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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.

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