Tax Time...

There are only a few weeks to the end of the financial year, here are a few things to consider before the end of this financial year for individual taxpayers.

Date:

19-Jun-2018

Tags:

Author:

Jane Mortimer

Tax Time...

There are only a few weeks to the end of the financial year, here are a few things to consider before the end of this financial year for individual taxpayers.

Do you ever work from home?
More and more of us are using items such as Mobile phones, Computers, Laptops and other assets that enable us to work from home. Any of these items that are used for work under $300 you can claim an immediate deduction on and anything over this you will be able to claim depreciation on.
If you work from home and use a study, you may be entitled to claim home office expenses. Make sure you keep a record of your hours though, a record must be over a four week period.
Do you have any Professional Memberships or Subscriptions?
This can’t be just any membership – you won’t get away with claiming your footy team membership. It is anything like the following; Union Fees, Licence Registrations, Professional Memberships.
Have you borrowed money for an investment property?
Did you know you can pay the interest in this financial year for the year in advance and claim a tax deduction in this financial year!
Do you have Income Protection?
As above why not prepay the next 12 months to receive the tax deduction in the current financial year?
Do you donate to a charity?
Making a donation to a charity or non-profit organisation is a kind and generous thing; you can also claim a tax deduction from doing so, as long as the charity has received your donation before 30 June.
BONUS - Don't break the bank just to make a claim!
Don’t rush out and buy new items just to be able to claim against them this financial year – in some cases your better off to wait and buy the item in the new financial year and claim a full 12 months’ worth of use.

Finally, seek advice there is only so much we can do our self, don’t be afraid to ask for help and don’t put things on hold because they are too hard! You will always benefit from speaking to a professional!