With a little more than 2 weeks to go until June 30, it is high time to get in the some last minute tax planning. Budget changes and upcoming tax cuts have a made it most important than ever to get your finances in an order for the end of the tax year.
Tip 1- Tweak the new tax rates
People earning less than $ 80,000 will be paying higher slight tax rates for July 1 and so will get more “value”for deductions next year.
Tip 2- Prepay private health insurance
If you have likely to be hit by the new means test on the tax refund given to purchaser for private health insurance. You should consider prepaying next year’s premium before June 30.
Tip 3- Bring forward eligible termination payments
Changes to the analysis of termination of payments from July 1 support a strong incentive for many people faced with verbosity to take the money before June 30.
Tip 4- Other Super Strategies
If your spouse earns less than $ 13,800, you might want to consider making a spouse addition to their super. You can claim a maximum refund given to purchase of $540 on $3000 contribution if they earn less than $10,800.