets and taxes in order before it is too late is a crucial step in income tax saving.

You won’t have to worry as your tax accountant will take the initiative to file taxes on or before the deadline. Generally, they would remind you through an email or newsletter. 

• Innovative Ways to Save Money

A practical tax accountant in Sydney will advise you to adopt additional measures for the upcoming financial year once you’ve filed your tax paperwork. When the forthcoming fiscal year ends, this may help you save significant income.

 

• Provide the Right Solution for You

Your tax consultant may ask you questions about which you may not be ready to respond. Avoid ignoring it or speculating. They will follow up with you to ensure the answer is accurate. 

What Can I Do to Lower My Taxable Income? [H2]

To lower tax liabilities, timing is essential. Generally, the tax year runs from July 1 to June 30. Since it is the cut-off date, any earnings or expenditures made during this period are included in the current tax year.

Because of this, it is crucial to plan the timing of your income and spending as they are essential components of cutting your taxes. Effective tax planning, which must be done promptly, has been summed up as follows:

 

• Universal Exemption of 50%

Make sure to take advantage of Capital Gains Tax (CGT) reductions during the sale of an asset, especially if it may result in a capital gain. 

For assets kept longer than a year, there is a 50% CGT deduction. Remember that a property sale occurs not on the settlement day but during the contract is signed. 

 

• Topped Your Retirement Account

One of the most popular tax reduction methods is contributing the max amount to retirement. All income levels can use this strategy, which is great. A percentage of your income or bonus can be contributed and claimed as a tax deduction, or you can max out your retirement fund.

 

• Keep Track of Your Taxes

It doesn’t have to be challenging to maintain accurate tax records. Keep everything on record. For every tax year, setting aside 10 minutes a week to input receipts into the app helps keep recordkeeping. This makes paying your tax simpler.

 

• Debt Management

Ineffective debt management can cause even the smallest loans to become major problems. Consolidate all bills into a single, affordable payment to make budgeting easier. Your income tax liability may be reduced if you have debt from credit cards, investment properties or mortgages.

The most effective way to lower these costs is to adhere to the debt repayment hierarchy. The non-deductible debt should always be paid off first before moving down.

How Malkoun & Associates Can Help You

A tax accountant in Sydney can help you with a range of services, from minimising your tax burden to ensuring that all of your filings are correct. 

If you’re looking for assistance in reducing your taxable income and keeping more money in your pocket, contact us at Malkoun & Associates today. Our team is experienced in helping business owners and individuals navigate the complex world of Australian taxation, so you can rest assured that you’re in good hands.