With the end of the financial year looming, it’s about time to get our financial affairs in order, and also time for Groovedance to tell you how you can save more money :).
Did you know that sole traders can apply for an Entrepreneurs’ Tax Offset? Since almost all dance teachers are sole traders, this applies to the majority of us.
This Tax Offset means you can get as much as up to 25% off your total tax liability. So hypothetically, if you were required to pay $10,000 in taxes to the ATO, you could get $2,500 off under this scheme. Now that’s a lot of money better kept in your pocket than paying to the Government isn’t it?
