How to Save on Tax before the End of Financial Year

As the end of the financial year approaches, here are 5 things you should have thought about to put yourself in the best position come tax time.

  1. Salary Sacrificing to Super – This can help reduce your tax rate from 47% to 15%
  2. Franking Credits – How are you utilising tax credits on Australian Shares to benefit your tax return?
  3. Negative Gearing – These are tax deduction on loans and other expenses when borrowing to invest in shares or property
  4. Small Business CGT Concessions – There are huge Capital Gains Tax Savings for Small Business Owners available
  5. Wise Structuring – Should you, your spouse, family trust, company or super own your assets? Vastly different tax rates can apply.

Other than that, here are a list of deductions you can typically claim… Did you know that you can claim any fees for financial planning services and for someone managing your tax affairs?

  • Gifts or donations
  • Fees for managing tax affairs
  • Fees for financial planning services
  • Income protection insurance premiums
  • Use of car for work related purposes
  • Work related travel expenses (inc. tolls, parking, flights, taxis & accommodation)
  • Work related clothing, uniform, laundry, protective gear (inc. sunglasses or sunscreen)
  • Work related self education expenses.
  • Any other work related expenses
  • Deductible super contributions
  • Medical expenses- if you claimed a medical expenses tax offset in 2014
  • Medical expenses relating to disability aids, attendant care or aged care