The end of the fiscal year is screaming up so I thought I would put some ideas down to help you reduce your tax.

Please be mindful that not all of these maybe relevant to you and that you should only do these if cash flow allows.

 FOR EMPLOYEES

  1.  Maximise your super contributions. You can only go to the limit of $25,000.

 FOR INVESTORS

  1.  Look at prepaying rental property expenses like interest.

 FOR SOLE TRADER/COMPANY/TRUST – BUSINESSES

  1. Maximise your super contributions. You can only go to the limit of $25,000.
  2. Make use of the assets write off for assets costing less than $20k.
  3. Look at prepaying expenses like rent and interest.
  4. Bring forward expenses. Pay for items in June that you will need in July/August.
  5. Review your structure – is now the time to make the moving into a company or to look at other structures.
  6. Look at paying a bonus or extra wages to get the benefit but to still stay within the desirable tax bracket.