Prosperity Tax & Accounting Services in Crows Nest, New South Wales, Australia | Accountant

Prosperity Tax & Accounting Services

Locality: Crows Nest, New South Wales, Australia

Phone: +61 2 9966 4422

Address: 102/68 Alexander St 2065 Crows Nest, NSW, Australia

Website: http://www.spglobal.com.au

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• Tax preparation service
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04.01.2022 Question from Client: Do you have some tips on how to best do this and what actions should I consider before 30 June 2018? Prosperity Tax & Accounting says:... The end of the financial year is rapidly approaching and now is certainly a great time to take steps to reduce your tax bill and put yourself in the best position for the next financial year. All too often tax planning is left to the last minute which makes it difficult to minimise tax, so consider the below tips for your personal tax, business or superannuation fund. Your personal tax return 1. Prepay your expenses: By prepaying 12 months of tax-deductible expenses, you can bring the deduction forward into the 2017/2018 financial year. A good example of this is income protection insurance but other options are prepaying interest on margin loans or investment loans. 2. Delay income: If you are able to, try to defer income until after 30 June 18 to avoid paying tax this financial year. As an example this may be done by reviewing term deposit maturity dates or legitimately deferring income by holding off issuing invoices until 1 July 2018. 3. Charity: If you are thinking of donating money, you may be able to receive a tax deduction for gifts and receive that deduction this financial year. 4. Repairs and Maintenance: If you hold an investment property, consider doing minor repairs and maintenance prior to 30 June 2018. 5. Buy health insurance if you are a high-income earner: To avoid the Medicare Levy Surcharge, high-income earners should take out private health cover. To avoid the surcharge for the entire year, the insurance needs to be held for the entire year otherwise it will be prorated.