Tuesday, July 22, 2008

20 tax tips from the experts

The 2008-09 tax season is almost upon us and entrepreneurs can expect to get some extra scrutiny this year. SmartCompany has asked a panel of tax experts for their best tips and the best action you can take now to minimise your tax bill

The Federal Government has given the taxman an extra $257 million over the next four years to increase its scrutiny of businesses – it expects to collect an extra $1.98 billion for its efforts.

All this means you need to have your tax affairs in good order if you want to avoid angering the taxman, and claim as many deductions as possible. To help you, SmartCompany has spoken a panel of tax experts to get their top tips from a business and personal tax point of view.

Every dollar you can save is another dollar to reinvest in your business, or pay for that well-deserved holiday.

Before we start, there are two very important bits of advice that every successful entrepreneur should follow.

PricewaterhouseCoopers partner Paul Brassil says his best tip for entrepreneurs is to spend more time finding the right tax adviser. “Find someone you really like working with, and who has strong technical backup in people and resources. Too often people muddle along with an adviser from the distant past, without recognising that the needs of a growing business include upgrading the level of advice they receive.”

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