Year-end Tax Planning – Individuals

A checklist of a few items to examine further, before year-end.

  • Are there some small transactions that collectively might help either reduce your income to a lower tax bracket or reduce the adjusted taxable income to enable access to offsets or liability to surcharges?
  • Ensuring personal superannuation contributions are received and cleared by 30th June.  
  • Are there any capital gains that might be reduced by converting an unrealised capital loss into a realised capital loss?
  • Are there any expenses that may be paid shortly that can be paid prior to year end?  Repairs to a rental property are a typical example.
  • Donations paid in June have slightly better tax impact than donations paid in July and remember philanthropic arrangements are akin to deciding how your taxes are spent.
  • Do you have any Higher Education Loan Programme or similar debts that could be reduced with a discount, rather than a compulsory deduction on the tax return?
  • Remember the business loss rules now include $250,000 “drop dead” test.  Whilst you might pass all the other tests, if the adjusted taxable income is more than $250,000 the business loss will quarantined.

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Cristy Houghton

Embarketing, 48 Johnston Street, Wagga Wagga, NSW, 2650

Cristy's unique career has taken her from country NSW to the city lights of Clarendon Street South Melbourne and back again. With an early career in radio as a copywriter and creative strategist, she is now a Jill of all trades as a graphic designer, website builder, blog writer, video editor, social media manager, marketing strategist and more. 

In fact, give her any task and this chick will figure out how to do it! Go on, we dare you!

No, really, we DARE you!!

Cristy has won two Australian Commercial Radio Awards (ACRAs) for Best Ad and Best Sales Promotion, and even has an 'Employee of the Year' certificate with her name on it.

Cristy and her husband James have traveled extensively through Russia, China and South East Asia, and have two fur-babies, Sooty (cat) and Panda (puppy). Cristy loves drinking coffee, meeting people to drink coffee, coffee tasting and coffee flavoured cocktails. She also enjoys road trips, TED Talks and watching cat videos on youtube.