Personal Tax Planning Tips #2

Posted on Jun 5, 2012 | 0 comments

Here’s the second in our series of Personal Tax Planning Tips. Remember – act now and don’t wait until it’s too late!

4. Property Depreciation Report

If you have an investment property, a Property Depreciation Report (prepared by a Quantity Surveyor) will allow you to claim depreciation and capital allowances on capital items within the property. The cost of this report is generally recouped several times over by the tax savings in the first year of property ownership.

5. Sacrifice Your Salary to Super

If your marginal tax rate is more than 15%, salary sacrifice can be a great way to boost your superannuation and pay less tax. By putting pre-tax salary into super rather than having it taxed as normal income at your marginal rate you may save tax.

6. Prepay Expenses

Expenses relating to investment activities can be prepaid before 30 June 2012. You can prepay up to 12 months of interest before 30 June on a loan for a property or share investment and claim a tax deduction this financial year. Also, other expenses in relation to your investments can be prepaid before 30 June, including rental property repairs, memberships, subscriptions, and journals.

Talk to us TODAY before the 30 June 2012 deadline for assistance to reduce your tax!

Phone 07 5585 8555 for more information.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>