EOFY 2019/2020 is Approaching！
Are you ready to save on personal and family tax claim?
Here are some top tips from BOA & Co. for Personal/Family when it comes to year-end tax planning:
Tax planning tips for personal and family:
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First of all, please consider Job-keeper payment as part of your income.
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Check superannuation contributions for the year to date to see what leeway you have.
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Consider personal contributions for you and/or spouse. Check here for the benefits calculator.
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Consider spouse contribution for spouse earning less than $37,000 for a personal tax offset of up to $540.
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Prepay margin/investment loans before 29 June.
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Prepay Income Protection insurance premiums to bring forward the personal tax deduction.
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Review all other rebates such as childcare expenses, dependent spouse rebate, low-income rebate and the tax offsets for mature-age workers and senior Australians.
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If you have a Capital Gain (lucky devil) then check other assets to see if you can trigger any losses to minimise gains.
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Try to defer bonuses or income until new rates apply in 2019/20 and the flood levy is gone.
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Review your own salary packaging arrangements for 2019/20 to ensure it’s within limits and correctly recorded.
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Be smarter with Term Deposits and have them mature after the end of the financial year in the future.
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Change savings accounts into the name of the lower-income spouse before the start of the new financial year to maximise your personal tax claims.
If you are also an Investment property landlord please:
- Get your annual Income and Expenditure Statements from your agent.
- Prepay for any Insurances for Buildings and Contents.
- Prepay expenses for items like pest control (your pest controller should have vouchers).
- Do any minor repairs now and bring forward the deduction.
- If your property is new or less than 25 years old then make sure you have a depreciation schedule prepared by an authorised Quantity Surveyor.
- Lodge your tax as early as possible to help ensure you receive your refund sooner.
- Keep clear records of deductible interest and non-deductible as the tax office is clamping down.
- Consider a PAYG variation for next year to bring forward the tax benefits throughout the year.
Do you need professional assistance filing your personal tax returns? Call BOA & Co. accountants in Chatswood on 02 9904 7886 and our specialist will be pleased to assist you.
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