Last week we held the second of our June flourish events at the Kikki K shop in Chifley Plaza in the Sydney CBD. Kikki K’s organisational consultant, Emma, talked us through a number of practical tips that we could use in either the home or office to become more efficient and free up some additional time through organisation.
We also discussed the following tax tips to get you organised for the end of financial year:
- Check your private health insurance – Depending on your family income, you may no longer qualify for the full 30% rebate. You can still choose to claim the rebate by way of reduced policy amount however if your family income is greater than $168,000 your rebate entitlement will be reduced. The ATO will adjust your tax return and you will need to pay back any rebate over-claimed as part of your year end tax. Make sure you check your policy to know exactly what you are claiming and what you are entitled to so that you don’t get a nasty surprise at tax time.
- Prepay expenses – If you are thinking of replacing your computer, iphone, equipment in your small business – then before 30 June is the best time to do this. Small businesses can claim an outright deduction for assets costing less than $6,500. Additionally, if you have any work related travel coming up, consider paying the airfares before 30 June – even if you aren’t travelling until the next financial year, you can still claim the deduction for 2013.
- Keep your paperwork! You need the tax invoice to claim the deduction in your return – so keeping track of the invoice could effectively halve the price of whatever you have just purchased for your work or business. Now is a great time to ‘clean out’ and check for everything you have spent in the last year and to implement a new way to track our spending for the coming year.
- Review and Document Trust Distributions – If you are the trustee of a discretionary trust then the ATO requires that you determine who is entitled the 2013 income of the trust by 30 June 2013. We will be talking with all Clark Jacobs clients in the coming days to ensure you have this in place. If you don’t have this organised by 30 June, the trust deed determines who is taxed on the distribution and this could potentially be at the top marginal tax rate. Not a good result!
- Make your Superannuation Payments – If you are planning to claim a tax deduction for either a member superannuation contribution or a contribution made for your employees; it needs to physically be paid to the fund by 30 June 2013 for you to claim a deduction in the 2013 financial year. 30 June is on a Sunday this year, so make sure you don’t get caught out!
If you have any questions on any of the organising tips from the night, please contact Emma from Kikki K on 0413 230 834 or EmmaGriffin@kikki-k.com.
If you have any questions on the year-end tax tips, please contact us on 02 9264 1111 or email@example.com.