For the 2019 financial year, most individuals have a concessional contributions cap to Superannuation of $25,000. This capped amount includes employer contributions (including contributions made under a salary sacrifice arrangement) and personal contributions. Your personal contributions can often be claimed as a tax deduction –providing you notify your super fund and get confirmation prior to lodging your Tax Return and you do not exceed the capped amount. This is a great tax minimisation strategy BUT you need to sort this out NOW. The last week of June is too late as super funds have their cut off dates. Please contact me if you need assistance. I am here for you, to help with any accounting, bookkeeping or tax issues.
We will advise on all accounting and taxation issues, including Super Funds
All bookkeeping or you can purchase your own software and I will work with you
We will manage all your accounting-related procedures for you, or come to your business and give advice
Established businesses, new startups, expansions, takeover, we can help with advice and planning
Need an audit, or being audited? We are here to help and to ensure your BAS statements are prepared and lodged
Tax preparation and auditing of Super Funds
Latest Blog Posts
Claim deductions for everything you are entitled to claim: But, only claim legitimate items.
- Keep good records: Be organised, keep receipts, and fill in motor vehicle logbook regularly.
- Get advice from a professional Accountant who is a Registered Tax Agent: He/she should find additional expenses, and tax offsets for you.
- Don’t forget the small stuff: Little expenses add up over the tax year.
Listed below are some possible tax deductions that you may have overlooked: Sunscreen, laundry, dry cleaning, briefcase, self-education; home office electricity, printer ink, copy paper, stationery, protective work boots, protective clothing, subscriptions, salary package fees, income protection insurance, personal contributions to superannuation, disability aids, mobile phone use, internet use, seminars, conferences, specific investment advice. The tax deductibility of your expenses depends if you purchased them for work use or for use in your business and the nature of your work. Remember to only claim the work-related portion of your expenses and keep your purchase invoices and receipts. Make sure you can substantiate ALL of your tax deduction claims. Please contact me if you need assistance.