5 Tips for a Smooth 2024 Tax Season & How Atramentum Taxation Can Help

Written By Michael Jones

As we near the financial year end on 30 June 2024, it's crucial to start your 2024 tax return preparations. Whether as an individual or a business owner, tax season can be daunting. However, with proper guidance and readiness, the process can be streamlined and advantageous.

Atramentum Taxation for a seamless and advantageous 2024 tax season.

Here are five essential tips to help you with your 2024 tax returns, along with how Atramentum Taxation can support you every step of the way.

1. Organise Your Documentation Early

Keeping your financial records organised is the foundation of a successful tax return. This includes all your income, expenses, and receipts. Good record-keeping ensures that you can accurately report your financial activities and claim all eligible deductions.

How Atramentum Can Help:

Atramentum Taxation offers tools and tips for efficient record-keeping throughout the year. We can help you set up a system that makes it easy to track and manage your finances, ensuring a hassle-free tax season.

“For a smooth and beneficial 2024 tax season, trust Atramentum Taxation to guide you through every stage of the process.”
— Michael Jones

2. Understand Your Deductions

Knowing what deductions, you can claim is crucial for minimising your tax liability. Common deductions include work-related expenses, charity donations, and home office costs. However, tax laws can be complex, and missing out on eligible deductions can cost you money.

How Atramentum Can Help:

We do it for You!

Our tax professionals stay updated with the latest tax laws and regulations. We analyse your financial situation to identify all possible deductions and offsets, ensuring you maximise your savings.

As an employee when will i be able to start my 2024 tax return?

“Employers reporting through Single Touch Payroll (STP) need to make a finalisation declaration by 14 July 2024.

Once your employer completes this process, you (Employees) can then access their finalised information to complete their tax return.”
— ATO

3. Maximize Your Offsets

Tax offsets directly reduce the amount of tax you need to pay. Some of the common offsets include the low and middle income tax offset. Understanding and claiming these offsets can significantly lower your tax bill.

How Atramentum Can Help:

At Atramentum Taxation, we help you understand and claim all the offsets you are eligible for.

Our experts will guide you through the process, ensuring you benefit from every available offset.

Let us take the stress out of your 2024 tax returns and help you achieve your financial goals.

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Let us take the stress out of your 2024 tax returns and help you achieve your financial goals. 〰️

4. Check Your Super Contributions

Superannuation is a vital part of your financial planning. Ensuring your super contributions are up-to-date can have significant tax benefits. Additionally, making extra contributions can help reduce your taxable income.

How Atramentum Can Help:

We review your super contributions and provide advice on how to maximise your superannuation benefits. Our personalised strategies ensure you are making the most of your super while minimizing your tax liability.

With Atramentum Taxation, you can be confident that your tax returns are in good hands

5. Seek Professional Advice

Tax laws are constantly changing and navigating them can be challenging. Seeking professional advice can save you time, reduce stress, and ensure compliance with all regulations.

More importantly, ensure you receive all the deductions you are entitled to!

How Atramentum Can Help:

Atramentum Taxation is here to provide expert advice tailored to your unique financial situation.

From complex tax issues to simple queries, our team is ready to assist you. We also utilise the ATO’s online services to ensure a seamless filing experience.

For any phone inquiries or to schedule a consultation, please Call us Now or click on the button below to email us.

We look forward to assisting you!

Why Choose Atramentum Taxation?

At Atramentum Taxation, we are committed to making your tax return process as smooth and beneficial as possible. Our services include:

  • Expert tax advice and guidance

  • Personalised tax strategies

  • Experience with dealing with ATO debts

  • ‘Catching up’ on non-lodged prior-year returns

  • Maximisation of deductions and offsets

  • Streamlined online filing

  • Super contributions and planning

  • Audit support and representation

  • Updates on tax changes

Michael Jones

Michael is an accomplished executive and business owner with a rich, multi-industry background spanning aged care, NDIS, oil & gas, finance, taxation & business services, retail, hospitality, arts, and education.

His extensive experience across both profit and not-for-profit sectors includes significant C-Suite roles and board positions, offering him unique insight into the operational and strategic needs of diverse organisations.

With over 30 years in corporate finance and accounting, Michael brings a comprehensive understanding of business operations from the ground up. As a Chartered Accountant, an Associate of the Tax Institute, and a registered ASIC and tax agent, his technical and professional expertise is highly respected across industries.

Michael has also lectured, presented papers at a number of conferences, facilitated corporate training & workshops, and written numerous online articles, sharing his insights and experience to support business and professional development.

https://www.linkedin.com/in/mfrjones/
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