Hi & welcome to another month!

Financial year 2008-2009 is just around the corner and I hope you've been organised during the year!

Its surprisingly easy to NOT keep track of any receipts for deductions and also to forget what certain receipts are for. If this sounds like you, then you need to go get yourself a plastic sleeve to store all your receipts for the 2009-2010 tax year and remember to write the following note on it:

• The date (it rubs off sometimes - you need this to confirm which financial year it belongs to)
• The reason why you think its a deduction (e.g. food/drinks, parking, tickets, books, donations)
• What events did you attend, if you attended any (e.g. tax seminar, investor meeting)

The worst thing you could do is just dump them all into a plastic sleeve to sort out at the end of the year (which is what I do) - as long as you trust yourself to write the appropriate information and throw everything in there to sort out later then the system will work!

So if you don't have a better system than the one above, I suggest you just adopt it.

Anyways, below are also a few things you'll want to think about before the financial year ends.

For the Property Investors

• Have you considered paying interest in advance on your investment loans? - interest can be used to reduce your taxable income in this financial year (i.e. defer tax - control when you pay your taxes)
• Have you done your Income Tax Withholding Variation? - this is a must if you want to increase your cashflow during the next financial year (works when you are negatively geared)
• Do you have a depreciation schedule for your property? - you'll want to contact taxshield, deppro or another qualified quantitive surveyor. The reason is simple, you get paper losses which will increase your deductions during the year
• Do you have maintenance you can do on your property before the financial year - useful if you want more deduction this financial year
• Lastly, If you are a little bit more interested in how rental properties work and what you can and cannot claim then you'll want to read this document from the ATO

For the Share Investors

• Have you considered paying interest in advance on your margin loans? - interest can be used to reduce your taxable income in this financial year (i.e. defer tax - control when you pay your taxes)
• Things you can consider when when you have shares that are sitting on a large capital gain position and you have some losing positions: 
  • You may consider selling your losing position before the financial year to realise the capital loss so that it can be used to offset your capital gain. 
  • Then you can buy the position back in the new financial year (this works the other way around too) - this is helpful because capital gains can only be offset with capital losses and not income.

Remember to consult your accountant before making any financial decision as they will know your specific financial circumstance more than anybody else. There are many ways you can control your tax such as by prepayment or delaying expenses - sound financial planning does not happen over night, it requires discipline and the appropriate financial strategy catered to your financial needs. (i.e. shop for the right tax accountant - just pretend you are buying a car... nobody just listens to the car salesmen, you always take it for a test drive)

Until next time,

Yong-Long

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Today's success tip comes from Adam Davis.

At the age of 20, Adam has grown his consultancy into one of the most recognised traffic generation consulting services in the world, with over 500 clients in four countries. He has spoken in front of crowds of over 1,500 people in Singapore, Australia, the UK, Indonesia and Malaysia on how to effectively send traffic to any website and make a profit.

What is the most important thing you have learnt about succeeding on the internet?

As funny as it may sound, the internet itself has very little to do with whether or not you become a successful internet entrepreneur! Instead, it is about who you are and the mind-set with which you approach the concept of the internet. In order to succeed you need to stay focused and committed to both the immediate task and the long-term vision.

But perhaps the most important thing I have learnt is that the internet is nothing more than a medium; one that can distract a potential entrepreneur to the point of destroying their business. Let me explain:

The very nature of an internet-based business means that you will often spend long periods of time in front of a computer screen (unless you have employees to do this for you). There's little interaction with people and it can become distracting if you do not have good motivation and concentration. 

It is not uncommon to have wandering thoughts about random topics far removed from your business. Your unfocused mind tempts you to Google irrelevant topics and then you start following links. Before you know it, you've wasted many hours that could have been spent furthering your online business and increasing your profits. You then fail to approach your tasks with as much enthusiasm and vigour as you previously did, thus starting a downward spiral that can spell the end of a potentially successful internet entrepreneur.

My work has allowed me to witness people succeed and fail with their internet businesses. Based on my experience, I have learnt that the most important ingredients for success are:

• Determination
• Motivation
• Focus 
• Clarity.

To succeed as an internet entrepreneur you need to be completely committed to your business and determined to succeed regardless of the obstacles that befall you. 

This website contains even more great tips from Adam Davis.


CLICK HERE TO READ MORE NOW

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