Another financial year is about to wrap up. We’ve put together a few useful tips for you to make sure you are taking advantage of any cost saving strategies.
Transition to Retirement/Salary Sacrificing
- If you are currently doing a transition to retirement strategy or salary sacrificing to the limit. Please note, there is proposed changes to the concessional contribution cap to $25,000 that will come into effect from July 1. We will be in contact with all clients affected. This will be after the election on July 2 to ensure the changes are sure to be implemented.
- Depreciation Schedule- If you have an investment property but still don’t have a depreciation schedule, get in quick- you don’t have long to take advantage of potential tax deductions from your investment property. What is depreciation, read our article to find out. Our friends at BMT Tax depreciation offer all Profolio clients a discount, so give them a call and see if its worth it for you.
- Repairs- Is there any repairs you’ve been holding out on? Do them now to take advantage of the tax deduction in this financial year
- Accounts- Start getting your accounts in order for your investments now. Especially if you are a shoe box type investor. If you enter all of your incoming and outgoing costs into a spreadsheet it will save your accountant time, and you money.
- Claiming your contributions- Are you looking to claim a tax rebate for contributions you have made to your superfund? There is an ATO form you will need to do this. Contact us if you require an extra copy.
- Call your accountant to see if there is any expenses you could/should prepay.
- Ensure you have paid all staff’s superannuation entitlements up to date.
- Take advantage of any immediate write off purchases you could make before end of financial year
Share/Managed Fund investors
- Statements for tax- Just a quick note to investors that most investment platforms unfortunately don’t get their end of financial year statements out until August, sometimes before. Keep this in mind when booking in your tax, as you may need to wait for this first.
- Salary sacrificing into your super is a great way to save tax and build up extra in your super. If you can spare, get a little bit of extra money into your super this financial year. Talk to your employer to see if you are able.
- Consider paying your health insurance a year in advance if you have the spare cash to get the extra tax deduction this financial year, straight after paying.
- Donate to charity- Any donations could be deducted, plus a little bit of giving is always good.
- If you are a parent check with Centrelink you are claiming all you can, such as Family A and B, and childcare rebates. You may be surprised the amount of income you can earn and still be eligible for assistance.