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.
