It’s that time of the year again – Tax Time. How can you make sure tax time finds you prepared this year?
Easy! Here is a quick to-do list that will help you organise your financial situation and get you ready for tax time.
Do you have medical expenses?
Action: In order to receive the medical expense tax offset you need to make sure you claim for 2014. The thresholds have changed so make sure you discuss with your accountant.
Make some generous donations
Action: Not only do you feel good but everything over $2 you can claim as a tax deduction.
Margin loans and investment property
Action: If you have margin loans and investment properties you can pay the interest now and receive a deduction this financial year end.
Do you use your car for work?
Action: If you use your car for work make sure your log book is up to date. If you work for an employer, sometimes, you may also receive an allowance. Your allowance is not necessarily 100% deductible, so you may be in for more tax.
Action: If you are claiming deductions, remember to keep the receipts.
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Action: If you have a capital gain and you also have some poor performing shares, sell them now at a loss so you can offset is against your gain. There’s no use in hanging on to shares that won’t go anywhere.
Get an insurance
Action: If you don’t have an insurance and you want it now is a good time to buy it. Income protection insurance is tax deductible.
Rental property deductions
Action: Pay all your bills now, even if they are not due yet. If you pay them before June, you can include them in your deductions. Also, if you do not have a QS report, get one. You can get a deduction for fittings and fixtures, and even for the building, in some cases.
Action: Super must be in the account by 30th June. Be careful not to overpay, in which case you will be penalised.
Small business assets under $6500
Action: If you buy an asset for under $6500 you can write it off immediately.
If you have any further question about your tax and accounting, the specialists at Shuriken are happy to assist you. Get in touch with us today.