5 Quick Tax Tips

covered-taxland.jpg

With the financial year coming to a close, local tax agent, Ian Maloney, has some simple tips to help you out.

  1. Be sure to consider pre-paying personal accident and sickness insurance premiums before June 30, 2015. If you do, they will be tax deductible on your 2015 tax return. But, don’t prepay more than 12 months in advance.
  2. Do you use a non-commercial vehicle for work? If you are a sales representative or a real estate agent you probably do, so make sure your logbook is not more than five years old.
  3. There’s a good chance you have heard about the new equipment write-off for small businesses. Each item of equipment, costing up to $20,000, is tax deductible in the year purchased. This is available till June 30, 2017. A small business is one that turns over less than $2 million a year.
  4. Company income tax rates drop to 28.5% from July 1, 2015 (this is for small businesses only).
  5. From July 1, 2015, unincorporated small businesses will receive a tax discount of up to $1,000 per annum. This will come in the form of a tax offset on your annual income tax assessment. Get onto it.

If you need help with your tax, get in contact with Ian and Terry Maloney to claim every last cent you're owed. Call (02) 9939 4004 or visit www.taxland.com.au