10 Tips EOFY from Byrons
I always find the End Of Financial Year stressful. So I asked Paul Breedon, Partner at Byrons Chartered Accountants, for his Top 10 Tips to get us through:
DO BEFORE 30 JUNE:
- Pay superannuation to get a tax deduction in the current year
- Delay Income until the 2013 if possible
- Bring Forward any deductions you can
- Consider prepaying Private Health Fund premiums to possibly make savings
- Review your capital gains tax position
- Trusts need to minute income distributions
GET READY FOR 1 JULY :
- Personal tax rate changes starting 1st July for employees
- Immediate deductions may be available from 1st July on certain asset purchases
- The Flood Levy begins 1st July
- New reporting on Contractors for Building & Construction Industry starts 1st July
Good Luck All!!