{Tips} Tax tips for year end 30 June 2011

Yesterday Scott, from Springer Accounting and Tax Solutions (aka, Mr Organised Housewife) provided us with some tips on what to organise ready for tax time.  Today is a list of his top tax tips.

Defer income

Consider if you have any opportunities to defer income into the 2012 financial year.

Bring forward deductions

Bring forward tax deductible expenditure prior to 30 June to receive the benefit of reduced tax this year.

Claim all work related deductions

Typical work-related expenses you may be able to claim include:

  • mobile phone costs
  • membership fees
  • subscriptions
  • home office expenses
  • uniforms

Identify eligible self-education expenses

This can be claimed provided that the education is directly related to maintaining or improving your current occupational skills or it is likely to increase the income from your current employment. These types of costs can include:

  • course fees
  • textbooks
  • stationary
  • depreciation on assets such as computers

List your rental property deductions

Landlords can claim deductions for a range of expenses such as:

  • advertising
  • bank charges
  • body corporate fees
  • cleaning
  • rates
  • electricity
  • garden maintenance
  • insurance
  • loan interest
  • land tax
  • lease preparation expenses
  • pest control
  • property agent fees and commissions
  • repair
  • water rates.

You may also be able to write off the costs of certain buildings, depreciating assets and borrowing costs over a period of time.

Claim relevant non-work related deductions

Fees paid to registered tax agents, bank charges and interest payments on funds used to acquire shares or other income producing investments. Donations to charities should also be claimed.

Optimise your tax offsets

Common offsets include:

  • the dependant spouse rebate
  • low-income offset
  • mature-aged worker rebate
  • senior Australian tax offset
  • medical expenses offset
  • private health insurance offset
  • the entrepreneurs tax offset
  • the offset for superannuation contributions made on behalf of a low income spouse.

An education tax offset is available for eligible families (who have claimed Family Tax Benefit A) for 50% of the costs of educational associated costs. This year the maximum amount of the rebate is $397 for each primary school child and $794 for each secondary school child.

Contribute to superannuation prior to 30 June

Ensure you pay your superannuation contributions prior to 30 June to claim a tax deduction or tax offset this year.

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