\n
Leaving tax planning to the last minute might cost you plenty, because many of the most lucrative tax deductions can\u2019t be organised easily in the last week of June.<\/p>\n
HLB Mann Judd tax partner Peter Bembrick said now was the time to put in place tax strategies, before it was too late to make a difference.<\/p>\n
\u201cAs a general rule, the approach should be to pay any tax-deductible expenses now, so the deductions can be made this year to reduce taxable income, and put off any non-deductible costs to the next tax year where possible,\u201d he said.<\/p>\n
For workers this means buying things such as tools, uniforms and office supplies in the next few weeks. For investors it can mean completing rental property maintenance before June 30, paying annual landlords insurance premiums, or prepaying interest on investment loans.<\/p>\n
REAL ESTATE: Tax plan will cause property pain<\/a><\/p>\n
NDA Law managing director Andrea Michaels said it was a good idea to bring forward purchases that might qualify for work-related tax deductions.<\/p>\n
\u201cIf you\u2019re about to buy a mobile phone or laptop you would want to do that in June,\u201d she said.<\/p>\n
Changes to superannuation rules last year have given all workers a chance to make extra personal super contributions in the coming weeks and claim a deduction for them.<\/p>\n
\u201cIt definitely is easier to contribute now, but the caps are lower so you have to be careful you don\u2019t put too much in,\u201d Ms Michaels said.<\/p>\n
Since July 2017 the maximum limit for tax-deductible super contributions \u2014 known as a concessional contributions \u2014 is $25,000 per person, including salary sacrifice and employers\u2019 compulsory 9.5 per cent contributions.<\/p>\n
HLB Mann Judd\u2019s Mr Bembrick said people should aim to make tax-deductible payments such as donations, subscriptions and income protection insurance premiums well before June 30.<\/p>\n
Donations to charities and super fund contributions were recorded as the date they were received, not the date sent, he said.<\/p>\n
Capital gains tax planning should also start now, with investors able to sell loss-making shares or other poor investments in June to offset capital gains made on investments sold for a profit. Looming capital gains should be delayed until July where possible.<\/p>\n<\/div>\n
Source:\u00a0 News Corp Australia Network<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
By\u00a0Anthony Keane<\/strong><\/p>\n
IT\u2019S June later this week, which means tax time is just a month away, so people who don\u2019t start planning their deductions now risk missing out on a…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[3],"tags":[89,29,35],"acf":[],"_links":{"self":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1892"}],"collection":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/comments?post=1892"}],"version-history":[{"count":3,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1892\/revisions"}],"predecessor-version":[{"id":1897,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1892\/revisions\/1897"}],"wp:attachment":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/media?parent=1892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/categories?post=1892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/tags?post=1892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}