Presenting the final part of the three part checklist from HHG Legal Group's Tax Law Team.
Make sure you are aware of not only your tax planning opportunities but also your responsibilities before the end of this financial year.
Personal Tax Return
Prepay your expenses
By prepaying 12 months of tax deductible expenses, you can bring the deduction forward into the 2013/2014 financial year. A good example of this is income protection insurance. You could also prepay interest on investment loans.
Delay income
If you are able, try to defer income until after 30 June 2014 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 2014.
Charity
If you are thinking of donating money to a charity, do so before 30 June 2014.
Repairs and maintenance
If you own an investment property, consider doing minor repairs and maintenance prior to 30 June 2014.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.