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.
Do charity
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.
