With 30 June fast approaching, time is running out to avail yourself of the following year end tax strategies:
- Concessional contributions caps - For 2016 you can take advantage of the $30,000 cap and those over 50 can contribute up to $35,000.
- Prepaying expenses - you may be allowed to prepay your expenses up to a maximum of 12 months if you are an individual or small business.
- Deferring income - you may be in a position to be able to defer some of your income into next year if you carry on a business.
- Purchasing plant and equipment less than $20,000 can be an outright deduction in this financial year saving considerable amounts of tax.