Tax Planning Perth

How You Can Reduce Your Tax

It’s that time of year again - 30 June is fast approaching. Naturally, we would all legally like to pay less tax. That’s why as a tax planning client we can show you some ways to reduce your tax this financial year. To get you thinking we have briefly listed below a few strategies that, if implemented before 30 June, may mean less tax for you. By acting now, we can help ensure you maximise any benefits that may be available to you. Which of course could mean more money in your pocket!

1. Tax Deductible Superannuation Contributions

Superannuation contributions made by employers or self-employed people may be tax deductible.

2. Superannuation Contributions for your Spouse

By contributing to your spouse’s superannuation fund before the 30th of June, you could be eligible for a tax rebate up to $540.

3. Negative Gearing

If you’re considering borrowing for an investment, then paying 12 months interest in advance could provide you with a full deduction.

4. Income Protection Insurance Insuring your ability to earn an income and paying your annual premium before 30 June, could result in a deduction of up to 100% of the premium.

5. Life Insurance within Superannuation Having a life insurance policy as part of your superannuation could provide you with a tax deduction for the contribution made to cover the cost of the premium.

Take advantage of these opportunities before 30 June. Call us on 1300 313 037 to arrange a time with one of our financial planners located in our Perth office to discuss how you could benefit from one or more of these strategies. We look forward to hearing from you.

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