I’m sure as you age time passes more quickly. It certainly seems 30 June comes around quicker and quicker each year. As usual at this time of the year, we will be contacting our business clients to come in for tax planning to ensure you can legally minimise tax prior to the 30 June 2024.
Whilst the ability to claim a tax deduction can vary between tax payers, there are several items that apply to all of us who pay tax (if you’re ready, this is probably you). We’ve outlined a few of these below to ensure you can look at ways to minimise your tax (or maximise your refund).
- Bring forward expenses
- Defer income until next year
- Donate to a charity (ensure they are a deductible gift recipient). Just a reminder GoFundMe
campaigns are not tax deductible - Review any bad debts and write these off before 30 June
- If you have an investment property, make sure all repairs are done prior to 30 June or alternatively prepay your 2025 interest in 2024
- Is paying extra into super an option?
- Ensure if you earn over $180k (combined with your spouse) or $90k (as an individual) you have private health insurance. Without it, you will be paying the Medicare Levy Surcharge.
If you’re in business, not all tax minimisation strategies require you to spend money. Some of the above just need you to spend time understanding your numbers…enter stage left ‘Initiative’. Yes we can help you with this….and yes we are a great tax deduction too!
Author
Kim Jay
