The end of financial year is only one month away. While you have until 31 October to lodge your tax return, if you’re running your own business, time can easily get away from you. If you’d like to be ahead of the game, here are six online resources that can help you get there.
Working with clients directly as an independent support worker on the Mable platform gives you a lot of freedom. You choose your hours, your clients, when you work and how much you charge. As a small business operator, it also brings responsibility. With tax time not far away, now is the time to start thinking about how you will manage your return. Here are six resources to help you get started
1. My Gov
If you haven’t already, the first thing to do is to set yourself up with a MyGov account. MyGov is a secure way to access government services including the Tax Office. Once you have a MyGov account you can link to the ATO and their service, MyTax, which allows you to lodge online.
The service is as safe as online banking, and available 24/7, so you can lodge when it suits you, around your schedule. You can use the service to upload all of your deductions and once you have completed your return, you will be emailed a receipt.
2. Speak to an accountant
Through our partnership with PwC, we are pleased to offer Airtax to independent workers using Mable, a simple and affordable solution for managing your tax affairs. You can submit your annual income tax return in 15 minutes and book a call with a PwC accountant through Lodgement Assist. Airtax is available on web, as well as iOS app so you can do your tax anytime, anywhere.
Or, if you have a relationship with an existing accountant, contact them to find out how they can assist.
ASIC’s Moneysmart has a great resource designed for people who are self-employed. It features useful links and smart tips for how to manage cash flow, super and tax, as well as information on income protection.
Moneysmart also features a simple calculator to help you keep track of how much tax you will be needing to pay at the end of the financial year. Use it to make sure you’re setting aside enough money to cover your tax bill when it comes around at the end of the year.
4. Super Guru
Superannuation is important, but as a self-employed worker, it’s also your responsibility. You are not required to make a superannuation guarantee, however it’s wise to be putting away your own contributions to make sure you are saving for your retirement. Super Guru is a website created by ASFA, the peak body for Superannuation organisations. It contains a host of useful information including how much to put away, how to choose a super fund and information specifically designed for the self-employed.
5. Get to know your tax deductions
Tax deductions are certain expenses you have incurred in order to earn your income. Keeping track of these expense will enable you to reduce your taxable income before your tax is calculated. Aged Care Insite created this great article on typical tax deductions for aged care workers. If you’re primarily working in disability support, many of the suggested deductions could be similar. It’s always good to review the ATO’s advice on deductions to make sure everything you are planning on claiming is allowable.
6. Mable’s billing page
Remember that you can find a record of all the income you have earned from clients who engaged you via the Mable platform on your billing page. After 30 of June, your statement of earnings from the financial year 2018/19 will be available to download from the page.
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