That’s right, I’m sitting here reflecting on what has been a rather busy week for The Tax Chic…

I’ve had an unfortunate time as far as my scheduling goes this week – apart from working everyday (as you do…), and taking my two early morning fitness classes (at least I get some exercise right?) – I’ve had a function or client every single night!

This is certainly not the norm for me, but check out my week:

Monday night saw me at a board meeting – it is so wonderful to see our Hospice in the Home project taking shape (you can read my prior post on this topic here)

Tuesday night I met with new clients – I love being able to see clients in their home at a time that suits them, it really does make things easier all round!

Wednesday I travelled to Geelong to see clients and attend a Business In Heels event that night – I loved being in this room full of inspiring and inspired women…I just wasn’t a fan of the late night drive home!

Thursday night I met with some colleagues to discuss policies and procedures, and I finished the night having a bite to eat with my family – I honestly hadn’t seen them all week!

Today I’ll be on the road again, heading to Melbourne for a meeting today and a conference tomorrow – lucky for me I get to spend time tonight with my good friends J &P!

When I see my week written down like this, it’s no wonder I’m feeling sleepy as I write this??   Maybe I’ll have a rest on Sunday…maybe, maybe not?

Regards

I wrote on Monday this week of the steps you can take if you have misplaced your “Group Certificate“, but what about the evidence for your deductions?

There are different rules for a business for substantiating a claim for Goods and Services Tax (GST) which won’t be discussed here – but for general deductions, whether they be by a business or an individual, the following guidelines, courtesy of the Australian Taxation Office (ATO), may assist you if you have misplaced any original documentation:

An original document from the supplier of the goods or services should show:

• name of the supplier
• amount of the expense
• nature of the goods or services – if not shown, your client may write this on the document before they lodge their tax return
• date the expense was incurred
• date of the document.

However another document or combination of documents containing the information listed above may suffice; examples include:

• bank and other financial institution statements
• credit card statements
• BPAY  reference numbers (may be called receipt or transaction numbers)
• email receipts
• PAYG payment summary (may show union fees)
• paper or electronic copies of documents – must be a true and clear reproduction of the original

While I am an advocate for keeping accurate documentation in an accessible manner, the above notes prove that there are alternatives available if required.

If you need some assistance with your record keeping, Contact The Tax Chic for a consultation!

Regards

If you’ve made it to now and haven’t yet lodged your tax return…it is quite possible that you have misplaced your group certificate?

Don’t panic, this is not an uncommon occurrence and there are a few solutions at your disposal!

Your first port of call may be your employer.  All employers are required to keep copies of this type of documentation, however it may not be an easy thing to do if you are no longer on friendly terms!

Another alternative is to reconcile your bank statements with your pay slips and determine the full year figures of gross wages, tax withheld and net received – who has time for that?

Your best bet at obtaining this information is by contacting your registered tax agent!

All registered tax agents have access to the Australian Taxation Office (ATO) Portal – this Portal provides registered tax agents with a wealth of information that can be used to support the preparation of your tax return.

The report provided by the ATO Portal is prepared using information provided to the ATO by employers, banks, health insurance funds among others – and while it shouldn’t be relied upon as the sole record for preparing a tax return, it is certainly of great assistance!

PS For completeness I really feel that I should remind you all that the new name for “Group Certificate” is “PAYG Payment Summary – Individual”…even though most of us still call them group certificates!

Regards

 

Do you remember the early days of e-mail?

In the not so distant past, it was more common to receive letters and bills in the post, and only the odd e-mail – these days I find my letterbox looking rather bare, but my e-mail inbox is almost out of control!

But the ease and cost effectiveness of sending an e-mail brings an equal amount of risk…to your professional reputation that is.

Below are The Tax Chic’s top tips for appropriate e-mail etiquette in a business or professional setting:

Subject – the subject line gives the recipient a view to the content of the e-mail, and it can be the difference between them reading it promptly or leaving it until later.

Level of formality – consider your e-mail, including your e-mail signature, the equivalent of your letterhead.  While e-mail has a tendency to be more casual, always consider the recipient and your relationship with them.

Addressing – always ensure you have your recipient’s name saved in your e-mail contacts in the correct format (ie: Bron Levett, not bron levett or BRON LEVETT), anything else could give an unfavourable impression.

Privacy – when e-mailing a group of unrelated people, remember to use the Bcc (Blind carbon copy) function to keep e-mail addresses private.

Attachments – most importantly…include them!  But also check with the recipient if you are intending to send a large file.

Common courtesy – proper salutations and signing off of e-mails is common courtesy, as is responding promptly!

I totally understand the need to often send e-mails in haste, and quite often to business associates with whom we have a good relationship – but if you can at least keep the above points in mind, it might help with consistency and to maintain your reputation!

Does anyone have any other e-mail tips they’d like to share?

Regards