This sad face here is my concerned face when I read posts on social media where non-qualified people from all walks of life provide accounting and taxation advice in the form of answering call outs for help.

Earlier in the week I wrote that “I cannot stress the importance of taking advice from a professional rather than friends at the pub or via social media – there are far too many variables to consider and your investment in a consultation with The Tax Chic may just save you lots of $$ in the future.”

Let me share with you where this concern comes from…

I saw a social media post recently into a business group where the original author asked a question along the lines of “Do I really need an accountant to prepare my business tax return? I barely made enough money to cover my car repayments which I know are deductible so it doesn’t seem like it would be worth it”

Many people chimed in with their thoughts, some applying the law correctly and others not.  But in this case, how is the original author to know who was right and who was wrong?

If you are well versed in tax law then I have no problem with you completing your tax return yourself, that is totally your call. But if tax is not your forte, I implore you to seek professional advice and please include a budget for accounting fees in your business calculations.

In short – car repayments are NOT deductible.  If your car is leased then the work related portion of those payments may be deductible, otherwise, only the interest portion of car loan repayments, along with depreciation and other vehicle expenses may be claimed to the extent of your business use according to your log book (the other option for claiming motor vehicle expenses is the cents per kilometre method).

I want nothing more than for the whole world to know everything about how their business and financial affairs work – but until then, it is Accountants and advisors such as myself who are here to help – please let us help you!

Regards

Professionalism packed with personality is how I have been described – I love it and I’m going to use this in my branding as I move forward.

Accountants are generally pegged as a boring bunch, and while I know many accountants who I think are boring, I do not consider myself one of them.

I enjoy the flexibility of my home office (since I never seem to have enough time to attend to my washing on the weekend) and being able to meet clients for coffee at our favourite cafes.  I wear bright red lipstick and my heart on my sleeve, but I also have the education and experience to back myself in my work.

I am a friendly soul and enjoy meeting people in my travels, but at the end of the day I am still an Accountant by trade and I have obligations and legal requirements in order to operate my business.

Before I even open the (metaphorical) door I must hold a university degree, be a member of Chartered Accountants Australia and New Zealand, hold a Public Practicing Certificate and Professional Indemnity Insurance, be a Registered Tax Agent and with all of that I must complete 40 hours of continuing professional education each and every year – the cost of which comes directly out of my pocket, and we’re talking thousands of dollars here.

This is where I might get a bit controversial – you see even though I work for myself (in fact because I am self employed) I still need to put food on my table and pay my mortgage, which means I must charge for the services I provide.  It is, after all, how I make a living. Through this blog right here I provide heaps of tips and tricks and raise many issues you might need to consider in your personal affairs – but as soon as you ask me to take into consideration your personal circumstances, the advice I provide is in a professional capacity and it is my knowledge that you are purchasing.

So next time you ask to “pick my brain” on business or tax or coaching or the like please understand when I recommend a 90 minute paid consultation.  Every time I meet clients for these consultations, in any capacity, they walk away with knowledge, specific to their circumstances, that they didn’t have before.  I cannot stress the importance of taking advice from a professional rather than friends at the pub or via social media – there are far too many variables to consider and your investment in a consultation with The Tax Chic may just save you lots of $$ in the future.

Thanks for understanding…

Regards

Tax season 2017 is in full swing and if you’re looking to use my services to get your tax return lodged, then you need to be on my list my 31st October – OK?

There’s been some media hype lately around deductions, average deductions, standard deductions and how the Australian Taxation Office (ATO) review your claims, so I thought it would be a good time to remind you of the things you probably can’t claim*(but maybe you think you can?):

• trips between home and work (unless carrying bulky work-related goods)
• car expenses that have been salary sacrificed
• meal expenses for travel unless you were required to work away from home overnight
• private travel or private transport of bulky goods or equipment
• everyday clothes to wear to work (such as a suit or black pants, even if your employer requires you to wear them
• deductions fro cleaning eligible work clothes without showing how you calculated the cost
• higher education contributions charged through the HELP scheme
• self-education expenses if the study is not connected with your current job
• private use of phone or internet
• upfront deductions for tools and equipment costing more than $300 each

Remember – you must be able to prove that you incurred the expense – there is no such thing as “just claim the maximum”! And it’s a bugger that I can’t claim my shoes (hence the pic attached to this post…)!

Regards

*list via www.ato.gov.au

One of my favourite business educators to follow online is Dale Beaumont.  He provides heaps of free content that has proven to be valuable and I find him a likable character.

On many occasions I’ve watched videos he has shared online and I almost always take notes (even if I don’t always file them away…)

In one such video, Dale shared his 5 favourite quotes on time management and I thought I’d pass them onto you*.

1. The bad news is, time flies. The good news is, you’re the pilot.
2. Priority management is the answer to maximizing the time you have.
3. Do the thing and then you’ll get the energy to do the thing.
4. Progress is more important than perfection.
5. Don’t spend a dollars worth of time on a ten cent decision.

Essentially I think he’s suggesting that we take responsibility for how we spend our time, consider where our efforts are best placed, achieve something (even if it’s small) and then you’ll be driven to achieve more, and ask ourselves “what is perfect and is it achievable?”.

All very wise quotes and I know I can take them all on board – do any of them stand out for you?

Regards

*Please note: these are not my quotes, they were absolutely originally shared by Dale Beaumont and I received them in a promotional email.  I love a good quote and I thought you’d appreciate them too.