DuncanDovico

2014 TAX TIME TIPS

It will soon be tax time again, so get an early start by turning your mind now to what you can do to reduce your tax bill for 2013 - 2014.

For greater detail and prior to implementing any pre 30 June 2014 tax strategies contact us on 1300 883 122 and or visit us at www.ddvic.com.au

2014 Tax Time Tips PDF download


PUSHING TAXABLE INCOME INTO 2014-15

The Medicare levy rate is increasing from 1.5 percent to 2 percent on 1 July 2014. This means a number of things:

  • More of your income will be lost to tax next year than this year
  • The value of deductions for expenses will be greater next year than this year
  • The usual practice of deferring assessable income and bringing forward deductions wherever possible is somewhat diluted

Either way, the time value of money remains an incentive to push taxable income into next year wherever possible. Here are some of the ways to do that.

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SUPERANNUATION

Speak to your adviser to ensure that all your superannuation affairs are in order prior to year end.

Have your annual superannuation contribution caps been fully exploited, but not exceeded?

Remember that if you are over 70 and working, your employer has likely started making Superannuation Guarantee contributions on your behalf this year.

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DEPRECIATION

Depreciation is an area, particularly if you run a business that turns over less than $2 million, that can yield good tax benefits from just a little bit of planning. So it is always wise to review your depreciating asset register for opportunities to maximise your capital allowance deductions for the year.

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OTHER OPPORTUNITIES

  • Net Medical Expenses Tax Offset
  • Trading stock
  • Non-commercial loans from private companies
  • Loss-making businesses run by individuals
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