2015 Tax Tips
Claim work-related deductions Claiming all your work-related deduction entitlements may save you considerable tax. To do so, make sure that you have all the necessary receipts or credit card statements. Typical work-related expenses include employment-related landlines, mobile phone and internet usage, computer repairs, union fees and professional subscriptions. Claim
Small business Budget announcements become law
Instant asset write off – the Act temporarily increases the threshold below which small businesses can claim an immediate deduction for the cost of assets from $1000 to $20,000. The increased threshold of $20,000 applies from 7.30pm (AEST), on 12 May 2015 until Friday 30 June 2017. The new Act
Ways to reduce your tax before 30 June 2015! – Strategy 9: Government Co-Contribution
The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax. Qualify for a Government Co-Contribution If your total income is less than $49,488 you may be eligible for a super co-contribution from the Federal Government.
Ways to reduce your tax before 30 June 2015! – Strategy 8: Defer Investment Income & Capital Gains
The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax. Defer Investment Income & Capital Gains If practical, arrange for the receipt of Investment Income (e.g. interest on term deposits) and the Contract Date for
Ways to reduce your tax before 30 June 2015! – Strategy 7: Realise Capital Losses
The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax. Realise Capital Losses Tax is normally payable on any capital gains. You should consider selling any non-performing investments you hold before 30 June to crystallise
Ways to reduce your tax before 30 June 2015! – Strategy 6: Defer Investment Income & Capital Gains
The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax. Defer Investment Income & Capital Gains If practical, arrange for the receipt of Investment Income (e.g. interest on term deposits) and the Contract Date for
Ways to reduce your tax before 30 June 2015! – Strategy 5: Prepay Expenses
The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax. Prepay Expenses and Interest Expenses relating to investment activities can be prepaid before 30 June 2015. You can prepay up to 12 months of interest
Ways to reduce your tax before 30 June 2015! – Strategy 4: Depreciation
The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax. Property Depreciation Report Are you achieving the full tax benefits of owning an investment property? A Property Depreciation Report allows you to claim depreciation and
Ways to reduce your tax before 30 June 2015! – Strategy 3: Motor Vehicle Log Book
The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax. Motor Vehicle Log Book Is your log book up to date and accurate? Motor Vehicle Log Books must be kept for at least a 12-week
Ways to reduce your tax before 30 June 2015! – Strategy 2: Assets
The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax. Ownership of Assets Its is important to review the ownership of your investments. Any change of ownership needs to be carefully planned in relation to any