Hi everyone,
The end of the Financial Year approaches and we start to look at work that needs to be done on our IP’s and what deductions we should bring forward into this Financial Year.
With That in Mind and Beyond the Pre-Paying of Interest for 13 Months on your Loan..
does anyone else have any TIPS or PLANS for the next few months?
Me… i’m doing my usual of Pre-Paying Council rates etc in June, giving me a quick return on my ca$h and i find it interesting to see the amount my rates have gone up over the last 12 months..
Also thinking about how to get my next IP and what plans to make…
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorPS-
To those that haven’t yet..check out http://www.bantacs.com.au [grad]
Make sure you start looking at the liist of items you are entitled to..TAX~AVOIDANCE is ILLEGAL, TAX MINIMISATION is worth the effort
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculatorafter a quick review of rising costs, i think some upside in the rental income stream is required.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneWe’ve raised Rent on one IP and have advised another of our intention..which still keeps it just below Market Rent in the area.
I think the next few months will see many rents rising..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorFrom NOEL WHITTAKERS Newsletter
Two key ways to save tax are to defer income and to bring forward
expenses. Therefore, delay the receipt of income until after June 30th if
possible. Ways to do this include placing money on deposit with no
interest payable till the next financial year, and deferring the sale of
assets that may give rise to a capital gain. And remember, CGT is
calculated on the contract date not the settlement date, so don’t fall into the
trap of thinking you can postpone CGT till next year by signing a
contract now with settlement in July.If you earn between $58,000 and $70,000, and are in business or have
investment properties, try to rack up as much tax-deductible expenditure
as possible before June 30th. The obvious ones are repairs and
maintenance such as painting, but don’t overlook the importance of pre-paying a
year’s interest. This will free you from worrying about interest rate
rises for the next twelve months and will also give you a safety buffer
if you get into financial strife. Be aware that you can’t prepay
interest by simply depositing a sum of money into your loan account. You will
need to make a special arrangement with the bank for the interest
pre-payment to be effective, and then pay the entire sum to the bank by
cheque or direct debit.Keep in mind salary sacrifice, which is still the best tax saving
strategy for the ordinary PAYG taxpayer. If you earn $80,000 this year and
could sacrifice $10,000 into superannuation you save $4,850 in tax.
After June 30th that same $10,000 sacrificed will save you only $4,350 in
tax. You don’t need to make the salary sacrifice a permanent
arrangement; if your budget is tight next year you can forgo it.Superannuation will be even more attractive for high-income earners
next financial year, because the surcharge will drop to 10% and the rate
at which it cuts in will be indexed too. The upper threshold for
surcharge is now $121,075 but will be at least $125,000 after June when the
new figures are released. Obviously a high-income earner is better to
salary sacrifice into superannuation, and lose a total of 25% in
contributions tax and surcharge, than to take it in hand and lose 48.5%.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
You must be logged in to reply to this topic. If you don't have an account, you can register here.
