The top five tips for the end of financial year tax returns.
Taxpayers who start thinking about their tax return before the end of the financial year often end up getting the most money back.
The simple things like knowing your budget and whether or not you can afford to pay for certain expenses before June 30, thus increasing what you can claim, can help taxpayers boost their overall refund.
Heart 1 Stop has put together its top five tips for the end of financial year. LODGE RETURNS EARLY
You may be dreading sorting out the paperwork and receipts for your tax return, but the sooner you start it the better off you will be.
We suggest using your tax return to pay off your credit card or personal loan or home loan. GET PRIVATE HEALTH INSURANCE
Singles with a taxable income of $90,000 or more and no private health cover face a Medicare levy surcharge.
"If you don't have private health cover and you currently earn $90,000 or more, taking out private health insurance now will help you to decrease the surcharge you have to pay." BOOST YOUR SUPER
Salary sacrificed super contributions are taxed at 15 per cent, which is likely to be lower than your marginal tax rate.
As any super contributions come out of your before-tax income, they are not counted as assessable income for taxation purposes. CLAIM AGAINST AN INVESTMENT PROPERTY
Make sure you claim every possible expense available to property investors. Speaking to a professional to ensure nothing is missed.
It says many property investors don't realise they can claim for a range of expenses on their property, such as agents and body corporate fees, advertising for tenants, building maintenance and repairs to council and water rates. GET INCOME PROTECTION INSURANCE
It is a claimable tax deduction, but not if it is funded through your superannuation.
So if you already have a policy and can afford to pay your premiums for the next 12 months in advance, doing so before July will mean you are able to claim the cost as a tax deduction for the 2014/2015 financial year.
