Tax time is rapidly approaching and now is a really good time to check that you get all you are entitled to.
- Check if you are eligible for up to $1000 in Govt co-contribution superannuation scheme. Take two minutes to check it out and could bring you an instant extra $1000 into your superannuation fund compliments of the government. Check the link to ensure you comply with the conditions and rules or ask your accountant for advice before the end of the financial year. You must deposit your contribution, which the government matches, by 30 June or preferable a week or so earlier to make sure it hits your fund in time. Click here to learn more. Ka-ching $1000? in your pocket?
- If you have had a lot of medical expenses this financial you may be eligible for a medical tax off-set. You get back 20% of all out of pocket medical expenses over $2000 which isn’t hard to reach. If you have reached the $2000 threshold it may be time to get that new pair of glasses, to have a bit of extra dental work or elective surgery before 30 June. Remember every 100 dollars you pay out of pocket you get $10 back in tax offsets! Check here to learn more $500? in your pocket?
- Self education and professional development expenses are often neglected. So get those receipts out now and see if they meet the criteria and lodge a claim. Remember also you can claim travel to your place of education under certain conditions too! Click here to learn more about professional development and here for self education Ka-ching $1000? in your pocket?
These three tax-a-daisy tips can reap huge rewards if you meet the requirements, so make sure you allow sufficient time to review your situation. Click here general information about deductions
Make tax time the right time for claiming all your entitlements. Be prepared, start early and reap the rewards of being organised. Leave a comment and let us know your best tax tips!
MaryAnne Bennie is Australia’s organising guru, creator of the Paper Flow® and in8®steps systems, author of Paper Flow (with Brigitte Hinneberg) and From Stuffed to Sorted, professional organiser trainer and engaging speaker.
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