{"id":119162,"date":"2017-07-02T12:00:55","date_gmt":"2017-07-02T12:00:55","guid":{"rendered":"https:\/\/simplesolutionsaccounting.com.au\/?p=119162"},"modified":"2017-07-02T12:00:55","modified_gmt":"2017-07-02T12:00:55","slug":"tax-tips-fy-2017","status":"publish","type":"post","link":"https:\/\/simplesolutionsaccounting.com.au\/2017\/07\/02\/tax-tips-fy-2017\/","title":{"rendered":"Top Tax Tips For EOFY 2017"},"content":{"rendered":"

We have well passed the three-quarter mark of the financial year,\u00a0and we are\u00a0racing down towards the finish line. Now is an opportune time to take this a extrapolate your numbers to date for the year, and consider your profit and tax position for the year. \u00a0Once you have crossed the finish line (30 June), it\u2019s too late to do tax planning.<\/span><\/p>\n

Here are some simple tips and tricks to assist to get you ready for tax filing 2017 and hopefully to assist with the tax bill<\/span><\/p>\n

1)\u00a0 Consider making <\/span>deductible contributions to your superannuation<\/b>, as an individual. This can be done either through an additional personal deduction or employee salary sacrificed contributions. \u00a0If you are a sole trader with income from employment less than 10% your personal superannuation deductions are deductible. A high-income spouse can contribute to a low income spouse\u2019s superannuation and claim up an offset. \u00a0As a business review Superannuation paid and ensure your superannuation is paid before 30 June to obtain tax deduction in FY2017 (otherwise \u2013 this MUST be paid by 28 July to get deduction in FY2018, or you lose the deduction)<\/span><\/p>\n

2)\u00a0 <\/span>Prepay any expenses<\/b> that are work related, business related or relate to your investment property (if applicable). Conduct a high level business review;<\/span><\/p>\n