What to do before 30 June

Before 30th June, there are a number of things you can do to maximise your business or personal deductions, including:

  • Paying your employee superannuation contributions BEFORE 30th June.  Your employees' superannuation provider must receive and deposit your contributions before the 30th June for you to claim this as a tax deduction for the 2012/13 year.  The same applies if you are making personal superannuation contributions.  They must also be received and cleared by your superannuation provider, so send your payments before 24th June to ensure you get them in on time.

*Note for high income employees:  Make sure you know WHEN your employer is making contributions on your behalf.  There are many individuals still being caught out exceeding the contributions cap of $25,000.00 per year because of mistiming their contribution payments around financial year end.

  • Prepaying annual expenses where possible such as insurance premiums, rent or interest charges.
  • Purchasing tools or equipment - either outright or by equipment finance.  For small to medium businesses, you can now claim a 100% deduction in the year of purchase for any equipment less than $6,500 ex GST.  For motor vehicles, it's an immediate deduction of $5,000, and depreciation of the balance up to the luxury car limit - currently $57,466.  For anything that costs more than $6,500 you can claim 15% in the first year and 30% in the second and later years.  For individuals, your capital allowance deduction is still capped at $300 or less for immediate deduction for an asset purchased for the purposes of producing assessable income that is NOT business income - eg a printer for your laptop that your employer requires you to use for working from home.  The printer costs less than $300 so can be immediately deducted but the laptop costs $1,000 so must be depreciated accordingly.