MMP News - 2015 Year End Tax Tips

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LATEST NEWS - 2015 YEAR END TAX TIPS
     
 

Getting ready for SuperStream

What is SuperStream?

SuperStream is a government reform aimed at improving the efficiency of the superannuation system.

 

Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.

 

 

 

 

 

 
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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;
 
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