Vicky Krishnamurthy

Need help understanding and saving for tax time? Let’s chat! DM me 💌

EOFY Tax Checklist

✅ Carry back losses
✅ Pay staff super early
✅ Prepay expenses
✅ Write off obsolete stock
✅ Private health insurance
✅ Trust resolution
✅ Forecast for next year
✅ Instant assets write off
✅ Write off bad debt
✅ Realise capital losses
✅ Director's super contribution
✅ Review tax structure
✅ Delay income
✅ Declare dividends
✅ Review performance

Need help with any of these things? DM me.

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My business did not make any money or a loss so I do not need to lodge a tax return.

❌ Incorrect!

✅ Everyone must lodge a tax return yearly if they have an active ABN or TFN.

There are benefits in recording all your business activity not only for tax purposes but to have proof that you have been running a business for applying for loans etc.

Making business easy for business owners!

Whether it's your 1st year or 10th year in business we are here to make the numbers side of your business easy and stress free.

Need help? Send me a DM 💌

Tax accountants at tax time:

Accountant: Hello Glide Accounting
Person (not client): Hello is this an accountant's office?
Accountant: Sure is
Person (not client): How much refund can you get me?
Accountant: Ermmm sorry what is your name?
Person (not client): I am not sure I want to work with you until you tell me what refund you can get me.
Accountant: I am not a fortune teller, I am an accountant!

Sometimes I laugh, sometimes I get angry! 🤣

Stop expecting a refund!

As an employee, your employer's software calculates the best estimate of tax payable on your wages as such there should not be too much of a variance (refund/payable) at tax time.

Common mistake at tax time!

Accountant: What is your partner's taxable income?
Client: Oh his/her company pays him/her $60k

Wages are not taxable income!!!
Why is it important to differentiate?

It impacts your Medicare levy payment, Medicare levy surcharge payments, HECS repayment, Centrelink benefits, and Family Assistance benefits.

Talk everything over with your accountant so you don't make any mistakes ☺️

This is something I hear all the time:

"Ooh I am just a small business and I did not make money so I just did my own tax return"

Me: 😬

Do you understand the business losses rules?
Did you complete the carry forward losses rules accurately?

Scenario:
In the first year of business you invest a lot in the business and as expected make a loss in that year.

If you do not understand (which you should not be expected to unless you are an accountant) the losses rules and include them in your tax returns accurately, you will end up paying more tax the next year because there will be no carry forward losses in the following year to help reduce the business profits in Year 2.

Need help? DM me! 💌

Calling all business owners 📣

Is your glovebox still full of receipts? Are you unsure of how much GST is going to be payable or refundable?

I have created a template to easily keep record of your income and expenses for both BAS time and tax time. It is set out for each quarter and auto populates the GST for you to do a quick review.

You can use this template year after year - make BAS time and tax time easy by having all the information on one spreadsheet.

Head on over to my website to purchase your BAS template and make BAS time easy 📊

I see you and all the hard work you do.

Starting a small business is never easy, but with the right mindset, anything is possible. Believe in yourself and your vision, and take action every day to make it a reality ✨

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