Maximise Tax Deductible Expenses

For individuals

• buy work related items < $300 for an immediate deduction;
• prepay interest on investment loans;
• bring forward repairs to your investment property;
• make tax deductible donations.

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.

• If you are a small business entity purchase business equipment up to $20,000 to benefit from new immediate deduction rules

•  Pay employees’ superannuation prior to 30 June for a tax deduction this year.

Superannuation

• if you are an employee, salary sacrifice some of your wages into superannuation up to the contributions cap;
• if you earn < 10% of your assessable income from wages & salary, make extra deductible contributions up to the contributions cap;

Beware of excess contributions

Anyone making large superannuation contributions should exercise extreme care to avoid excess contributions penalties.

This applies to both concessional and non-concessional contributions made to super.  

Drawing superannuation pensions

If you are in pension phase make sure the minimum pension has been paid to you for this financial year prior to 30 June 2015.