2020 Tax Planning for Individuals
1) Superannuation Contributions: while most of the focus may have been on the ability to withdraw early from super in certain circumstances, individuals wishing to make contributions up to the concessional cap ($25,000) and/or non-concessional cap ($100,000, or up to $300,000 “brought forward”) should do so by 23 June 2020. In reference to a previous post, the contributions must be cleared by the Superannuation Fund in order to claim the deduction.
2) Rental Property Investors:> If you own a rental property and haven’t already done so, arrange for the preparation of a Property Depreciation Report to allow you to claim the maximum amount of depreciation and building write-off deductions on your rental property.> Make payments for repairs and maintenance BEFORE 30 June 2020, to get the deduction this income year.
3) Donations: donations must be made before 30 June 2020 in order to obtain a deduction this year.
4) Subscriptions: similar to donations, subscriptions and association membership fees need to be paid by 30 June 2020 to claim them as a deduction in the 2019/20 financial year.
5) Private Health Cover: if you are earning more than $90,000 as an individual or $180,000 as a family, you may be charged the Medicare Levy Surcharge. One way to avoid this is to obtain an appropriate Private Health Insurance policy.
If you would like to know more about any of these tax planning strategies please do not hesitate to our office.