Tax Planning
3/4th of the financial year is gone. By now most of us know how much money we will make for the financial year ending 30th June 16. With close to 12 weeks to go, it is good time for individual tax payers to look into how much tax they may end up paying. Hence time to review your tax plan or put one in place if you haven’t got one.
A simple tax calculator http://saptax.com.au/taxcalculator/ could be a good point to start.
Estimate your income and work out how much tax you will end up paying. Look at the ways you can save tax.
Talk to your tax accountant now.
Most of times, people speak with their accountants post 30th June. It is too late to do anything. Once, clock ticks over there isn’t much one can do. You should be talking to your accountant now and see how you can reduce your tax liability.
Simple things can save you hundreds in tax. For example, if you use your car for work and will be using log book method to claim, it’s time to check when was the last time you did a log book? Is it still valid? Have your conditions changed since you last did log book? This is your last opportunity to do a log book as ATO requires one for at least 12 weeks.
Look at other deductions that you can claim and make sure you have appropriate records with you.
Make sure you look at super contributions  Co-contributions, re-contribution and contribution caps. Depending on your age and personal financial position, one should consider contributing extra to super. Again, talk to your accountant for affirming tax saving strategy.
Idea is to have a discussion which over period of years can be rewarding.