Tax Tips

Here are some excellent tips for you to increase your tax refund this financial year.

  • Tax effective investments
    These investments generally have 100% tax deductibility (look for ATO Product Ruling). Unlike investments in shares or properties, if you invest say $50,000 in these investments you will get a tax deduction for $50,000.
  • Education Tax Refund
    Don't miss out on this new tax rebate which gives a 50% refund on certain education expenses up to $750 expenditure for each primary school child and $1,500 for each secondary school student.
  • Get a great accountant
    Great accountants are like quantity surveyors ... they know where the boundaries are. Avoid paying too much in tax or leaving yourself to a visit from the ATO. And their fees are tax deductible!
  • Realise capital losses
    With the slump in the stock market again this year, it is an opportunity to reduce the tax on gains made earlier in the year by selling non-performing shares.
  • Super co-contribution
    If your income is under $30,342 and you contribute $1,000 post tax into your super fund the government will match it with a further $1,500. It amazes me how few people actually take advantage of this great benefit. Free money!
  • Prepay interest
    Prepaying interest 12 months in advance before year end on your rental property or margin loan is an excellent strategy for those that will have a lower income next year due to factors such as maternity leave or redundancy.
  • Keep your receipts
    With the ATO increasing their audit activity this year yet again it is important that you keep your receipts. The ATO motto is no receipt = no deduction so you could be costing yourself $$$ by not keeping those dockets!
  • Salary sacrifice into super
    For those under 50 years of age you can contribute up to $25,000 per year into super & only pay 15% tax. This figure increases to $50,000 if you are over 50. Ultimately it is your money and you can build up your net wealth quicker instead of paying up to 46.5%.
  • Car log book
    Deductions can be in the thousands if you use your car for work purposes and keep a log book for 12 weeks. Keep all costs associated with the running of your car.
  • What are you waiting for?
    You now have got some great tax tips, time to take action. Times are tough so every dollar saved counts.

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