Prepare for End of Financial Year Tax Time

With tax time right around the corner, it’s time to start closing out the current financial year:

At Locumsgroup, our expert accountants are equipped with advanced knowledge and understanding to help you get the most out of your tax planning and the preparation and lodgment of your income tax return.  Saving you money, time, and providing you with peace of mind that comes from knowing that your tax planning is complete and all of your legitimate deductible claims are made.

Tips to help you prepare:

1. A taxation strategy that can assist you in preparing for the end of the financial year can include you prepaying deductible expenses in advance for the next 12 months. This is a way to bring forward a tax saving that would have normally been claimed in the next financial year.
2. On top of the Superannuation Guarantee Contributions from your employer, you can also make personal super contributions which may be tax-deductible. There are many factors that determine if you can claim additional contributions, such as your age, assessable income, and the amount of your other pre-tax contributions.
3. This is a strategy that involves you saving tax and contributing to your wealth creation at the same time.  And it involves you paying less tax and investing for your future.
4. Donations to charity can be claimed as tax deductions on your personal tax return, however, the donation must be endorsed as being made to a ‘Deductible Gift Recipient’ and is a genuine gift, i.e you do not have a benefit from it.
5. Claiming a tax deduction for business expenses is another limb of a tax strategy to save money. Typically, there are three golden rules for valid business deductions:
   • The expense must be for your business and not personal use.
   • If it is a mixed expense, you can only claim the business portion.
   • There must be a record to prove your expenses.
6. So give some thought to any last-minute action steps that you need to take before the end of the financial year and remember we are only an email or a phone call away.

Contact us today at 02 9255 8888 | info@locumsgroup.com.au