Tips for Your Personal Tax Return Back

• Prepay your expenses:
If you are prepaying 12 months of tax deductible expenses, then you bring the deduction forward into the 2012/2013 financial year. The best example for prepay your expenses is income protection insurance, but some other options are prepaying interest on investment loans or margin loans.

• Delay Income:
To avoid paying tax in this year, try to defer income until after 30th June. An example of delay income is done by reviewing term deposit maturity dates or legitimately deferring income by stoping issuing invoices until 1st July.

• Charity:
If you willing to receive a tax deduction for gifts, then you are donating money for that gifts and you may receive that tax deduction in this financial year.

• Repairs and Maintenance:
Hold an investment property to doing maintenance and minor repairs prior to 30 June.

• Buy Health insurance if you are a high-income earner:
Higher income earners must take out private health cover for avoiding the Medicare Levy Surcharge. For avoiding this for an entire year, the insurance needs to be held for the whole year or else it will be prorated.