Get on the front foot (don’t bury your head) – We’ve heard of people who make a lot of money and they’re just like, “Oh, I’ll deal with that later.” make sure you get on the front foot with this stuff by learning the rules and getting a good advisor around you.
Get your structuring right – Get a structure ready before you make the investments, your mining, or whatever you’re doing.
Do tax planning with a good accountant –Even if you’ve made a lot of money, make sure you go to an accountant who does tax planning within the financial year you’ve made that money. Because within the financial year is your opportunity to save tax. Go and see someone who does tax planning in the financial year. Here at Inspire, we do that for every single business client that we offer this tax planning service as part of the normal package of working together. Make sure you go and get advice in advance of 30 June or the end of the financial year, in which you’ve made your profit.
Report accurately to avoid fines or penalties – If you’re trying to hide stuff, it will not end up working for you, whether it’s fines or penalties or you’ll eventually pay the tax, or you’ll be paying sleep at night tax throughout your life.
If you’re trying to make it look like something it isn’t, then that’s when you need to be worried (i.e. capital instead of revenue for your benefit) Sometimes we want it to be capital, but it looks revenue-ish or we want it to be revenue when it’s capital. That’s the sort of situation where you have to look at it objectively because if you get audited you should have known better. “How would I know? I’m not an accountant”, is not your defence from an ATO perspective. It might reduce the penalties you get but definitely not an excuse or you won’t ever pay the tax. So please get that sorted.
Watch the full webinar, ‘Cryptocurrency Tax Masterclass’ at https://fb.watch/acHFQ4OHBc/
Bored with the “boring” tag the Accounting industry seems stuck with, Inspire is a firm on a mission to change common perception by achieving outstanding results with out of the box thinking… and doing.
As Accountants and numbers people we believe that family is number one and get excited to help Young Families Use Their Small Business to Achieve Big Goals.
Best known for proactive tax & accounting advice, our “It’s all Sorted” lodgement service for small businesses actually pays for itself in tax saved.
Acknowledged by Anthill as “one of the Top 100 Companies In Australia,” Inspire is throwing out timesheets and by-the-hour charges. Embracing cloud tech like Xero and giving part of its profits to families in need in the developing lands instead, making them all the more interesting.