With the Australian Taxation Office (ATO) is announcing their hit list for 2013 - 14, it is time to do some needing immediate attention to tax planning
1. Keeping a car log book could increase your retained money by thousands.
2. Claim a deduction for the costs you acquire in running your home office.
3. Minimize capital gains tax by delaying sale or offsetting losses against acquisition already made.
4. Build your nest egg faster by paying 15 % rather than 46.5 % by salary sacrificing into super.
5. Income will want to be lower next year? Bring some 2014-15 expenses early in this year.
6. Prepay personal health insurance.
7. Take benefit of the government’s free money service known as the “super co- contribution”.
8. Buy a new business benefit for under $ 1000 and the claim it as a tax deduction this year.
9. Keep your receipts.
10. Get a great accountant.