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Christmas giving (tax free!) Posted on Dec 22, 2014 by editor

Tax

The holiday season is a great time to think about giving a little back to those less fortunate than you, and many Australians will make charitable donations. In Australia, charitable donations are tax deductible, which only adds to the incentive to be generous this year. A recent global survey of charitable giving across the world has shown that countries that award taxpayers benefits for donations report much higher rates of donations per capita. Here are some tips for maximising your tax breaks on donations tis year: 1. Make sure that the charity that you donate to has tax-exempt status from […]

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New Year’s resolution: getting your super in order Posted on Dec 18, 2014 by editor

Super

Thinking about your superannuation might be the last thing you feel like doing this holiday season, but you should take this opportunity to get it out of the way! Setting aside just one hour to organise your superannuation will pay off down the track, and it will stop that little voice that occasionally keeps you up worrying at night. Here are a few things you can do to get on top of your superannuation: 1. Make sure your super fund has your TFN: If your super fund doesn’t have your TFN then your contributions will have an extra penalty tax […]

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Maximising your personal tax return Posted on Dec 17, 2014 by editor

Tax

There are a couple of things that you can do before June 30 to maximise your personal tax return: 1. Spend up on deductible expenses: By prepaying your tax-deductible expenses for the year, you can bring the deduction forward into the current financial year. 3. Charitable donations: If you are considering donating money to charity, get it done quickly so that you can claim a deduction in this financial year. 2. Delay receiving income: If you can, try to defer receiving income until after June 30. By doing this, you will be able to minimise your taxable income in this […]

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Bring forward your tax deductions Posted on Dec 3, 2014 by editor

Tax

If you are looking to reduce your tax bill this financial year, it is a good idea to try to bring forward as many deductions as possible. By thinking about tax deductions that you are eligible to make, and spending the money in the current financial year, you can reduce your taxable income. By reducing your taxable income, you will reduce your tax bill. Examples of things you may want to purchase in this financial year include business expenses, education expenses or work-related expenses. Of course, this may mean that you are missing out on the deductions in the next […]

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Investing in your super Posted on Dec 2, 2014 by editor

Super

People often overlook the advantages of making significant concessional contributions to their superannuation. By investing large sums of money inside your super, as opposed to assets outside of your super, you may end up saving a significant amount on your tax bill. Concessional superannuation contributions are voluntary amounts that you contribute from your after-tax income. These are different from non-concessional contributions or before tax contributions. If you are under the age of 50, you may contribute up to $30 000 before tax to your superannuation, and if you are over 50, the limit is $35 000. When you make concessional […]

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