Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

5 things to do before 30 June

Jun 16, 2016

With the end of the financial year looming, it pays to get your paperwork in order to make the most of deductions and benefits.

1. Fill out your car log book
If you use your car for work purposes, keep a 12-week log book. Keep all costs associated with the running of your car for the whole year, not just the log book period.

2. Super top-up
No matter your income level, superannuation is a great tax-reduction tool. You can contribute up to $30,000 to super ($35,000 for those aged over 49) at a concessional rate. If you earn under $35,454 take advantage of the superannuation co-contribution by putting in $1000, which the government will match by half. Free money! Also, if you earn less than $10,800 your spouse can put up to $3000 into your super fund and they will receive the full 18% spouse contribution rebate ($540).

3. Prepay and claim this year
Expecting a lower income next year? Bring forward your deductions into this tax year. Stocking up your home office with stationery, laptops and printers or prepaying subscriptions and interest on rental properties for up to 12 months are simple ways to reduce your income before June 30.

4. Clock-in working from home
More and more people these days work from home. Deductions are available for the work-related portion of home phone, internet, stationery, computer equipment and printers. Keep a diary of the times you work from home and claim a 45¢ per hour deduction for electricity.

5. Buy a new business asset
There’s no greater tax concession in recent years for small businesses than the $20,000 immediate write-off for new business assets. There is no limit to the amount of assets that you can purchase but beware you only get a percentage back and cash flow may suffer. The threshold effectively is $22,000 for those that are GST-registered as a 10% GST credit is claimed in quarterly business activity statements.

Adrian Raftery, financial adviser (Mr Taxman)

Original article published here in Money Magazine 16 June 2016


Tags: 101 WaysAccountant SydneyCalculatorsChartered AccountantCompany taxDeductionsPersonal taxSuper

Author: Mr Taxman, Dr Adrian Raftery


"Hi Mr Taxman, I lodged my 2015 tax return with eTax and lodged my 2016 tax return with MyTax. I've made several calls to the ATO and no one can confirm wether the MyTax estimate prior to submitting my return includes my PAYG instalments paid in 2016. With eTax, the online estimate did not include my PAYG instalments, so what I saw on my screen was less of a refund than what I received. I will not quote exact figures (percentages are similar), but as an example: 2015 Taxable income: $30K+ PAYG: $8K+ Refund: $6K+ 2016 Taxable income:$28K+ PAYG: $2.5K+ Refund: $1K+ "

By: NP on Nov 15, 2016 5:18PM

"Sorry, not sure why my screen froze and my previous comment posted twice; I didn't see the first comment posted. Anyway, I forgot to add, that in MyTax what I saw on the screen as my tax estimate was in fact what I received to the cent. That's why I'm a tad confused."

By: NP on Nov 15, 2016 7:21PM

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "I have been in relationship with my boyfriend for 2 year now and we were planning to get married soon and all of a sudden he left me for another girl, i really love this guy and never can imagine my..."

    By: BOANTE at Dec 07, 2019 12:19AM

    Post: Marriage

  • "Are You Heartbroken? Don’t be upset, let Dr.Eddy help you get your Ex back” I’m so excited my boyfriend is back after he left me for another girl. My boyfriend was having an affair with a co-worker..."

    By: Pauline .S at Dec 06, 2019 2:13AM

    Post: Marriage

  • "I just want the whole world to know about this spell caster I met two weeks ago, I cannot say everything he has done for me my wife left me 3 years ago left with my..."

    By: micheal at Dec 05, 2019 12:43PM

    Post: Marriage

  • "The simple truth about binary options which many of us do not know is the fact that it is mainly based on predictions. Without proper knowledge of what next can happen to the stock market, you are..."

    By: Richard Walters at Dec 02, 2019 3:42AM

    Post: Foreign currency trading

  • "Life has not been so easy for me, i almost gave up on getting cured of HSV2 because i have tried many treatment and still don't work for me, so i was going place to place just for me to search for..."

    By: jesse maryam at Dec 01, 2019 6:26AM

    Post: Tax is key in the new-versus-old property debate for investors