5 Ways to Reduce Your Tax Bill

"Keep in mind all of these must be done prior to the 30/06/2008 so do not wait till the last minute, make a plan to do it this next week."
It’s that time of year again when we need to start looking at how our investments have performed, over the year and start looking at ways to reduce our tax bill. Below is a list in order of preference of what you should be doing.

1. Superannuation contributions
, if you are self employed and have the cash pay up to your age based limit. If you are an employee hopefully you have been salary sacrificing if not start now or see if your employer can make a lump sum.

2. Sell off any investments which have capital losses to off set any capital gain you have incurred.

3. Prepay interest on your investment loans to get the deduction this year.

4. Protected equity loans - these provide you with a deduction for this year. Be quick it will take a couple of weeks to set these up.

5. Tax effective investments such as tree investments - it is the last resort but can provide a great tax deduction.

Keep in mind all of these must be done prior to the 30/06/2008 so do not wait till the last minute, make a plan to do it this next week.

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