Top 10 End of Year Tax Tips



1. Take advantage of the Governments small business write off for all assets purchased for less than $20,000.

2. Receive the Government Co-Contribution benefit, note you must be working, and must meet an age test however if you earn less than $50,454 (or less than $35,454 for you to receive the full $500 benefit on a $1,000 superannuation contribution).

3. Make a spouse superannuation contribution. If your spouse earns less than $13,800 (assessable income, total reportable fringe benefits amounts and reportable employer super contributions), you can contribute a maximum of $3,000 to his/her super to receive a tax offset in your return of 18% or $540.

4. Salary sacrifice into superannuation. Make sure it is done before June 30! You may sacrifice any End of Financial Year bonuses.

5. Pay off HELP debt and receive a 5% discount for an upfront payment. It’s a risk free tax free advantage, if you are likely to pay off your HELP debt via lodging your return in the new Financial Year anyway.

6. Make personal tax deductible super contributions for eligible self supported persons or self employed people.

7. Businesses – Monitor bad debts and look to write off bad debts this year.

8. Claim professional advice when starting up a business immediately. From 1 July 2015 professional services such as legal and accounting fees are deductible rather than over a 5-year period.

9. If you have made a gain selling an asset, consider selling an asset that would give a capital loss. No point in hanging on to your losses for later.

10. Prepay 12 months’ worth of expenses including: margin loan interest, income protection premiums and business travel and conferences. Also if you are likely to go over one of the private health insurance income thresholds next year, you can prepay now to take advantage of your rebate percentages currently available rather than falling into a higher bracket the following year.

Should you need assistance on any of the above please contact  our team today.