Pre 30th June SOS

The 30th June 2011 is only a few days away.  Here are some things you might want to consider ASAP:-

1. Contribute to Super - you may be entitled to a tax deduction of up to $25,000 if under 50 years old or up to $50,000 if over 50.
2. Government Super Co-Contribution - you may be entitled to a government co-contribution of up to $1,000 if you contribute to super before 30 June.
3. Private Hospital Cover - you may want to take out Private Hospital Cover to avoid the Medicare Levy Surcharge.  This surcharge kicks in at $77,000 for singles and $154,000 for couples and is calculated at 1% of taxable income.
4. Need to reduce your taxable income? Prepay expenses such as Income Protection Insurance premium (not paid through super), Interest on Investment Loans, Rent, Memberships and Subscriptions.
5. Change in business trading?  Has your business changed dramatically in the last 12 months?  You may want to see your accountant prior to 30 June to review your current business structure and tax effectiveness.
6.  Sold An Asset or a Business?  Capital Gains Tax may apply but there are options to reduce or defer capital gains tax (CGT) - see your accountant before 30 June to make sure that any potential CGT liability is as low as possible