When General Practitioner (GP) Doctor Roberts met with us, she was concerned about the big end of year tax bill of $23,000 she just had to pay and her big June PAYG Instalment that she now had to pay as a result. She could not understand why she had these huge tax bills.
After a review of Doctor Roberts’s last tax return and her MYOB accounting file we discovered the previous accountant had made an error by simply transcribing the figures incorrectly. We were able to amend her last tax return which refunded her $30,000. With a small amount of Xero training from us we have now moved Doctor Roberts from MYOB onto Xero to help her manage her BAS lodgements and to keep her updated on her tax position so she no longer has any nasty end of year tax bill surprises.
The Lessons Learnt:
- If you feel your tax bill is too high, question your accountant and get it reviewed it could save you thousands of dollars.
- Use Xero and your accountant to manage your tax position so there are no nasty end of year tax bill surprises.
- Use an accountant that has medical profession specialist experience, this could also save you thousands of dollars.
Contact us now to your review your tax position.