If you’re claiming a deduction for personal superannuation contributions, ensure that your fund has correctly classified the contribution and a notice of intent to claim a deduction has been prepared. This needs to be done by the time your tax return is lodged. The fund will provide you with an acknowledgement letter which will be required when lodging your return. The cap for concessional contributions remains at $25,000 for 2018/19 for all individuals, regardless of age.
Consider donating to a registered charity before 30 June to claim a tax deduction.
If you’re selling capital investments like shares, consider the position of all assets in your portfolio and sell assets that are in a loss position to offset any gains made. Capital losses can only be used to offset capital gains so crystallising losses at the same time as gains will reduce your tax bill.
Premiums paid for income protection insurance (personally and not in super) are tax deductible. Ensure that you keep your annual premium notice to claim at tax time.
Review your private health insurance policy. If your income level exceeds the Medicare levy surcharge threshold ($90,000 for singles and $180,000 for families) and you don’t have an adequate level of hospital cover, then the Medicare levy surcharge will apply.
Ensure you take your minimum pension payment for 2018/19. For those that are in receipt of a pension from their SMSF, making sure that the minimum pension payment is made before 30 June is vital to ensure that the earnings remain tax free.
Good record keeping is important for individuals. All receipts and invoices need to be maintained as evidence of expenditure. Consider using apps to keep your records like