1. Pre-pay interest and other expenses so you can claim them back within weeks.
2. Make sure you claim your 20% rebate for medical costs over $2,000pa and up to $7,500pa child care costs.
3. Compile your receipts for travel, motor vehicle, uniforms, education and other work related expenses for your accountant.
4. If you are retired and over 60, and your taxable income is under $6,000, you probably won’t need a tax return but you’ll need to register with the ATO and make sure you complete a franking credit refund form if you own shares.
5. Bring bonuses forward, if possible to avoid the flood levy in 2012.
6. Try to delay any sale of assets to delay a Capital gains tax liability or offset gains with losses incurred.
7. If you own an investment property, make sure you get a depreciation schedule completed by a quantity surveyor who can back date it up to 4 years.
8. Maximise your salary sacrifice to reduce your personal tax and boost your super but don’t exceed the $25,000 maximums for under 50s or $50,000 for over 50s.
9. If you are retired and you have been taking a transition to retirement, allocated or account-based pension, note the changes to the minimum pension amounts have changed for 2012.
10. Avoid aggressive tax strategies like agri-business and overseas accounts.
11. Get private health insurance if you’re under 31 to avoid 2%pa loading on your hospital cover for every year you delay insurance and the Medicare Levy Surcharge of 1% of taxable income over $77kpa for a single and $154k for a couple. If you do get cover, you will also be eligible for a 30% rebate on your insurance!
12. For more detail on any of the above go to www.ato.gov.au
Remember, if the tax office owes you money, get your taxes completed in July to get your hard-earned dollars back in your pocket and if you owe money to the tax office, register with an accountant and you can delay your liability until March 2012 (for 9 months).
Register for the Childcare Rebate at:
http://www.centrelink.gov.au/internet/internet.nsf/payments/childcare_rebate.htm
