Tax Time Tips
Tax Time Tips for EmployEEs
For groomers who work as employees, you will be looking forward to a Payment Summary (that’s a Group Certificate in the old language) so you can get your tax done and hopefully get some dollars back in your pocket. Before you do your tax or take it to someone to do for you, it’s wise to check your eligible deductions here, make sure your payslips are showing accurate data, and double check your employer has the correct Superannuation account for you.
Think you might have some old Super kicking about in an old account? It’s worth finding, it’s your hard earned money after all. Follow these steps. Super is going up to 10% from 9.5% come 1 July, so make sure that is reflected on your first payslip of the new financial year too.
The other news in Superannuation town is that the Federal Government has introduced the Your Super, Your Future bill. The point of the bill is to reduce the number of Super accounts employees have. You know sometimes when you change jobs and you can’t find your account number, and it’s all too hard, and you just tick the ‘add me to the employers nominated Superannuation account’ box? Well, the government now wants employees ‘stapled’ (their term!) to one account. Why? This will hopefully result in a reduction of fees you pay (one fee is better than 5, no?) and it is supposed to weed out the underperforming Super providers. There’s pros and cons to the bill, naturally, and Investor Daily has an easy read about it here. So - do some research. If you feel the need for change, find a good Super Fund (Canstar has some GREAT INFO), one that you are comfortable with ethically and financially, and staple yourself to them!
Tax Time Tips for Small Businesses (that includes you, Sole Traders)
Money money money! But not a drop to drink? Nat has written an article about Ways to Increase Profit. There’s something for sole operators and salon owners alike. We’ve added it as a section on our Workplace Ops and Resources page. Check it out! Is it time for a little shake-up? A new financial year is a great beginning.
The ATO has a magnificent checklist for small businesses to work through to make sure your tax time tasks are tickety-boo. You can check it out here. Pro tip - just work through one thing a day! It can be overwhelming to see a big list like that and so easy to just hurl it into the too hard basket. Small, bite sized tasks methodically worked through take the pressure off, and increase that lovely warm, slightly smug feeling of acheivement. It’s called ‘chunking’. Go you! LOOK AT YOU CHUNK!
If you need some help reviewing your business structure, insurances etc, may we lovingly recommend having a look through the Business Skills 101 course (link on your dash). It’s more of a guide really - there’s no tricky questions or quizzes, just a hand-hold for people either opening their own business or who are already in one and need a little refresh or reassurance. It’s been written especially for groomers, it speaks specifically to grooming business, and it’s totally worth it. And it’s free for members! By the end of it you will have a clear business plan, which is worth it’s weight in gold. A business plan is (all at once) something to stick to, something to grow from, something to revist, something to measure success by, and something to update every year with refined goals.
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