MMP News - 2015 Year End Tax Tips

Maximise Tax Deductible Expenses

For individuals

• buy work related items < $300 for an immediate deduction;
• prepay interest on investment loans;

Businesses

• Prepay expenses if you are a small business entity for an immediate deduction in the current year – for example prepay interest on loans.
• Bring forward deductible expenses, such as repairs.

 Superannuation

•  if you are an employee, salary sacrifice some of your wages into superannuation up to the contributions cap;