The end of the financial year is approaching fast and now is the time to think about your tax position and to take action to maximise your tax deductions.Take Action Before June 30.
For employees, think about making a personal contribution to super (if you meet the eligibility criteria for the co-contribution) and purchasing work-related expenses before June 30. There are many other strategies that you may benefit from depending on your circumstances and eligibility.
For business owners, think about paying as many expenses as possible by June30, prepaying interest, insurances etc., making personal contributions to super, pay employee super up to date, purchasing stationery, equipment, motor vehicles and other expensive items now and consider the tax offsets that you might be eligible for.
It is in your best interest to do some tax planning now, so please contact me.