Can You Net Payments And Draws On Debt Cash Flow Tax – 8 Tax Planning Strategies For Australian Taxpayers to Save Tax in 2008

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Tax – 8 Tax Planning Strategies For Australian Taxpayers to Save Tax in 2008

Are you ready to minimize your tax and maximize your refund?

Good, but be careful. You can only use these strategies before the end of the financial year to make them work! If you don’t plan in life at all, you will be penalized with higher taxes, lower refunds and a lower personal net worth.

I’ll give you eight tips to get you started.

1 – Take advantage of tax cuts from 01/07/2008 by making additional home loan repayments or investing for the future through pension contributions or managed funds and/or shares.

2 – Defer other income – self-employed could increase or receive June income in July 2008, and employees expecting ETP could receive payment after 1/7/08. All assets yielding capital gains must be sold after 7/1/08, as tax rates are lower.

3 – Prepayment of costs – interest on an investment loan or margin loan can be paid in advance. Investment property costs such as interest rates and insurance could be paid upfront. Business owners could pay up front for expenses such as trade associations, subscriptions and stock purchases.

4 – Contribute $1,000 to super if your total income is below $28,980 to receive a super co-contribution of $1,500 from the government.

5 – Taxpayers under 50 can now make a super contribution of $50,000 a year from any source. If you are over 50, you can contribute up to $100,000 per year for the next five years, with 6/30/08 being the 1st year.

6 – If you are subject to capital gains tax, you can reduce your tax by selling shares or managed assets in your portfolio that have fallen in value. The capital loss can then be offset against your capital gain. The self-employed can claim full tax relief on super contributions (see tip 5 for restrictions).

7 – Salaried employees should look at their household cash flow up to 30/06/09 to see if extra pension contributions can be made or if your vehicle deal needs to be changed.

8 – If you’re in transition to retirement (still working and salary sacrificing into super while receiving your pension), make the most of it by withdrawing the maximum amount. Talk to your financial planner before June 30.

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