Tax Time

It is that time of the year again: “Tax time”

For those in business your planning time for 2011 is over and you should now be thinking about 2012.

Have you set your goals-
Take time out to plan
Think about where you want to be by the 30th June 2012
Visualize and plan
Planning is not just about your business – it is about your whole life -
Work
Holidays
Family

How much time will I devote to each – Will I be their for the family and so on.

The work part of planning covers the following:
Where do I earn my income
Am I meeting my commitments
Saving sufficient to meet my tax,my retirement plan
Thinking of retirement planning – A good read is ” The richest man in Babylon”
The most telling statement to me is “A Tenth of all you earn is yours to keep”

Now to TAX- we all hate the word but it appears that this is what makes the world go round.
You probably use your Accountant/tax adviser to keep you up to speed.
Your Accountant should be one who you can talk to, be your confidant and friend. If he is not all these
things then it might be time for a change to get the right person for your situation.
A noted English Judge – Lord Justice Denning is on record as saying the following:
“The taxpayer is entitled to put his shovel in the heap and take his fair share just as the Tax
authority’s are entitled to take their share. Either party step over the line and Trouble starts”

Again I say use your Accountant- sure you will pay but it may be a small price to pay compared to the
angst you may end up with if the ATO comes a looking.

Paddy McCormick
Brian Lewis & Associates
Accountants, Tax Agents & Business Advisor