To ensure that you or your business is in good shape,Connor Accounting, the tax advisers in Horsham, has provided top 5 tips for your personal tax return. These are very beneficial and all of you would be greatly benefited by following these tips.
Prepay the expenses
If you prepay twelve months tax deductible expenditures, you will be able to bring deduction forward in each of the financial years. A great instance is basically the income protection insurance. However, other options include prepaying the interest in the investment loans and margin loans.
Delay the income
It would be great if you can, try deferring income until 30th June if you do not want to pay the taxes in any financial year. You can do this by assessing the maturity dates of term deposits or deferring the income legitimately by holding off the issuing invoices until 1st July.
You can get your tax deduced if you donate money. You will definitely get deduction the financial year by getting involved in such activities.
Do repairing and maintenance job
If you have an apartment, house, office or commercial building in Australia, do minor repairing and maintenance jobs in those investment properties before 30th June.
Purchase health insurances
If your income is high, you can purchase health insurance. This way, you will be able to avoid Medicare Levy Surcharge. But to avoid this surcharge amount for the whole year, you must hold the insurance for the whole year or else it will get prorated.