5 bloody boring tax tips to save you THOUSANDS OF DOLLARS! - Finness Advisory

5 bloody boring tax tips to save you THOUSANDS OF DOLLARS!

Tax season is finally over – it was due last week! – so we’re now thinking about the end of the financial year which is just 5 weeks away.

Now, I know tax is a bloody boring subject for most of you but just think if I was offering to transfer $5,000 to your bank account for very little effort, you’d take it right?

So, stop wasting your money!

This is your opportunity to save money from a few simple tricks that are perfectly legal and ethical, and they’ll save you a bunch of hard-earned cash.

Here’s five bloody boring tax tips to save you THOUSANDS OF DOLLARS at June 30;

  1. Work from home expenses– since you’ve been working from home, don’t forget to claim any of the expenses you’ve incurred. If you’ve bought your own stationery, used some extra gigs on your broadband or even had to use your car for work, then you’ve probably got a good argument to claim those expenses in your tax return.
  • Income protection– income protection insurance is tax deductible so if you’ve been paying income protection premiums, make sure you claim them on your tax.  If you ever have a claim, it will be taxable. That’s why the costs are tax deductible.
  • Property depreciation schedule- if you haven’t had a proper tax depreciation schedule done on your investment property then you need to get cracking.  This is a game-changer in terms of increasing your property expenses to increase your cash flow.
  • Lump Sum Super contribution– if you’re self-employed, rather than salary sacrificing, you can make a lump sum contribution to your super that’s tax deductible. This is ideal if you’re looking to lower your taxable income and especially helpful if you’ve got a capital gains tax event this financial year.
  • Super – superannuation contributions are a no-brainer at this time of year so if you’ve got a pay cycle or two left before June 30 then this is your chance to save some tax and boost your super.  

As with all tax advice, make sure you reach out if you have any questions and don’t forget; there’s never a silly question when it comes to your money!

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