The end of financial year is almost upon us, and this is an important time to review your financial affairs to optimise your tax position.
Tax planning is the process of conducting a review of your situation in order to keep your tax to a minimum. It is something that is most often done by businesses, but there are things individuals earning a salary or wage can do as well.
Things to consider:
- Do you know what deductions you are entitled to, and are you keeping proper records?
- Are there benefits in making superannuation contributions?
- Can you salary sacrifice expenses?
- Donations of $2 or more are tax deductible.
- It is also a great time to discuss the implications of debts, major purchases, investments, life changes and your will.
The benefits of conducting a tax plan and review might surprise you. It is important to engage a qualified professional, as there are a lot of rules and regulations to navigate.
If you would like to speak to someone about conducting a tax plan, please call us on 07 4638 1100.