Simple tips to streamline this year's tax time

May 13, 2016 by Rebecca Crommelin

Make every dollar work harder this End of Financial Year

With another end of financial year approaching, now's the time to get your finances in order and maximise your tax refund. 

There are significant steps that you can take now to help maximise your refund for the current year, and help set you up for the new financial year ahead.

Take a look at our suggestions below to help streamline this year's tax time while making every dollar work harder:

1. Maximise your concessional contribution cap where possible.

2. Reallocating profits or salary into superannuation can reduce your tax liability by up to 33.5c in the dollar (48.5% v 15%).

3. Prepay interest on margin loans and investment properties

4. Get depreciation schedule (also known as a quantity surveyor's report) for your investment property

5. Government co-contributions - if you earn less than $49,488 per year the government is willing to match your superannuation contributions dollar for dollar up to a maximum contribution of $500 per year.

6. Consider making a contribution to your dependant spouse's superannuation. If your spouse earns less than $13,800, you can make a contribution to their superannuation and be eligible for an income tax rebate. 

7. Capital gains - reduce any capital gains made by crystallising capital losses before 30 June. 

8. Get your 13 week log book completed to maximise your claim for work-related motor vehicle expenses. 

The most important thing to remember is that everyone's personal situation is different. Talk to our team at Mortgage Choice Joondalup & Clarkson today on (08) 9485 0090 if you would like more information on any of the above and to ensure that you're on the right path to financial security. 

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