Top 5 Simple Tax Saving Strategies

Planning on giving to charity?

Make a donation now and claim the deduction this year. If you donate monthly to charities, think about paying the full year’s worth of donations upfront and take the deduction now.

Operate through a company?

If you operate through a company structure and the company has advanced you money during the year or paid expenses on your behalf, then work out whether you are going to repay the loans or put in place a complying loan arrangement. If you already have loan agreements in place from prior years, make sure that you make the minimum repayment (including interest) before June 30. If the company normally declares a dividend to cover these loan repayments, make sure the dividend is declared and set-off against the loan balance before 30 June. See my newsletter from previous.

Are your salary sacrifice agreements still relevant?

If you have existing salary sacrifice agreements in place, review them to make sure they are still viable. Also, if your taxable income is over $180,000, don’t forget about the debt tax (see the article, can you plan around the debt tax).

For business, if cash flow allows, now is the time to accelerate deductions by paying for any required repairs, replenishing consumable supplies, trade gifts or donations before 30 June.

Run a business? Don’t forget your super.

Your personal or company sponsored contributions need to be received by the fund before 30 June to be deductible this year. Don’t forget to make sure the paperwork is in place and that you don’t breach your concessional contribution caps.

To discuss further, contact PropertyTax Specialists on 02 9411 8133 or email  shukri@propertytaxspecialists.com.au

Financial Planning with your Tax Planning

Tax planning should ideally form part of your overall financial planning, as it may well have an impact on your overall financial situation.

We have created alliances with licenced Financial Planners and Advisers as an additional service to clients. To get an overall perspective of a client financial situation, we have persuaded them on arrangements, to attend a tax advice meeting with us and you .. when requested at no additional cost to you. Contact us for more details and to make an appointment.

Disclaimer:
Please note that every effort has been made to ensure that the information provided in this guide is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to property buyers and investors. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal, tax or investment advice. You should, where necessary, seek your own advice for any legal, tax or investment issues raised in your affairs.