The following graphic outlines our client engagement process.
Tax Tip 1. – Superannuation
Maximise your concessional superannuation contributions for the year. You can do this via salary sacrifice or via personal contributions. Funds must be receipted by your fund before June 30.
The concessional cap for 2020 is $25,000. However, if you did not use up this cap for 2019 and 2020 you can add the unused amounts to the 2020 cap.
If you make a personal contribution you will need to complete an election to claim as a tax deduction, and lodge it with your fund.
Tax Tip 2. – Motor Vehicle Expenses
If you use your vehicle for work purposes update your logbook to maximise your claim. Keep records of all running costs (fuel, insurance, registration and repairs). For fuel, an estimate is allowed but keep a record of your workings.
Keep a record of the vehicle purchase details (date and cost). If you borrowed or arranged finance to buy the vehicle, you can claim a portion of the interest.
Tax Tip 3. – Income Protection Insurance
Contact your personal insurance adviser and take out or renew your income protection insurance. Pay one year’s premium before June 30, for a full tax deduction.
Tip 4. – Rental Property Owners
Consider prepaying expenses before June 30 for a full deduction. Items to consider include insurance, interest, council rates and repairs.
Tip 5. – Home office expense (short cut method)
If you have worked from home between 1 July to 30 June 2021, the shortcut method allows you to claim 80 cents per hour for each hour you work from home. You should however keep a record of your hours worked from home.
– April 2021 Monthly Activity Statement – due date for lodging and paying.
– Payment for super guarantee contributions due – March quarter 2021.
Please read more at: ATO Online