Its the count down to FY 2016 tax year end. There is still time to reduce the taxes you pay.
Five simple tips and tricks to assist with the tax bill
- Consider making deductible contributions to your superannuation – either additional personal deductible or employee salary sacrificed contributions
- Prepay any expenses that are work related or relate to your investment property (if applicable)
- Consider any necessary asset acquisitions under $20,000 if you are a small business or sole proprietor
- Consider taking out private health if you are in excess of the single or family income limits to save the medicare levy surcharge
- Manage your investments – if you are planning on selling any investments – consider the timing of this. The gain is included in taxable income and could result in a higher marginal tax bracket. You may need to dispose of some before the 30 June and some after the 30 June.
Note – the above is thinking points only, should not be taken as advice and your specific facts and circumstances should be discussed in detail with your tax accountant – Contact Us Today – [email protected]