EP 117: Preparing for Tax Season and EOFY (2023 Edition)

I have a dirty, 3 lettered word for you…
Though, it’s probably not the one you’re thinking of.

It’s… (drumroll)…
TAX! 🥳

I’m sorry to remind you of it again, but…
Tax season is quickly approaching.

Now, I can totally see how challenging it is for a lot of business owners out there.
Tax laws are complex and ever-changing, it’s hard to keep up while running our businesses!

Earlier in my journey, I wasn’t making as much money…
So apart from the tips my accountant gave me, I didn’t spend any more time thinking about it.

Over time as the amount of tax I pay increased, I began to realise how important it is to seek the right advice and use the appropriate tax strategies for my personal situation.

So, let me tell you…
There’s a whole different game being played solely around tax.

To give you an example…

You could literally have the exact same financial asset as the next person,
But because they’ve been structured differently,
There would be a completely different outcome when you go to sell or pay tax.

When it comes to property, the prices can range from hundreds of thousands to millions…
Losing a full or partial tax exemption status could cost you years worth of income!

If you didn’t know this, you could be missing out massively!

Luckily, I’ve got you covered…

In this podcast episode, Grant and I are covering everything that you need to know to help you prepare for the upcoming tax season!

We’ll be discussing:
– Tips for the EOF
– Using an accountant
– Tax minimisation strategies
– As well as Tax Loss Harvesting, Reviewing assets, and more!

Tune in now!

All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision

Episode Highlights:

00:00 Welcome to Business and Investing
01:38 Learning more about the tax system
06:15 Grant’s journey and relationship with the Australian tax system
07:56 Talking with an accountant
15:42 Tax minimisation strategies you may look into
17:30 Tax loss harvesting
25:57 Why you should review your assets
28:30 Tips for a smooth-sailing EOFY journey
33:33 Are you in the right accounting system for your situation?

If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!


Connect with Us:

Subscribe to our weekly podcast newsletter. It's FREE!

Marketing by
Scroll to Top