The end of financial year is soon coming to an end, and it is time to finish every single task that should be done for this season. Look at your checklist and see which ones you have ticked off, and which ones you still have left to accomplish.
To help you avoid a huge tax pitfall, we have compiled last-minute tax tips that must be done before the end of financial year ends.
Now is the time to finish up those house repairs and renovation. If you decide to have it done after the 30th of June, then do not expect to get a tax deduction during the current financial year. Also, if you are planning on getting a new car, then better do it now. Alpha Finance has an EOFY sale right now and we are getting rid of their old stocks at a discounted price.
If you want the possibility of having your tax payable and PAYG instalment rate lowered for the next financial year, then make sure to claim all of your investment expenses that were incurred during the course of earning assessable investment income. Make sure to do this if you haven’t already, besides, who doesn’t want to have their taxes lowered?
Did you borrow money for an investment during this financial year, or planning to do so before the 30th of June? If yes, then you might want to think about prepaying the interest expense before June 30 – this way, you will reduce your taxable income for the current financial year.
Do yourself and the needy a favour and donate to a charitable institution. Make sure to keep the receipt so you can claim a deduction for your donation, as long as it is more than $2. You can only claim the deduction if it’s a registered charity, so make sure to do your research to avoid being scammed as well.
If you have used your personal mobile phone for work purposes, then you can get a reimbursement for it, as long as you collect all of your phone bills over a four-week period. The percentage can be applied to the whole year, so make sure to do this before June 30.
These things are definitely worth doing, so take some time off and do all that you need to do before the financial year ends, besides, it’s best to have a fresh start after June 30. Good luck!