Quick Tax Saving Tips 2017
Your personal tax return
- Prepay Tax deductible expenses: You can claim deduction for prepaid expenses – which belong to next year but you paid before July 2017. E.g Income protection insurance and interest on loans
- Delay interest income: you can delay maturity of Term deposits so that tax is deferred to next financial year
- Repairs for rental property: If you plan to do repairs in rental property, then do before 30 June 2017 so that you can claim in 2017 tax return
- If income above threshold, then Buy health insurance : This is to avoid Medicare Levy Surcharge. Remember that if you hold this for part of year, then you will get exemption for part of year only
For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au
