We realize tax planning is not the most interesting of subjects. But it is important for ensuring you to maximize the opportunities available to you and reduce your tax exposure. There are five tips for tax planning for individuals and families. They are,
* Pre – Pay Expenses Before June 30:
To minimize your tax this year, you have to check is there anything that can be bought or pre-paid prior to June 30.
* Make a Super Contribution on Behalf of your Spouse:
Per year, if your partner earns under $10,800 or up to $13,800, then consider making a allowance contribution into their fund to collect a rebate of up to $540.
* Salary Sacrifice a Bonus into your Superannuation:
Consider salary sacrificing this as a super addition, rather to keep your income lower and also pay less tax, when you are going to receive on EOFY bonus.
* Go Paperless:
By downloading the free ATO myDeduction App makes it easier and more convenient for you to keep your individual income tax-related deduction and make it all in one place.
* Make Contribution to super and the Government will match it:
If your salary is between $35,454 and $50,454 consider sharing a further $1,000 into your super fund.