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Year end tax strategies - Getting more bang for your buck

Discussion in 'Accounting, Tax & Legal' started by Simon Hampel, 23rd Mar, 2009.

  1. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Year end tax strategies - Getting more bang for your buck

     
  2. bella

    bella Well-Known Member

    Joined:
    6th Jun, 2007
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    QLD
    This is one strategy I have milked over the last 4 or so years. I have also used it to avoid the medicare surcharge by sacrificing down to under the $50K mark.

    As part of my end of year planning I also like to plan the next (0910) financial year. Eg- I need to know whether I need to take out private health cover before the year begins, if I wait till this time next year it may be too late. I know this has not been passed yet - but if you want a better idea about what is proposed and how they plan to do these new calculations of income for means testing benefits see from about dot point 178 from the following link;

    TAX LAWS AMENDMENT (2009 MEASURES NO. 1) BILL 2009 Explanatory Memorandum

    ATO is starting to post some rough information;
    Changes to income tests

    This out of the budget gives an idea on the big picture and government motivations;

    Budget Measures 2008-09 - Budget Paper No. 2 - Part 1: Revenue Measures - Treasury