INDIVIDUALS YEAR END TAX TIPS

Generally, an individual’s income is derived and deductions are incurred on a receipts basis. As such, the following opportunities are available for an individual to reduce their current year tax liability.
Prepayment of deductible expenses

An individual can claim a deduction for prepaid expenditure for a period not exceeding 12 months.

The most common types of prepayments include:

•    Income protection insurance

•    Interest on investment loans

•    Share portfolios

•    Rental properties

•    Memberships and subscriptions

Rental property expenses
Insurance
Rates
Repairs and maintenance
Strata

Ask about our fixed price tax service. It’s ideal for tradies and sole operators.

Call now on 1300 829 489


Tradies Tax Guy - No Hassles Tax


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