The month of June is not the time to start tax planning – NOW is.
There are many things you can do to legally minimise your income tax.
I will list a few. Undertake and pay for:
• work related study
• work related travel
• work related car expenses
• work related uniforms and protective wear
• income protection policy
• donations to registered charities
• retirement savings (e.g., before tax contributions to superannuation via salary sacrifice or after tax contributions as personal contributions ).
• Hold investments in the name of the lower income earner if you are part of a couple and in different tax brackets.
• instant asset write off –if you have a business
Your particular circumstances will determine the tax strategies to use.
It is in your best interest to do some tax planning now, so please contact me.