The sales are on, not only for clothes and fun stuff, but for things you might be able to claim as part of your business or employment. You might want to spend the weekend shopping or planning to:
- spend/claim home office and other deductible expenses for your job. (Your advisers can tell you if you can claim tickets to events such as the ‘Sydney Home Buyer & Property Investor Show‘ Friday July 18th to Sunday July 20 2014. You’ll find out some investing tips such as from reputable advisers like Margaret Lomas and ‘Investing in a recovering market – dangers and opportunities’.)
- make/list your donations to charities
- crystalise any CGT losses (especially if you’ve made any gains)
- delay income/hold off on invoicing until July 1
- make superannuation contributions and reduce your taxable income
- consider property investing expenses – home improvements, leasing costs, prepaying interest
These are just some of the ideas you’ll get watching these short videos:
- Alan Kohler’s – basic deductions to maximise your tax returns
- David Koch’s Tax Tips and favourite Tax Apps
- The ATO’s Get Your Deductions Right
Be careful though, as this time of year also brings out a lot of deals and schemes you should avoid (eg Black box sharetrading software and dubious property investing programmes.). Check out some Guru Cops or earlier posts on scams.
From July 1 2014 “tax on incomes over $180,000 jumps to an effective rate of 49% – the 8th highest in OECD” James Kirby Eureka Report Budget bolsters Negative Gearing. So you might want to consider, and get financial advice on, whether or not “negative gearing now makes a lot more sense” for you.
You’ll find lots of special end of financial year offers, you might want to check out:
Or, you might get help on your investing strategy in How to get Ready for 2014 – 2015 Robert Gottliebsen (Eureka Report).
You’ll find more ideas in – Tax, Tactics and Trials – the trilogy of things to do before 30 June
Spend just a little time before 30 June checking out some of these and we’re sure you’ll start the next financial year from a much better financial place – enjoy!