I have just come out of a tax planning session with my accountant as I do every year about this time and it occurred to me that I should share a few ideas with you to discuss with your accountant on how you might maximise your tax refund this year.
You will need to act quickly as you only have about 10 days to take whatever action is necessary.
1. If you don’t have a depreciation schedule for each of your investment properties, make sure you call BMT quickly, the first part year’s deduction is often disproportionately higher, (call Alan on 1300 728 726 and ask for your IEF discount).
2. Salary sacrifice into your super fund, but don't exceed the contribution limit, ($25,000 if you are under 60, $35,000 if you're over 60). Your tax liability is reduced from your marginal tax rate to 15%.
3. Defer bonus payments until after 1 July where possible and appropriate
4. Bring forward deductible expenses to before 30 June where possible and appropriate. (Remember, if you pay these expenses this year they won't be available to you next year. This works best when your income is higher this financial year then you anticipate for next year).
5. If you use your car for work consider using a log book.
These are just a few ideas, your accountant will have more. Remember seek advice before taking action, particularly on points 2 to 5 above.