Maximising your personal tax return

Posted on Dec 17, 2014 by CFL Financial

There are a couple of things that you can do before June 30 to maximise your personal tax return:

1. Spend up on deductible expenses: By prepaying your tax-deductible expenses for the year, you can bring the deduction forward into the current financial year.

3. Charitable donations: If you are considering donating money to charity, get it done quickly so that you can claim a deduction in this financial year.

2. Delay receiving income: If you can, try to defer receiving income until after June 30. By doing this, you will be able to minimise your taxable income in this financial year.

4. Fix up investment properties: If you own an investment property, you may wish to bring forward any maintenance. You can claim a lot of work that is done to an investment property as a tax deduction.

5. High income earners should consider health insurance: To avoid the Medicare Levy Surcharge, high-income earners may wish to take out private health cover.

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