Most financial difficulties nowadays involve unsecured loans which are hard to manage. Credit cards and private financial loans are amongst the financial obligations with the highest rates of interest. In fact, Australian household financial debt averages 130 percent of GDP and this is certainly made worse by the pre-occupation of buying real estate property.


For those who have sleepless nights over credit card balances, there are lots of ways to deal with financial debt. Among the numerous financing alternatives available to you is debt consolidation, a process of combining 2 or more debts in just one that results in a single debt repayment with lower interest costs.


Debt consolidation or refinancing is effective for most individuals – from students with academic loans to professionals with increasing family requirements and business owners establishing their dream businesses. If you are struggling to manage your debts today, you may well be thinking of refinancing. Below are a few points to take into consideration:


Explore your alternatives before refinancing. Speak to your credit provider and try to negotiate a new arrangement. For example, you can apply for hardship variation, prolong your loan period, or postpone your repayments. You may even benefit from switching mortgages, choosing the right mortgage solution, or selling your home.


Many debt consolidation businesses offer attractive solutions, but all of them might not be feasible for your existing financial situation. If you wish to seek help from a debt consolidation company or credit provider, make sure that they are licensed by ASIC. You are able to use the Search on ASIC Connect’s Professional Registers to check for companies as well as other registers.


Recognize the benefits to make the ends meet. As a result of a debt consolidation program, you'll save on monthly instalments as a result of a reduction in rate of interest or perhaps an extension of repayment term. You may also simplify your financial plans by having your debts in just one loan. It spares you against the hassles of trying to keep track on the payment due dates and seeing numbers on separate bills.


Comprehend the risks and think about how these may have an effect on you. Debt consolidation could have a few disadvantages – you could potentially lose an asset, slide back into poor spending habits, and end up repaying a debt a bit longer or fall for dodgy brokers and lenders.


This debt solution will work for you in the long-term if you've got the discipline to manage your spending and adjust your money habits. A credit counselling is usually recommended to make sure that debt consolidation is not just a temporary fix.
The formula for effective debt management is budgeting and establishing financial goals. Rather than creating a big green monster under your bed, make up your mind to pay it off in a wise and efficient way. You will be pleasantly surprised to realize how quickly you are able to knock out your debt. Living free from financial worry is not merely good for your credit score but also for your peace of mind.

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

As leading Cranbourne Tax Agents and Accountant’s BookSmart Accountants provides you with effective, valuable and highly personalized accounting services at a realistic and affordable price. We help you get prepared and stay completely on top of your finances.


Our goal at BookSmart Accountants is to save you time and money with the help of our expert accountants. How do we achieve this? We have over 8 years of experience in accounting and taxation services with a diverse range of clientele. This allows us to personalize our services for each and every client and cater to your specific financial needs.


With a dedicated team of highly qualified accountants and bookkeepers, we believe client relations are paramount to providing you with the best possible service.


As a Cranbourne Accountant we provide taxation, accounting, compliance, auditing services to public and private businesses as well as individuals located in Melbourne, Australia; offering our clients the choice of onsite and offsite meetings for their convenience.


As a Cranbourne Tax Agent we can help you with your tax returns for individuals, companies, partnerships, trusts, SMSF’s

 

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

 

Are you looking for a tax agent who provides cheap tax returns; however it is not necessary that the tax agent providing cheap tax returns will ensure you get all the possible Deductions.

Most individuals these days, when claiming for tax deductions, look no further than general work-related deductions. However, when completing your tax return, you’re entitled to claim deductions for some expenses as long as they are allowable and relevant to your profession.

Some of the expenses individuals incur while doing their job, as well as bank fees, charity donations and clothing expenses may be able to be claimed. Taking advantage of the deductions available for claim can be a straightforward and simple way to reduce your taxable income. You subtract these allowable deductions from your total income to arrive at your taxable income – henceforth; you only pay tax on your taxable income.

Having said that, there are certain rules set out by the ATO for claiming a deduction: Accountant

  • You may have to provide proof for your claims with written evidence.
  • You must claim the deduction in the same income year that you made the purchase;
  • You can’t claim an expense that you have been, or will be, repaying for; and

Furthermore, to make a deductions claim, the purchases you make must be during the course of your taxable income (as stated above) and it must not be private, domestic or capital expense.

You might ask here, “What if the expense was both work-related and private or domestic?” According to ATO, if that is the case then you can only claim a deduction for the work-related portion of that expense.

It should also be known that there are a couple of limitations that apply when claiming deductions. You can’t claim a deduction for:

  1. Fines imposed under a law of the Commonwealth, a state, a territory, a foreign country, or by a court. Examples of this include speeding tickets, parking fines etc.
  2. Gains or losses you incur by earning monies from illegal activities


Here is a list of common expenses that may be able to be claimed, depending on your circumstances:

  • Vehicle and travel expenses
  • Clothing, laundry and dry cleaning expenses
  • Gifts and donations
  • Home office expenses
  • Interest, dividend and other investment
  • Self-education expenses
  • Tools, equipment and other assets
  • Formal education courses provided by professional associations
  • Union fees
  • Overtime meals
  • Protective items such as sunscreen and sunglasses
  • Computers and software


There are just a few areas from which you might be eligible to claim deductions. For more information and to see how much you can reduce your taxable income, contact one of our expert tax agents and accountants in Hallam, Lyndhurst,Lynbrook,Cranbourne today on 1300 300 106 to find out what you can claim on your tax returns.

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

Australian tax Office places a very high emphasis to ensure you have the right records for tax purposes, when lodging and preparing tax returns. Record keeping involves recording transactions, and keeping relevant receipts to substantiate all the expense claims.

Every year a lot of people miss out on claiming a significant number of tax deductions because they failed to keep a proper record of their expenses. tax deductions

Some of the records that you can keep to ensure you claim all the possible deductions are:

  • Invoices for expenses related to income producing activities such as uniform purchase receipt, fuel receipt, purchase of tools, union fees etc.
  • Telephone bills if you use your personal phone for work.
  • When an asset has been acquired or disposed off (i.e. shares, property, land etc.).
  • Any tax deductible gifts, donations and contributions.
  • Medical Expenses such as specialists invoices, prescription drugs bills, hearing aid bills etc.
  • Details of self-education expenses related to your current occupation.
  • Travel and transportation for work purposes including a log book.
  • If you are travelling for work purpose, accommodation and meals expenses, train/taxi/bus tickets.
  • Parking stubs.
  • Toll Invoices for work travel.

If you’re not sure whether or not you should keep a record of something, keep it – you can consult your accountant or tax agent at tax time.

Unsure of what kind of records you should be keeping for your tax return? Give BookSmart Accountants Cranbourne a call today on 1300 300 106 to find out.

BookSmart Accountants are registered Tax Agents and are experts in overdue income tax returns regardless of how late you are. We will assist you keep your tax returns up to date as the Australian Tax Office can issue FINES and PENALTIES for late lodgement.

It will be our responsibility to complete your return correctly without any errors. Most typical mistake people make is that they don't know how to prepare their own records and thus waste significant amount of time trying to compile the data. We will assist you with fast ways to compile your data correctly thus saving you time and money.

We will give you tips to ensure you keep up to date in future and with you being our customer will always be waiving a red flag is you are late with your lodgement with our reminders.

“Overdue tax returns” is not the type of problem which will disappear however the good thing is that we can help you sort out this problem. All you have to do is pick up your phone and call us today to book an appointment to pass on your tax worry to us.

Managing your invoicing, bill payments and ATO obligations is easier when you have a professional bookkeeper working with your business.

Once you appoint us as your tax agents, the tax office will not bother you as we will act as a cushion between you and the tax office and make sure you stay out of trouble with the tax office.

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

Author: Sunny Kaur, BookSmart Accountants

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