A few months from now, it will be tax time again. For entrepreneurs in Broome, this is their most dreaded time of the year. If you belong to this group of taxpayers, you know very well how stressful it can be to prepare and lodge tax returns Broome for your business.

Yes, the whole process can be a stressful experience, but it doesn’t have to be. You can always opt to hire tax accountants to make your life easier.

There are many reputable and trusted tax accountants in Broome to choose from. One of which is Melissa Simpson and her company ITP Western Australia (WA) Regional. For over 23 years, Melissa and her team of tax accountants have served Australian individuals, families, and small businesses such as yours.

With a tax accountant by your side, you can then have the peace of mind knowing that you have an expert to help you get the most out of this financial year – and of course, help you get maximised tax refund and minimised tax bills. Here are some of the effective and legitimate tips you and your chosen tax accountant can work together:

1. Look for tax deductions where you can.
Deductions are one way to help you get a minimised tax this year. So, if you are looking to buy anything this year – it would be good to do that before the deadline for lodging tax returns Broome. This way, you can include it in your deductions.

2. For trust distributions, keep TFNs (tax file numbers) handy.
An an entrepreneur, you need to know where exactly you stand when it comes to your trust distributions. There has been some changes done with the way trusts are set up and operated, and if you’re not aware of these – you might end up paying unnecessary tax bills.

It would be good to discuss with a tax accountant about the laws on how trusts can distribute funds with regard to TFNs. Perhaps, Melissa Simpson and her company ITP Western Australia (WP) Regional can help.

3. Be prepared for the loss carry back scheme.
This loss carry back scheme introduced by the Federal Government gives you the advantage to claim business losses on the tax you have paid in the previous four years. The loss claims that you can get can be up to $1 million. So, if you want to save on taxes, you should prepare for this. If you have no idea how exactly the scheme works, you can always consult with your trusted tax accountant.

4. Include bonuses in advance.
If you are looking to give bonuses by the end of the year, you might want to write it down in your tax returns Broome in advance. This way, you can claim a deduction on them. Document everything ahead of time, especially when it comes to the financial decisions you make in your business.

These are only some of the many ways you can save taxes for your business. If you’d like to know more tips, Melissa Simpson and her team of tax accountants at ITP Western Australia (WA) Regional can give you that much needed tax advice.