Last minute tax reducing and wealth smart ideas

Last minute tax reducing and wealth smart ideas

Super contributions are tax deductable

So from 1/7/18 you can get a tax deduction for investing in your Superannuation known as Super contribution, even if you are an employee.

From 1 July 2024, the concessional contributions cap is $30,000.

From 1 July 2021 to 30 June 2024, the concessional contributions cap for each year was $27,500.

Find out from your financial adviser if this is suitable to your individual circumstances.

Be careful limits apply

Personal super contributions | Australian Taxation Office (

Concessional contributions cap | Australian Taxation Office (


Super co-contribution

Super co-contributions help eligible people boost their retirement savings.

If you’re a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500.

The amount of government co-contribution you receive depends on your income and how much you contribute.

When you lodge your tax return, we will work out if you’re eligible. If the super fund has your tax file number (TFN) we will pay it to your super account automatically.

The way your co-contribution is calculated depends on the financial year in which you made your personal super contributions.

More about it

Super co-contribution | Australian Taxation Office (


Tax offset for spouse contributions

This information is for people who:

  • make contributions to their spouse’s super accounts, and
  • want to claim a tax offset for these contributions.

T3 Superannuation contributions on behalf of your spouse 2023 | Australian Taxation Office (


Simpler depreciation for small business 20k equipment claim

Under these rules, you:

  • Small businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2025.The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that. Business Support – $20,000 instant asset write-off | Australian Taxation Office (

Review your hospital cover

Unlike as you may be misled in the television ads, taking out hospital cover in June does not help you avoid the medicare levy surcharge immediately. This is charged on a pro-rata day basis on your income if it is over 90k id single or 180k if a family. So review in June if you need hospital cover to reduce medicare levy surcharge for the following tax year.

Update your private hospital cover provider your accurate single or family income to ensure the correct government contribution is applied to your premium.

Medicare levy surcharge | Australian Taxation Office (

Claiming the Logbook method on your car travel for work or business

Don’t be too lazy to do a logbook if you travel more than 5000km per year for work or business.

Keep all your car running costs such as petrol, rego, insurance, services and repairs, acquisition and finance costs.

Find out more on how to claim your car for work or business at our related article below.

more about claiming car and how to do a logbook here

Claiming Car expenses | Tax Accounting Adelaide

Claiming car expenses

Working from home

While to frequency of working from home has reduced in 2024 tax year, some of you may still work from home and be eligible to claim.

Claiming working from home expenses | Australian Taxation Office (

We remind you to keep a record of hours worked from home, we suggest on a weekly basis.

For more advice on minimising your tax see us for our tax minimisation service

Tax min strategies and wealth creation 30min $220

book now