With the end of the financial year just a few weeks away, there is no time to waste in preparing your tax plan. We have compiled a list of tips on the best ways to legally minimise your tax this financial year. Generally speaking, anyone who earns over the tax free threshold during the course of a financial year, 1 July – 30 June, is required to submit an individual tax return to the Australian Tax Office.
Organise your paperwork
Start gathering all your paperwork such as receipts now. Valuable deductions are usually lost because you are unable to locate a receipt at the last moment. By preparing yourself in advance with all your paperwork, deductions may be able to be made on your tax returns.
Salary sacrifice your super
Arrange with your employer to sacrifice a certain amount of your pay (before tax) to be contributed into you super, thus reducing your assessable income.
Motor vehicle expenses
Most motor vehicle expenses are tax deductible if you use your car for work purposes such as going from work to a work-related course, seminar or meeting.
There are four methods of calculating your tax deductions, each one with it’s own merits. The most popular method by far is keeping a logbook because if a log book is kept and recorded correctly for a period of 12 weeks, it lasts for five years.
Talk to our accountants at The Quinn Group
A good tax accountant can add value to your situation, help you with your financial goals and objective, plus tax advice is tax deductible. Speak with us today to find out more.
If you require further information, speak to us today about the best way to legally reduce your taxation liability. There is no time to waste! Submit an online enquiry or call 1300 QUINNS (784 667) or +61 2 9223 9166 to speak with our experienced team of tax accountants today.
