It’s everybody’s favourite time of year again!

 

Yes, the end of the financial year is rapidly approaching, and there are just 5 weeks left to shrink your taxable income and whip your tax savings potential into shape.

 

The clock is ticking, so what are you waiting for? Get started on some of these tax tips and plump up your tax return.

 

  • Depreciating Assets – It’s important to know about depreciating assets, for tax reasons. Items such as computers, electrical tools, furniture, curtains, carpets and cars are depreciating assets according to the ATO.
  • Thinking of buying a new asset? – The $150,000 instant asset write-off threshold for eligible businesses up to 30th June 2021.
  • Gather up your receipts – Hopefully, you’re already keeping your receipts in some kind of filing system – and if you aren’t it’s time to start.
  • Organise your deductions – Maybe you’ve been supporting charities, driving to different worksites or kitting out your home office – store and organise receipts, gifts, and work-related expenses, as well as logging car trips.
  • Get your rental up to scratch – If you’ve got an investment property, now is the time to get on top of all those renovations your tenants have been pushing for, you may be able to deduct these repairs and maintenance costs. Also remember to claim your finance and insurance costs.
  • Pre-pay your interest on your Investment loans – It may be worth considering prepaying up to 12 months interest on the loan if you currently have a geared investment portfolio or rental property. And with interest rates at a historical low, now could be the perfect time.
  • Working from Home – The ATO has introduced a simplified method that allows you to claim a rate of 80 cents per hour for all your running expenses, rather than having to calculate the additional amount you incurred for specific running expenses.

You can find further information regarding Tax here from the ATO.