It’s time to do some tax planning with the announcement the ATO made with their 2013-14 hit list. Here are a few tips to help you do some great planning:

Nest Egg Building

You can more quickly build your nest egg when you pay fifteen per cent rather than forty six and a half per cent. One of the most legitimate and best methods of minimizing your bill for income tax is by sacrificing your salary into superannuation with these terms. Getting a bookkeeper Melbourne will actually help you through the process.

Offset Losses and Defer Sales

With the gains you already make, offset losses and defer sales in order to minimize capital gains tax. In the year 2013-13, it has been a roller coaster year for the shares market. Earlier in the year if you made a capital gain or two than CGT can be reduced when you sell any shares that don’t perform which you still own. Any gains unrealized need to be sold after the first of July for tax to be deferred yet another year. Keep in mind if shares are held for over a year, CGT is then reduced by half of its original amount.

Home Office Management

Have you ever thought of the deduction you can claim for the cost of running your office at home? This year this is a big hit in the list of items by ATO. Many work at home folks are not even aware that there is anything to claim when they work at a home office. This is true whether or not the office you are working from is not solely set aside for the purposes of work.

Keep a Log Book for Your Car

When you keep a log for twelve weeks of your care than every deduction when added together can actually become equivalent to thousands. Keep each cost related to care maintenance such as lease payments, services, registration, insurance and petrol logged in for one year and you may be surprised at the amount your refund becomes! This is something even your bookkeeper Melbourne will tell you.