Coming up to 30 June is a great time to review your tax position. There is nothing worse than receiving an unexpected nasty tax bill.
There are legitimate ways to reduce your tax bill some of which we have listed below.
- Deferring Income- You can delay issuing any invoices until after 30 June if you wish to reduce your taxable income
- Prepay expenses- You can bring forward expenses and pay them before the end of the financial year
- Temporary expensing- If you are in business you can take advantage of the government’s temporary expensing measures which have extended until 30 June 2023
- Contribute to Super- Often overlooked by taxpayers a contribution to Super before 30 June can reduce your taxable income and help build your retirement savings. If you do this be sure to obtain a notice of intent to claim from your fund.
Whatever your situation, it is good to be prepared when you lodge your 2022 ITR