Last minute moves to minimize your tax and boost your super

Concessional Contributions – the following concessional contribution caps apply in relation to the year ended 30 June 2014:
  • $35,000 for those who were aged 59 years or over on 30 June 2013.
  • $25,000 for those under 59 years.
*Note that employer super guarantee contributions are included in these caps. Keep in mind where a contribution is made that exceeds these limits; the excess is taxed at marginal rates. In order to claim the maximum tax deduction in the 2014 financial year, the super fund must receive the contribution by 30 June 2014. In other words the transaction should be made 2-3 days prior as the funds must be cleared. In 2014, the 30th of June is a Monday hence to be safe the transaction should be made on Wednesday the 25th of June. To quickly boost your super you could access...

Are you MAXIMISING your Motor Vehicle claims?

The majority of taxpayers use their personal vehicles for work purposes but are you getting the most from a tax perspective when claiming deductions? Outlined below are two points to help maximize your claim.

1- Know the methods for claiming motor vehicle deductions and find out which one best suits you:

The ATO currently allows four different ways for the taxpayer to claim a motor vehicle deduction they are: Log book, Cents per kilometer, 12% of original value or 1/3 of actual expenses. It is important to know that to claim either the 12% or original value or the 1/3 of actual expenses method the taxpayer must have travelled at least 5,000Km’s (business related) in the financial year. The log book and cents per kilometer method are generally the most widely used. Full substantiation of all...


June – 2014 Practice Update covers following points - - ATO's Tax Amnesty – They offer an "Invitation to come in from the cold" - Family Court documents opened up to Tax Office - ATO keen for taxpayers to avoid tax-related scams - Repairs to a rental property formerly used as a home - Gov't to effectively get rid of super excess contributions tax - Car parking can be classed as "meal entertainment" - Car parking threshold 2014/15 Click here for – June 2014 Practice Update...
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