Optimizing Your Tax Strategy: Insights for Northern Beaches Businesses with WISTax

Attention Business Owners in Northern Beaches! πŸ“£βœ¨ Navigating tax complexities and developing an effective tax strategy might seem easy, but are you aware of the vital details necessary to meet ATO’s substantiation requirements? πŸ“‘ Don’t let a small oversight lead to a substantial tax bill!

🌟 We recently assisted a client, a special travel agent, who found herself in a tax predicament. Due to the intricacies of her work involving high net worth clients and extravagant activities like fine dining, helicopter rides, massages, and spa visits, she had around $20,000 in work-related expenses to claim. Unfortunately, during the COVID-19 year, she missed filing her tax return, and the ATO issued a default assessment, completely overlooking her rental property loss and other deductions. The result? A staggering $60,000 tax bill!

😱 Unaware of the situation until she approached WISTax for her 2021, 2022, and 2023 tax returns, she was in for a surprise. The private ruling worked in her favor, but there were hurdlesβ€”faint receipts, bank statements instead of traditional invoices, and ATO disallowances. However, our strategic negotiation skills came into play, leading to a successful claim of over $20,000 in work-related expenses. The outcome of our tax strategy? A whopping $25,000 tax refund!

πŸ‘‰ If you’ve got multiple years of returns pending, don’t panic! WISTax, your trusted local accountant in Northern Beaches, is here to help. Let us navigate the complexities, uncover potential deductions, and ensure you get the maximum refund you deserve.

πŸ“ž Schedule your consultation today and let’s turn your tax woes into a success story! 🌐 #WISTax #TaxReturns #NorthernBeaches #BusinessSuccess

tax strategy

All WISTAX today for an initial free 15-minute telephone consultation with John and his team on 1800 841 312 if you want to join our fast growing accounting franchisee business