There are a number of other strategies that you can implement before 30 June to improve your tax position such as:
- Prepay interest on a fixed investments loan – by prepaying 12 months interest enables you to bring forward a tax deductible expense.
- Selling assets that will trigger a capital loss – if you have made a capital gain during the financial year you could sell some underperforming investments to create a capital loss which can be used to offset your capital gain.
- Defer the sale of an asset if it will trigger a capital gain – by selling an asset in July means that you can have the proceeds in your pocket for longer before paying capital gains tax.
- Prepay tax deductible expense – for example you could prepay 12 months Income Protection premiums enabling you to claim the full premium earlier.
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SMSF Loans – The Top Ten Common Mistakes
SMSF Loans – The Top Ten Common Mistakes