your tax questions answered: what to do before 30 June
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What is the main topic discussed in this episode?
Well, it is June, and guess what, my friends? It's tax time. Firstly, editorial note, I want to apologize because I've got to do this episode. I usually like to get the tax episode done end of the kind of May because there's no point doing tax planning in July. You have to really get that sorted. into June. So this episode is going up the first week of June. We are recording it on, what's the date today, Ben? The 2nd of June. 2nd of June. And I am joined by Ben DeRosa. Is that how I pronounce DeRosa, Ben?
That is, Benderosa, correct.
Love it. And your business is Avum Accounting.
That's right, Avum Accounting. Yeah. Nailed that one as well.
Well, you know, I'm just here for it. People need to know a couple of things around tax. Because it's an Australian government federal thing, your tax accountant doesn't have to be in your city or state.
That's correct. Yeah. We've got lots of clients all over Australia. Um, and yeah, like you said, it's not a state-based thing. We do Google meets with our clients. Um, and yeah, help a lot of clients that are over East or in WA as well.
Yeah. So, uh, Benny's from the West coast. Um, We will hold that against him. But yeah, helping people all over Australia. We're literally just going to go through and answer a heap of questions. If it's your first time listening to the podcast, we get a lot of our content from questions in the Facebook group. If you do want to join the Facebook group, just say that you heard Glenn and Ben on the Tax Time episode. That Facebook group is called Money, Money, Money Podcast or something like that. I forget what it's called. and we won't know that you are spam if you put that you've heard both of us on here. If you need an accountant to do your tax return, we'll put a link to Ben's business in the descriptions and all that.
Otherwise, my name is Glen James and we're going to do a show about tax. How boring, right now. Before we get into it, this show is general advice only. I've got a license to provide that advice. Full details can be found in the show description. My name's Glen James, former financial advisor. I host this show and a show called Retire Right. I've got some books, the award-winning Quick Start Guide to Investing and the Quick Start Guide to Your First Property available where good books are sold or in the description. If you're new here, welcome. If you're an old hand, welcome to M3. Let's get into it right now. Okay, Ben, you dirty dog. The first question here from Lavender Kale or Anonymous. It's probably just going to be anonymous on the screen.
What are some triggers in your financial situation where you might consider an accountant over DIYing your tax return? e.g. moving from PAYG, and that's pay as you go, like an employee, everyone, to running your own business, buying an investment property, share portfolio over a certain value, etc. So when is a good time to be a DYI and when isn't?
I would probably say all of the ones that you just mentioned there. So investment properties, yeah, sole trader business, because you never know, it could grow quickly. You might be missing deductions as well. And then obviously managed portfolios, a lot of them are pre-filled now. So maybe if you've only got one or two, you might be okay doing it yourself. A lot of the ATO have a lot of information. So And generally the managed portfolios are released around October. So you could get away with doing it yourself. When it comes to maybe selling those portfolios, you might need someone at that stage to help you with the capital gain side of things. But we offer a free 15-minute initial consult. So if you're not sure, you can book that in with us and we can just have a quick chat to –
to see if you do need one or if there's anything you're missing. We also have a lot of information on our website about investment properties and information like that. But I would probably, if you're more besides, more than, you know, your standard deductions and your PYG, you'd probably reach out and, yeah, see what an accountant can offer.
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