Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/sowacctw/public_html/articles/sow_server_v3.php on line 530
Deprecated: Function split() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 268
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276
Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277
Year-end Tax Planning – Individuals
A checklist of a few items to examine further, before year-end.
Are there some small transactions that collectively might help either reduce your income to a lower tax bracket or reduce the adjusted taxable income to enable access to offsets or liability to surcharges?
Ensuring personal superannuation contributions are received and cleared by 30th June.
Are there any capital gains that might be reduced by converting an unrealised capital loss into a realised capital loss?
Are there any expenses that may be paid shortly that can be paid prior to year end? Repairs to a rental property are a typical example.
Donations paid in June have slightly better tax impact than donations paid in July and remember philanthropic arrangements are akin to deciding how your taxes are spent.
Do you have any Higher Education Loan Programme or similar debts that could be reduced with a discount, rather than a compulsory deduction on the tax return?
Remember the business loss rules now include $250,000 “drop dead” test. Whilst you might pass all the other tests, if the adjusted taxable income is more than $250,000 the business loss will quarantined.