EOFY 2019/2020 is Approaching！
Are you ready to save on personal and family tax claim?
Here are some top tips from BOA & Co. for Personal/Family when it comes to year-end tax planning:
Tax planning tips for personal and family:
First of all, please consider Job-keeper payment as part of your income.
Check superannuation contributions for the year to date to see what leeway you have.
Consider personal contributions for you and/or spouse. Check here for the benefits calculator.
Consider spouse contribution for spouse earning less than $37,000 for a personal tax offset of up to $540.
Prepay margin/investment loans before 29 June.
Prepay Income Protection insurance premiums to bring forward the personal tax deduction.
Review all other rebates such as childcare expenses, dependent spouse rebate, low-income rebate and the tax offsets for mature-age workers and senior Australians.
If you have a Capital Gain (lucky devil) then check other assets to see if you can trigger any losses to minimise gains.
Try to defer bonuses or income until new rates apply in 2019/20 and the flood levy is gone.
Review your own salary packaging arrangements for 2019/20 to ensure it’s within limits and correctly recorded.
Be smarter with Term Deposits and have them mature after the end of the financial year in the future.
Change savings accounts into the name of the lower-income spouse before the start of the new financial year to maximise your personal tax claims.
If you are also an Investment property landlord please:
- Get your annual Income and Expenditure Statements from your agent.
- Prepay for any Insurances for Buildings and Contents.
- Prepay expenses for items like pest control (your pest controller should have vouchers).
- Do any minor repairs now and bring forward the deduction.
- If your property is new or less than 25 years old then make sure you have a depreciation schedule prepared by an authorised Quantity Surveyor.
- Lodge your tax as early as possible to help ensure you receive your refund sooner.
- Keep clear records of deductible interest and non-deductible as the tax office is clamping down.
- Consider a PAYG variation for next year to bring forward the tax benefits throughout the year.
Do you need professional assistance filing your personal tax returns? Call BOA & Co. accountants in Chatswood on 02 9904 7886 and our specialist will be pleased to assist you.