2010/2011 Tax Year Tips

It is amazing that we are almost ready for the Pre June 30 rush to plan for tax and with the 30th June on the door step please find our latest newsletter that has a number of Pre and post June 30 information, all aimed at making our services more effective for you.

Income protection insurance

Income protection insurance is an essential part of any financial plan, designed to secure your family’s lifestyle in the event of illness or injury. Income protection insurance premiums are generally tax deductible, so if you purchase income protection insurance and pay your annual premium before 30 June 2011, you will be able to include the deduction in this year’s tax return. Business owners may also be able to claim deductions on their business insurance premiums.

Private health insurance

If you earn more than $77,000 as a single person or $154,000 as a couple you can end up paying a minimum of $770 in extra tax if you don’t have private health insurance cover. You may want to consider taking out an appropriate level of private patient hospital cover for the whole of the next financial year if you want to avoid paying the penalty in the future.

Keep your receipts

The most common reason why people don’t take advantage of tax deductions is simply because they don’t keep receipts.

While keeping receipts for big ticket items is necessary, you don’t always need a receipt for the smaller items such as stationery and books. You do not need receipts if your work-related expenses are $300 or less, but you must be able to show how the deduction relates to your income and how you calculated the amount you claimed.


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