With June 30 almost on us, here are some last minute tips to prepare for the end of the financial year. However, as always, whether they are appropriate for you will depend on your financial situation, goals and objectives. So, have a personal chat with me first before acting.
(1) If you are looking to donate to charity you might want to think about doing it now, so you can claim the tax deduction asap as long as you have the receipt. Furthermore, you might want to consider making the donation in the name of the highest tax payer, so you can claim the maximum deduction.
(2) Contribute to Superannuation – this financial year is the first time most employees have had the opportunity to make tax deductible personal contributions to superannuation. This means that if you wish to place some money into super it is not too late and you no longer have to do it through salary sacrifice. However, you need to mindful of a total cap of $25,000 for the financial year that applies to pre-tax (or concessional) contributions and this includes any money your employer has contributed on your behalf. You also need to understand any money contributed will be preserved until you meet a condition of release.
(3) Check you are claiming everything you’re entitled to: There are a number of available tax deductions that can often be missed. Check out this handy ATO guide for tax here for deductible work related expenses by occupation.
(4) If you want an easy way to keep track of your deductible expenses for next financial year you might want to take a look at the ATO app here. You can take photos of your deductions and even categorise them as you go ready for your next tax return. I love it!!!
(5) Also, if you have kids in childcare, don’t forget to log into your MyGov account before 30 June to update your income estimates for 2018/19 and make sure you are eligible for the new Child Care Subsidy.
See your accountant for tax advice if you think any of these tips apply to you.
This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. It does not represent and is not intended to be personal advice. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs. We strongly suggest that you seek professional financial advice before acting.