Hard to believe it's already that time of year again - tax time! With the new financial year just around the corner, there is understandably much attention on getting the most out of your tax. We wanted to remind you that it's not just about saving at tax time though; there are a number of sure-fire ways to save those all-important dollars all year round too.
Start the new financial year smarter, healthier and with peace of mind with these simple tips:
- As a start, get advice from an expert during tax time - don't prepare your own tax return. You WILL miss opportunities to claim deductions as there will be things you have not thought of and would not have claimed if not for their advice. Also, keep in mind that not ALL accountants are tax agents so choose wisely!
- Try to salary sacrifice some of your salary into tax free benefits. There are great benefits to be had for many people at all income levels in this type of agreement. A lot of items that can be effectively salary sacrificed include; laptop computers, PDA's and electronic diaries, interest on a rental property, seminars and courses related to your employment, car operating expenses and so on.
- Expect the unexpected, no one is invincible. Look into income protection and ensure you are covered for when hard times hit. You will have peace of mind knowing that you will be able to keep on keeping on with your life. Because sometimes, bad things just happen.
- Consolidate your super. Countless clients come to Rate Detective with multiple super funds. What they often don't know is that each super fund is charging default management and insurance fees that are eroding their super balance!
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