| Are you ready to minimise your tax and increase the | | | | 4 - Contribute $1000 to super if your total income is |
| size of your refund? | | | | below $28,980 to receive the super co-contribution of |
| Good, but be warned. You can only use these | | | | $1,500 from the Government. |
| strategies before the end of the financial year for | | | | 5 - Taxpayers under 50 can now make a super |
| them to work! If you fail to plan at all in your life, you will | | | | contribution of $50,000 per year from all sources. If |
| be penalised with higher taxes, lower refunds and a | | | | you are over 50, you can contribute up to $100,000 a |
| lower personal net worth. | | | | year over the next five years with 30/6/08 being year |
| I'm going to give you eight tips to get you started. | | | | 1. |
| 1 - Take advantage of tax cuts from 1/7/08 by making | | | | 6 - If you are liable for capital gains tax, you can |
| additional home loan repayments or investing for the | | | | reduce the tax by selling shares or managed funds in |
| future through superannuation contributions or | | | | your portfolio that have fallen in value. The capital loss |
| managed funds and/or shares. | | | | can then be offset against your capital gain. The self |
| 2 - Delay other income - the self employed could raise | | | | employed can claim a full tax deduction for |
| or receipt June income in July 2008 and employees | | | | contributions to super (see tip 5 for limits). |
| expecting an ETP could receive the payment after 1/7 | | | | 7 - Employees on a salary package should look at |
| 08. Any assets that incur capital gains should be sold | | | | their household cash flow up to 30/6/09 to see if |
| after 1/7/08 as the tax rates are lower. | | | | additional contributions can be made to superannuation |
| 3 - Prepayment of expenses - interest on an | | | | or to determine if your vehicle deal should be changed. |
| investment loan or margin loan could be pre-paid. | | | | 8 - If you are in transition to retirement (still working |
| Investment property expenses, such as rates and | | | | & salary sacrificing into super while drawing a |
| insurance, could be prepaid. Business owners could | | | | pension), make the most of it by withdrawing up to the |
| prepay expenses such as trade associations, | | | | maximum amount. Talk to your financial planner about |
| subscriptions and stock purchases. | | | | this before the 30th June. |