Money Night Tips from Camberwellians
On 21 June 2017, a variety of people who live, work and network in Camberwell gathered together to share their Money, Finance and Tax Tips with others at Elyros, 871 Burke Road, Camberwell. Here are their tips (paraphrased from notes by Sue Ellson). The event was facilitated by local bookkeeper, Bernadette Bacash.
Manu Fernando – Accountant
If you own an investment property, check with your accountant as some of the claims you have been able to make on your tax return in the past are no longer available (for example, travelling to the property in another state in Australia).
Ray Orr – Owner of four MBE franchises
Pay your tax. If you are not paying tax, then you are not making enough money and wasting your time. Pay a smart person to help you minimise the tax you pay. The reason Greece went bust is because it was a national pasttime to not pay tax. If you are only working to avoid tax, you are not making money. **Addition** You can also secure government grants to cover the cost of study for your staff provided the study is aligned with your business. Not for degree level qualifications but suitable for Certificate courses.
Umesh Ratanje – Business Broker and Coach
Pay your tax so that you can declare the value of your business and ultimately, sell your business for the right amount. Good records will enable you to sell your business as well. Don’t keep two sets of books.
Vinay Gehi – Mortgage Broker
Find out if you can have a redraw against your home loan. If you can’t get a loan from a bank, it is usually because you need to have it verified that you are making money first. You will only be given money if you can show that you can make money. Tax is a good thing – it comes back to you in many ways. So many people are penny wise and pound foolish. **Addition** Superannuation deduction is up to $35,000 for people over 50 and up to $30,000 for people under 50.
Sarah Dodgshun – Accountants Supervisor
If you have money to pay with your Business Activity Statement (BAS), it is a good thing. It means that your sales are more than your expenses. Accountants only see one set of books. There have been changes to superannuation – if you contribute to superannuation, you can qualify for a tax deduction up to $35,000. Next year, everyone will get access to this tax deduction (including wage earners). Tax planning should always begin on 1 May each year.
Enza Venuto – Paraplanner
Superannuation deduction will remain at 15%. Pension Transfer Balance limit will be $1.6 million. Cannot go over what you did last year.
Cameron Lissner – Finance Broker
If you are a property investor, t is a good idea to secure a depreciation schedule to find out what you can claim as tax deductions that the accountant can allocate.
Gita Gauba – Human Resources Professional
It is possible to save money when you save, by claiming the cost of your study as a tax deduction – working full time and studying part time. Suitable for Post Graduate Study with up to $7,000 discount.
Tuncay Bekler – Experienced Professional across multiple industries
Everyone has to pay tax, so pay it.
Ray Usanto – Accountant and business owner
If you have bills, pay for them so that you are not in debt. Whenever you get money, save as much as you can for the times when you don’t have money.
Sue Ellson – Independent LinkedIn Specialist
The benefits we receive from tax payments are greater than the amount of tax we pay. Make sure that you record your car’s odomoter reading on 30 June each year. Do what your bookkeeper or accountant says you should do – they are the expert and doing what they suggest can save time and money.
Bernadette Bacash – Bookkeeper and BAS Agent
Prepare your taxation and financial records before handing them over each year. Record and remember the questions your accountant asks you each year as they are likely to ask them again next year. Also ask them if there is anything else they want you to do.