There is now one week until the end of the financial year, and in order to maximise your income tax deductions, now is the time to ensure all tax planning matters are finalised.
Our tax planning checklist includes:
- Superannuation contributions: ensure your contributions are received by your fund before 30 June;
- Prepayment of interest on loans must be made before 30 June to claim a tax deduction this financial year;
- Asset sales for assets with capital losses must be recorded before 30 June; and
- Ensuring you have all receipts and paperwork in order to maximise your allowable tax deductions this financial year.
You can refer to our latest newsletter for more detailed information on tax planning.
On the markets, the Australian All Ordinaries index gained 2.4% over the past fortnight, with the International Monetary Fund and the European Central bank approving a liquidity fund for Eurozone members. There is also speculation that the Resource Super Profits Tax may not be be implemented in its present form, with Prime Minister Rudd’s approval rating suffering in the polls.
The Reserve Bank of Australia Governor, Glenn Stevens has indicated that interest rates are now likely to be on hold until August / September this year, as the impact of recent interest rates rises are assessed. This is good news for mortgage holders who will finally get a respite from the six interest rate rises since October 2009.
Advertisement
0 Responses to “The Fortnight That Was – 23rd June 2010”