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Tax Time Tips

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From Melbourne Accountant George Kontominas Money mistakes made this month can potentially cost you plenty at tax time says George Kontominas, the Managing Partner of Dendra Accounting Group. Kontominas was nominated for two individual awards in the prestigious Australian Accounting Awards, the top awards for the Accounting Industry. "Errors in June can create financial pain — particularly around the timing of tax-deductible payments and selling assets." said Kontominas. A failure to tax plan will delay tax-deductible expenses. A failure to tax plan will delay tax-deductible expenses. Kontominas was nominated for two individual awards in the prestigious Australian Accounting Awards, the top awards for the Accounting Industry. "Errors in June can create financial pain — particularly around the timing of tax-deductible payments and selling assets." said Kontominas. A failure to tax plan will delay tax-deductible expenses. For example, with investment or work-related expenses, delaying them until July means waiting an extra year to get a slice of that money back from the taxman.

Kontominas was nominated for two individual awards in the prestigious Australian Accounting Awards, the top awards for the Accounting Industry. "Errors in June can create financial pain — particularly around the timing of tax-deductible payments and selling assets." said Kontominas

Retailers in June promote tax deductions as part of their end-of-financial-year sales, which is good for people buying, particularly for business, who have a generous $20,000 capital expense limit per item for immediate tax write-offs. “But tax deductible expenses only make sense if they are for something your business actually needs” says Kontominas. Remember a tax deduction only gives you back your marginal tax rate, not the entire expense. Taxpayers should be mindful of the opportunity of timing purchases for their business

He said Any business owner who would like specialist information on Managing tax for Manufacturers can attend a free event on June 15.



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