If you run a business
There are a couple of tips to follow if you are a business owner that will maximise your tax return, and first of all you need to take time to review the structure of the business. Speak with your tax agents or accountants to see if the business structure you have at present, whether this is a sole trader or a partnership for example, is still the best one for your current situation, because now would be the time to think about changing. Once you have done this, ask your income tax accountant or agent to review any options you have regarding trusts and companies who can allocate funds to beneficiaries on lower tax brackets as this will help reduce tax payments.
Review any unpaid or bad debts so that they can be written off prior to the June 30 date and you can claim the tax deduction and carry out a full stock check so you can account for damaged or stolen stock which will also reduce taxable income. Paying off superannuation guarantee payments for your staff before the start of the new tax year, gives you the deduction for them now and not after June. Speak with your income tax accountant to see which assets less than $6,500 belonging to the business could be written off - if your business is eligible. Offsetting profits by stocking up on consumables such as stationery is also an option.
Personal tax returns
You could review with your income tax accountant or agent, a number of options to maximise your individual tax return. These can include prepaying your expenses before the start of the new financial year, delaying your income, but you would need to take advice on how you could legitimately do this, as well as a number of other possibilities. For instance, if you do give some of your income to charity, then you might be eligible to get a tax deduction in the current financial year, or you can review how you pay your superannuation.
There have been changes which could allow you to share the payment of your superannuation with your spouse but you need to get permission from the members’ fund before doing this. If you earn less than $46,920 in the current financial year and make an after tax contribution to your superannuation fund, the Australian Government offers up to a 50 cents in the dollar contribution, up to a capping of $500 so you could get some extra money free-of-charge. You might also be able to claim a tax rebate of up to $540 if you pay for your spouse’s contribution and if they earn less than $13,800 in the tax year.
If you are a higher earner, or if you own property that you rent out there are also a couple of things you can do to maximise your tax return. If you do earn a lot then you might want to consider avoiding the Medicare Levy surcharge by taking out private health care cover. If you own property that you let out as an investment, then make sure any repairs or maintenance are carried out in the current financial year reducing the amount of your assessable income.
This is also a good time to sit down with your income tax accountant or tax agent and have a review of all of your finances including insurance policies held, any salary sacrifice scheme you are part of, or if self-employed, making sure that you are claiming a 100% deduction for any superannuation contributions you make.
Again make sure that you do this in plenty of time before the June 30th deadline, and there are several reputable and experienced tax agents and income tax accountants in the Gold Coast, Cairns, Ipswich, Brisbane, Townsville and Bundaberg region who will be more than happy to advise you.
Whether yours is a business or an individual tax returns issue, The Income Tax Professionals are the go-to experts who can advise you on all tax matters and the guarantee is every legitimate deduction or rebate possible will be claimed.
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