True confession: I recently realised that every single one of my long-term relationships has been with a tax accountant. (Okay, I think there was one who was an engineer – but that must have been an aberration.)
Considering what I think of the Australian tax system (an inefficient administrative burden that doesn’t actually make any sense), I wonder whether this was a subconscious way to reduce my tax bill. Or just my version of “friends with (tax) benefits”.
Yes, I can get quite passionate about the topic of tax in Australia. So my trend in romantic partners may go some way towards explaining my Enterprise post this week.
Yesterday I sat down with my accountant to do some year-end tax planning. To me, this is one of the most important meetings you can have all year. And if you’re not doing this, then you either need your head read – or you need another accountant.
That’s because 30 June is like D-Day. It rolls around every year and the decisions you make before this day can make or break the cash flow in your business. These decisions can determine whether or not you are lumped with a whopping tax bill that can be so debilitating it can set your business back for months, sometimes years. Or it can result in a tidy refund so you find yourself with the nice surprise of having extra funds to play with
It’s a numbers game
After all, tax is just a numbers game. And the rules are constantly changing. You only have to look at the constant evolution of superannuation requirements for evidence of that. Just blink, and you’ll discover that the government has mandated brand new contribution caps.
You can read the full Enterprise article here.