End of year tax tips

End of year tax tips

The EOFY is almost here. Now is the time to implement a few simple strategies that may help to reduce your tax payable and avoid that shock tax bill!

 It’s almost that time of year again; the end of the tax year is edging closer. If you haven’t planned how you will maximise your income and save some tax, take note! Now is the time to implement some simple strategies to help reduce your tax payable and avoid that EOFY shock tax bill!
We’ve also highlighted a few strategies for you to consider throughout the rest of the year. Have a read through and make it a priority to implement a few in the next couple of weeks!
Pre 30 June
  • Defer non-essential income until the new financial year.
  • Should any of your investments be sold to offset any capital gains or losses made throughout the year? Review your investment portfolio and consider your options.
  • Ensure you are eligible for capital gains tax concessions by holding assets for more than 12 months.
  • Maximise tax deductions through super contributions. Additionally, make a contribution into super for your spouse – this could provide you with a tax offset.
  • If you have investment property, consider prepaying next year's interest, and claim the deduction this year.
  • Ensure you review income distributions from family trusts. You can lose franking credits in some circumstances if a family trust election is not made.
  • Consider if you have any capital improvements to make in the near future & decide if you should take advantage of the increased $30,000 instant asset write off by securing these before 30 June 2019
  • Finalise your dividend & trust distribution strategy prior to 30 June to help minimise any surprise tax rates or penalty superannuation tax for people over $250,000 worth of income.
Post 30 June
  • Book a meeting with your accountant and discuss whether you hold assets in the most appropriate tax structure. Individuals, companies, trusts and super funds are all taxed differently on their capital gains and income.
  • Use franking credits to reduce tax on lower taxed entities like super funds and lower income earners. Remember that excess franking credits are refundable.
  • Split income wherever possible to take advantage of the progressive tax system.
  • Consider paying for Income Protection Insurance this financial year, increasing your tax deductions this financial year.
In an ever-changing and complex world, seeking professional advice can help you through the maze. Here at Carbon, both our accountants and financial planners are here to help you maximise your tax deductions. Pick up the phone today and call our team to book in a tax planning session!

Back To Media and Resources

  • CPA
  • eWAY
  • Tyro
  • MFAA
  • Stripe
  • Ezi Debit
  • Vend
  • Synchron
  • Kounta
  • Retail Express
  • Deputy
  • T Sheets
  • ServiceM8
  • SimPRO
  • Unleashed
  • Spotlight Reporting
  • Calxa
  • Chaser
  • MYOB