Tax time. Those two words can evoke a range of emotions, from mild apprehension to full-blown panic. But it doesn’t have to be this way. At Plus 1 Group, your local Shepparton accountants, we believe that proactive preparation is the key to a smooth and successful tax season. Not only does it help you maximise your return, but it also minimises your tax liability and reduces the stress that often accompanies this time of year.

Why Preparation Matters:

For business owners in Shepparton and across Victoria & Australia, tax time is more than just filing a return. It’s about ensuring compliance, optimising your financial position, and understanding your business’s performance. Without proper preparation, you risk missing out on valuable deductions, facing penalties for errors, and ultimately paying more tax than necessary.

Steps to Effective Tax Time Preparation:

Maintain Accurate Records: This is the cornerstone of effective tax preparation. Keep detailed records of all income and expenses, including invoices, receipts, bank statements, and payroll information. Cloud-based accounting software can simplify this process, providing real-time access to your financial data.

Understand Deductible Expenses: Familiarise yourself with the various deductions available to your business. These can include expenses related to equipment, travel, marketing, and professional services. Plus 1 Group can help you identify all eligible deductions, ensuring you don’t miss out on any potential savings.

Stay Up-to-Date with Tax Laws: Tax laws are constantly evolving, and it’s essential to stay informed about any changes that may affect your business. Consult with our accountants at Plus 1 Group for the latest updates.

Schedule Regular Reviews: Don’t wait until the last minute to review your financial records. Schedule regular reviews throughout the year to identify any potential issues and make necessary adjustments. This proactive approach can prevent surprises at tax time.

Utilise Technology: Leverage technology to streamline your tax preparation process. Cloud-based accounting software, tax preparation apps, and online resources can help you manage your finances efficiently and accurately.

Seek Professional Advice: Partnering with a qualified accountant can make a significant difference in your tax outcomes. Our company can provide expert guidance, ensure compliance, and help you maximise your return.

Minimising Your Tax Liability:

Tax Planning: Proactive tax planning is crucial for minimising your tax liability. This involves strategising throughout the year to optimise deductions, defer income, and utilise tax credits.

Asset Depreciation: Understand the rules for depreciating business assets, such as equipment and vehicles. This can help you reduce your taxable income.

Superannuation Contributions: Consider making additional superannuation contributions, which can be tax-deductible and help you build your retirement savings.

Small Business Concessions: Explore the various small business concessions available, such as the instant asset write-off, which can significantly reduce your tax burden.

Plus 1 Group is Your Trusted Accountant

At Plus 1 Group in Shepparton, we understand the challenges faced by businesses. Our team of experienced accountants is dedicated to providing personalised service and expert advice. We can help you navigate the complexities of tax law, ensure compliance, and maximise your financial outcomes.

Let us help you turn tax time from a stressful ordeal into a strategic advantage. Contact us today to learn more about our business accounting services and how we can help you achieve your financial goals. Email or call our friendly team at Plus 1 Group on (03) 5833 3000 and we’d be happy to answer your questions and book an appointment to discuss your tax.

In response to Cyclone Alfred and the major flooding in QLD and NSW, several grants and disaster relief payments have been made available to those affected.

Below is a brief summary for assistance in Queensland:

Federal Assistance

• Disaster Recovery Allowance (DRA)

• Up to 13 weeks payment for employees, small business persons and farmers who have lost their living wage. Applications can be submitted online through myGov.
• The Disaster Recovery Allowance is paid at the maximum equivalent rate of JobSeeker Payment or Youth Allowance, depending on your personal circumstances.

For more information please contact our office on 0358 333 000.

Queensland Emergency Relief:

The below is a summary of the assistance available, however anyone who has been affected should check the full details on the Queensland Government Website.

The website allows you to enter your address and it will specify which grants, you may be eligible for.

• Emergency Hardship Assistance
• The Emergency Hardship Assistance grant is for help with essential needs, food, medication, clothing and temporary accommodation.
• Grant amount: $180 for individuals and up to $900 for families of 5 or more.

• Essential Services Hardship Assistance:
• The Essential Services Hardship Assistance grant is for help with essential services such as, power, gas, water, and sewage, for lost services up to 5 days.
• Grant Amount: $150 for individuals and up to $750 for families of 5 or more.

• Essential Household Contents Grant
• The Essential Household Contents Grant is to replace essential lost household contents, such as bed linen and white goods.
• Grant Amount: $1,765 for individuals and up to $5,300 for couples or families.

• Essential Services Safety and Reconnection
• The Essential Services Safety and Reconnection Scheme (ESSRS) is to help with safety inspections and repairs to reconnect essential services, e.g. gas, water, electricity and sewage.
• Grant amount: Inspection costs: $200 for safety inspection for water, electricity, gas and sewage and $4,200 for repairs or replacement of these services.

• Structural Assistance Grant
• The Structural Assistance Grant is to help with structural repairs or contribution towards replacement of dwelling.
• Grant amount: Uninsured, low income, owner-occupiers may receive up to a maximum of $80,000 to help repair their home to make it safe, secure and habitable.

Support from Financial Institutions:

• NAB, Commonwealth Bank, ANZ, and Westpac are offering disaster relief grants and support options for affected customers, such as $1,000 Disaster Relief Grants and customised payment arrangements for home loans etc.

Please contact your specific bank or check their website for the full list of assistance available.

ATO Support:

• Clients may be able to defer their tax BAS/tax lodgements and payments, depending on their circumstance.

Below is a brief summary for assistance in NSW:

NSW Emergency Relief:

The below is a summary of the assistance available, however anyone who has been affected should check the full details on the NSW Government Website.

The website provides a full list of the Eligible local government areas.

• Essential Household Goods (HHG) Grant
• The HHG grant assists low-income residents who have no other means of purchasing or repairing these essential household items and are not covered by insurance.
• Grant Amount: a maximum of $18,000 is available as a contribution toward the cost of re-establishing essential household items considered necessary to maintain a basic standard of living. Items include bedding, furniture, clothing and essential electrical items such as a refrigerator, washing machine, or stove.

• Rough Sleepers/Camping Package:

• Rough sleepers can apply for a small grant that is contribution to replacing essential items, such as a tent and sleeping bag.
• A flat rate of $1,200 is available plus $150 for each additional resident.

• Structural Grants

There are 4 types of Structural Grants available (depending on the type of damage suffered by the eligible applicant). Structural Grants provide a contribution toward essential structural works for households unable to meet the cost of repairs and may also assist in relocation-related costs. These grants assist low-income homeowners who have no other means of restoring their homes to a safe and habitable condition.

• Repair Grant: A contribution towards essential structural repairs to a Residence (including a relocatable home) to assist in restoring it to a safe and habitable condition – grant amount is determined based on assessment of scope of works and threshold considerations.
• Rebuild Grant: A contribution towards the rebuild of a residence (including a relocatable home) to a basic level that has been rendered uninhabitable – grant amount is determined based on assessment of scope of works and threshold considerations.
• Temporary Dwelling Grants: A Flat-rate Temporary Dwelling Package – flat rate of $5,000 for repairs and $10,000 if the temporary dwelling has been rendered uninhabitable.
• Access Grant: A contribution of up to $50,000 towards a basic level of repairs to legal accessways on private property where there are no safe alternate routes to the residence or temporary dwelling (and where the Accessway was maintained and fit for purpose prior to the natural disaster).

For more information please contact our office on 0358 333 000.

• Natural Disaster Relief Loans

Primary producers, small business operators, sporting and recreation clubs and associations and non-profit organisations, in disaster declared local government areas (LGAs) may apply for a concessional loan to support rapid recovery.

• Primary producers directly affected by a declared natural disaster may be eligible for a low interest loan of up to $130,000 to support recovery.
• Small business operators directly affected by a declared natural disaster may be eligible for a low interest loan of up to $130,000 to support recovery.
• Sporting and recreation clubs and associations directly affected by a declared natural disaster may be eligible for a low interest loan of up to $10,000 to support recovery.
• Non-Profit Organisations may be eligible for concessional loans up to $25,000 for the restoration of essential facilities that have been damaged or destroyed by a natural disaster and may also be directed towards temporary storage or leasing of alternate premises.

• Natural Disaster Transport Subsidy
• A $15,000 Natural Disaster Transport Subsidy is available to eligible primary producers for the transport of fodder and/or water to a property, stock to/from agistment, stock to sale or slaughter, or bee or oyster movements following a declared natural disaster.

Federal Assistance

• Disaster Recovery Allowance (DRA)

• Up to 13 weeks payment for employees, small business persons and farmers who have lost their living wage. Applications can be submitted online through myGov.
• The Disaster Recovery Allowance is paid at the maximum equivalent rate of JobSeeker Paymentor Youth Allowance, depending on your personal circumstances.

Support from Financial Institutions:

• NAB, Commonwealth Bank, ANZ, and Westpac are offering disaster relief grants and support options for affected customers, such as $1,000 Disaster Relief Grants and customised payment arrangements for home loans etc.

Please contact your specific bank or check their website for the full list of assistance available.

ATO Support:

• Clients may be able to defer their tax BAS/tax lodgements and payments, depending on their circumstance.

For more information please contact our office on 0358 333 000.