Dreading This Year’s Tax Return?

Emma Bowdler | The Women's Accountant

EMMA BOWDLER

I’m a cheerleader for women and an accountant bursting with personality. 

Sooo it’s end of financial year and the idea of gearing up for a Zoom call with your accountant is about as appealing as the thought of that coronavirus swab test. (Apparently, if you ever wanted to know how far a cotton bud could make it up both nostrils, this is the way to find out).

Look, I know corona testing has been just one of many ways that 2020 has sucked, but the year has also had a bright side.

For one thing, COVID-19 has shone a spotlight on the “Kindness Pandemic” – the acts of generosity shared by hundreds of Australians during this challenging time.

With a new financial year less than a week ago, we have another incentive to keep giving.

“Sadly, I know young women who are losing their jobs, which puts them at real risk of going into financial hardship ” 

EMMA BOWDLER

Tax time: give a little, get a little

When I launched The Women’s Accountant, my aim was to empower women to kick goals and make their mark in business.  Over the past few months, I’ve seen a lot of women in business struggle.

I’ve heard stories about women and families facing more domestic and family violence as a result of social isolation restrictions.

Sadly, I know young women who are losing their jobs, which puts them at real risk of going into financial hardship.

The end of financial year, or EOFY as us numbers ninjas call it, ends today – 30 June. But for countless Australian women, the financial uncertainty will continue.

And that’s where your tax return can help make a difference.

When to make a tax-deductible donation

I know you boss ladies may already be all over tax-deductible donations, so skip to the end if I’m preaching to the choir.

If not, I see them as kinda like that first full-body massage you might be planning for after the coronavirus restrictions end: they do good, they feel good, and there’s a happy ending for everyone. (Uh no, not that kind of happy ending – what kind of blog do you think this is?!)

Put simply, the Australian taxation system is geared towards supporting philanthropy.

Every donation you make to an eligible charity over the amount of $2 is tax-deductible. So if you make a donation now, before the EOFY, you can claim it against this year’s tax return.

Toowoomba Accountant for Business

“Sharing that hope with other sistas will help us stay strong as we come through together” 

EMMA BOWDLER

Savvy way to support a sista

The positives are:

  • You support a cause and goal that you believe in
  • You lower your taxable income
  • You contribute to other women’s wellbeing.

The negatives are: well, there aren’t any really, except having to keep receipts, but they’re all online anyway and thank GOD for cloud storage, right?

Obviously, you’ve parted with some of your hard-earned cash.

But it’s your cash. You choose what you do with it.

Me? I’ve just donated $1500 do The Toowoomba Women’s Collective a local organisation that helps some of the most vulnerable women in our region.

If you’re supporting another worthy charity, drop me a line on Facebook and spread the word!

And don’t forget to donate by 30 June. You’ve got until Midnight!

So we know 2020 has been a bitch of a year, and plenty of us want to scramble back into our doonas and come out at the end of, say, 2027. But don’t hibernate just yet.

On a practical note, you’ll need to make a donation by 30 June for it to be included in this year’s tax return. And next year, hang on to all e-receipts so you can pass them on to your accountant.

The tax-deductible donation is a win-win. Charities have been hard hit during COVID-19.  But I’m a latte-glass-half-full kinda woman, and I see EOFY 2019/20 as a watershed.

With governments investing in new infrastructure and new opportunities starting from 1 July (more blogs on these later!), there’s hope on the horizon.

Sharing that hope with other sistas will help us stay strong as we come through together, out of the pandemic and into a brighter future.

EMMA BOWDLER

I’m a cheerleader for women and an accountant bursting with personality. 

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