The end of financial year is only one month away. While you have until 31 October to lodge your tax return, if you’re running your own business, time can easily get away. If you’d like to be ahead of the game, here are six online resources that can help you get there.
Working with clients directly as an independent support worker on the Mable platform gives you a lot of freedom. You choose your hours, your clients, when you work and how much you charge. As a small business operator, it also brings responsibility. With tax time not far away, now is the time to start thinking about how you will manage your return. Here are six resources to help you get started.
1. Mable Tax Benefits Program
We’ve partnered with the award-winning tax and accounting firm YOUtax to help you make the most of tax time and beyond. As an active Mable independent support worker, you now receive exclusive YOUtax discounts of 20% off for tax returns and 40% off for quarterly BAS filing.
Our program also offers webinars and ongoing support opportunities through YOUtax.
2. MyGov
MyGov is a secure way to access government services including the Australian Tax Office (ATO). If you haven’t already created a MyGov account, you can do so here.
Once you have a MyGov account, you can link to the ATO and their online tax return lodging service MyTax.
MyGov is available 24/7, so if you’re choosing to lodge your return yourself, you can do so at a time best suited to your schedule. You can use the service to upload all of your deductions and once you have completed your return, you will be emailed a receipt.
3. Moneysmart
ASIC’s Moneysmart has useful online resources designed for self-employed people – like independent support workers. It features handy links, smart tips for managing cash flow, super and tax, plus info on income protection.
Moneysmart also features a simple calculator to help you track how much tax you need to pay at the end of the financial year. You can use it to help set aside enough money to cover your tax bill come the end of the financial year.
4. Super Guru
Superannuation is a self-employed worker’s responsibility. Super Guru is a website created by The Association of Superannuation Funds of Australia (ASFA), the peak body for superannuation organisations. It contains a range of helpful superannuation information designed for self–employed workers including how much to put away and how to choose a super fund.
5. Get to know your tax deductions
Tax deductions are certain expenses you have incurred to earn your income. Keeping track of these expenses can help you reduce your taxable income before your tax is calculated. It’s a smart idea to review the ATO’s advice on deductions and double-check that everything you plan on claiming as a tax deduction is allowable.
6. Mable’s billing page
You can find a record of your income earned from clients who engaged you via the Mable platform on your billing page. We message independent support workers in early July when their Business Net Income Statement can be downloaded from the Mable billing page. This document summarises the net monthly business income workers have received from clients over the financial year.
