commonwealth

Any tips?

roaringmouse

You're the accountant, aren't you??

commonwealth

Lol yes but i think i might be missing something lol.

Alan Collett

Buy equipment for income generating purposes (eg a PC) before 30th June, 2013 - particularly if you want to make use of the increased $6,500 allowance for the immediate write off of depreciating assets.

Best regards,

Alan Collett

Prepay before 30th of June up to 12 months of interest on borrowings used to acquire income generating assets.

Best regards.

Alan Collett

Before the end of the tax year pay for any discretionary expenditure on let property - eg insurances, repair costs.

And if you have bought an investment property make sure you have a tax depreciation schedule from a firm such as BMT so you can optimise the allocation of the purchase price in an effort to improve that part of the purchase cost where a depreciation allowance can be claimed:
http://www.bmtqs.com.au/tax-deprecia...?company=gmtax

Best regards.

Jilliebee

Hi Alan

Are you a tax agent as well as a migration agent? We've just moved to Melbourne from Darwin and will need an agent who is up with the UK side as well as the Australian side as we have properties in both countries x Hubby is in ADF.

Alan Collett

Hi Gillian!

Yes, I'm a registered tax agent too.

Maybe send an email (preferred) or a PM to me with your contact details? Click on my name to the left of this post.

Best regards.

commonwealth

Thanks Alan. Also in terms of depreciation it may be good to apply for a PAYG variation so you get more take home salary and not wait for the tax refund.

spouse of scouse

Don't forget to claim a deduction for an accountant doing your return

commonwealth

no need to pay an accountant to do to it for me, because i am an accountant lol. deductions if they are unnecessary expenses only reduces your outlay to the extent of the tax portion.

e.g. if i pay a tax agent $100 (unnecessary for me) and my marginal tax rate is 30% i am still $70 worse off. however if i pay $100 for essential investment property repairs, i am $30 better off. if you get what i mean.

spouse of scouse

Had to read it a couple of times, but I get it now I knew you were an accountant, I thought you might be able to pay yourself and then claim a deduction

commonwealth

If i pay myself i need to declare that as income. So its a zero sum thing.

spouse of scouse

In that case, I don't have any tax deduction tips for you. If you have any for me, please let me know Manager, local government, been on sick leave for months, can't claim a blessed thing

scrudu

Last year it was worth paying your annual health insurance subscription in advance as the tax rebate levels were dropping. Is there any advantage to paying your year in advance by June 30 (i.e. rather than paying monthly)?