Can’t believe we caught you cheating on Valentine’s Day! 😨😨

Hey Gigster 💙 

Long term MyGigsters users have been cheating on unnecessary hassle, storing receipts, traditional bookkeeping and wasting hours by manually managing expenses. 😖 If we have made your relationship with taxes a smooth-sailing experience, you’ll love this edition of Gig Scoop… 🤭 

Love is in July (for lodging your tax returns) because the new tax cuts are applicable from July 2024. The taxable income threshold has been moved to an upper bracket to make income declaration easier for everyone including sole traders and gig workers. 💌

Here’s everything you need to keep in mind about the new regime to nail your date with taxes (and always be on time)! 🗓

1. 💞 Being prepared - Income tax returns should not be complicated. Especially now that the tax bracket has been removed from $120,000 to $180,000. You have to be well prepared with your business expenses in hand and ready to be lodged in time by our expert accountants

2. 💞 Communicate - Remember, communication is the key. Tax cuts are dependent on several factors of analysis including taxable income quintiles, gender, total average income proportionality of that specific income tier and much more. Your accountant requires 100% honesty and clarified information from you to maximise your tax savings!

3. 💞 Commit - Love season and Tax season calls for commitment. You don’t want the perfect ones to become the ones that got away. Regularly track your gig income and business expenses, review your licenses, give your business the time and efforts needed to grow and leave the rest of the worries to us!

4. 💞 Future planning - Tax is a journey, once you’ve sailed smoothly through the basic obligations it’s time to spice things up with some goal setting! Chat with an expert accountant and financial planner to understand how tax can be used to forecast your business’s profits, opportunities and more. You can make a lot more out of the taxes that you pay.

5. 💞 Active Investment - Don’t just be involved, be invested! The new tax regime will implement a direct decrease in the marginal tax rate, from 32.5% to 30%. This is a good opportunity to look around and find positive impact of the reduction on credits, loans, mutual funds and other investment opportunities. It’s time to think like a Pro Gigster!

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See you in the next edition - Go Gigsters!

Benjemen
CEO & Founder of MyGigsters