Have a look at some of the below tips. Do any apply to your business?
Planning to contribute to your Superannuation Fund this financial year? Contributing in the last week (or two) of the financial may be too late! Find out the cut off date within your Superannuation Fund, hence taking advantage of this financial years’ cap as opposed to using up (and loosing future benefits) next years cap!
Earned under $60,342 in 08/09? Consider getting the Super Co-Contribution from the government. $1 for $1 upto a maximum of $1,000 you contribute to a complying Superannuation Fund.
Check your private health insurance coverage. If earning over $73,000 individually or over $146,000 as a family – save the extra 1.5% Medicare Levy Surcharge by having private health insurance.
Medical costs coming up? Be aware that there is a $1,500 threshold before any medical claims can be offset for tax purposes. You may wish to bring forward (or delay) your expense claims in order to pass the threshold.
Got an investment property? Consider getting a quantity surveyor report to take advantage of depreciation benefits for your fittings.
Defer income & bring forward expenses – as the title suggest – you may wish to defer income to reduce this financial years tax or bring forward expenses in order to reduce your financial liability. For example, prepay interest in advance to get higher deductions into this financial year.
Don’t spend unless required. Yes, you do get a tax deduction for expenditure directly related to your income activity BUT you still incur the outgoing which affects your cash flow.
Do any of the above tips apply to your business? Have you got other tips not on this list? Please add them in the comments section below.