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.
- Salary Sacrificing to Super – This can help reduce your tax rate from 47% to 15%
- Franking Credits – How are you utilising tax credits on Australian Shares to benefit your tax return?
- Negative Gearing – These are tax deduction on loans and other expenses when borrowing to invest in shares or property
- Small Business CGT Concessions – There are huge Capital Gains Tax Savings for Small Business Owners available
- 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
HAPPY TAX TIME