Never Forget Taxation When Doing Financial Planning
Author : Crystal Feng Feng | Published On : 23 Aug 2021
We are all victims of the consequences of improper financial planning. Sometimes we have unexpected financial issues such as if we pay unexpected bills, emergencies, car problems or maybe because sometimes of impulse buying.
Another thing that affects our finances is the tax. If tax is taken for granted while making financial decisions throughout the year, we could be paying more taxes. It's important that tax planning should be part of our financial planning as it's already part of our everyday life.
So how important is financial planning?
Financial planning for individuals is too essential as it acts as a guide as we go through life’s journey. It helps us be in control of our income, expenses and investments.
Other Benefits of Financial Planning for Individuals
- Increases your savings
- Prepared if you have a financial emergency
- Peace of mind
- You can enjoy better living
- You can achieve your personal goals
In Australia, anyone earning above AUD 18,200 needs to pay income tax.
Financial Planning for Individuals
Anticipating taxes when you create a financial plan can boost the money you will have in retirement.
Proper tax planning makes it easier for you to build your finances. So better to check your tax payments to see if you are eligible for a tax return.
Who is Eligible for Tax Returns?
You are ere eligible for tax returns if:
- You have tax withheld from any payments like wages
- You are an Australian resident
- Your income was more than the tax-free threshold ($18,200)
- Non-resident, you can submit a tax return if you have income that is sourced from Australia
If you want to save your time and money about your tax return, you need to look for a tax advisor. A tax advisor is well-versed and up-to-date concerning state guidelines and tax law. You can also ask for tax return advice from them.
Taxpayers may ask questions to their tax advisor or if they need tax return advice concerning individual tax issues or business-related tax issues.
By the way, an income tax return is due for filling in Australia usually every 31st of October. The Australian Taxation Office (ATO) will issue an income tax assessment to the individual based on the income tax return.
How about if you’re planning to move overseas or planning to move abroad for other financial opportunities? Before you do that, make sure to check it first from the Australian expat tax advisor for the process. As the Australian tax laws change frequently, expats need to ensure they receive the most up to date information.
Expat tax advisor helps their clients from planning to the preparation of their taxes. They provide expat tax return advice and of course for their tax return.
An expat tax advisor also understands the tax issues faced by their clients as they are working overseas or return home.
The author is a professional property developer in Sydney. With a team of professionals, he helps his customers achieve their goals by providing property expertise and delivering our very own quality home and land estates. Visit https://landen.com.au/ for more details