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Now is the perfect time to seek advice from your Tax Agent and maximise your tax savings for 2015.

Small Business

Consider whether the new $20,000 tax-break for small business may reduce your tax bill in 2015

Review and write off any Bad Debts before 30th June

Prepare for the end of year by planning stock-takes, and getting books up to date

Consider superannuation payments before 30th June to claim them as a deduction

Review business owners salary or income, and loans

If you have staff, ensure you know about the “Super-Stream” compliance rules for next financial year

Property Investors

Prepare a tax plan and consider options such as pre-paying interest and insurance for rental properties

Consider whether maintenance costs should be brought into June or delayed until Financial Year 2015-2016

If you are considering re-financing, you may consider doing so before 30th June to claim costs and fees

Employees

Consider your work related tax deductions for 2015, which might include:

  • car expenses
  • home office expenses
  • tools or equipment purchases
  • personal computer, phone and internet used for work
  • uniform, protective clothing and laundry costs
  • union fees, professional subscriptions and memberships
  • income protection insurance
  • costs of managing tax affairs
  • donations to charities

Ensure you have receipts on hand if work-related deductions exceed $300.

Your tax accountant will be happy to give further advice.

For more details please contact your tax agent, or Melior Accounting on (08) 8339 4950.

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