Tuesday, June 17, 2008

Tax breaks

Tax time is almost here so it makes sense to see what you can do to maximise your return. Consult you tax specialist and look at ideas to make the most of your refund.
  1. Pre-pay interest on an investment loan. Paying 12 months interest now means you receive the tax deduction this year
  2. Make a super contribution for your spouse. If they earn less than $13,800 and meet other criteria you can boost their super by $3000 and reduce the tax you pay by up to $540
  3. Defer income and bonuses until after July 1 if you can. This will push your tax down slightly when the new rates come into effect.
  4. Donate to your favourite charity before June 30 and claim the deduction this year.
  5. If you've made a profit on the sale of property or shares consider the rest of your investment portfolio. If you've got some dud investments, crytalising the loss now means they'll be claimable against your other profits.
Consult your tax specialist as soon as you can about your tax position and get their recomendation before the financial year closes. If you're self-employed, spend your valuable time maximising your revenue and profit and let the tax experts manage your tax - not vice versa.

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