DE­TAILS

Southern Gazette (South Perth) - - Street Watch -

Tax tips from Kelly Pil­lay 1 Record keep­ing: Good records give you the best chance of max­imis­ing your po­si­tion. 2 Pro­vide your ac­coun­tant with a sum­mary: Most ac­coun­tants charge by the hour. By pre­par­ing a sum­mary of items, you can re­duce the amount of time they spend and hope­fully also re­duce your bill. 3 Do it early: See your ac­coun­tant be­fore June 30 to re­view and fi­nalise your ac­counts for the year. Don't leave it un­til the last minute to lodge your tax re­turn. The longer you leave it, the harder it is to ob­tain miss­ing in­for­ma­tion. Per­sonal fi­nance tips from Ad­vo­cate Pri­vate Wealth 1 In­come pro­tec­tion: Have ap­pro­pri­ate in­come pro­tec­tion and be able to claim a tax de­duc­tion for the pre­mium. 2 Su­per­an­nu­a­tion: Con­sider the rel­e­vance of max­imis­ing con­tri­bu­tions into su­per­an­nu­a­tion up to the con­tri­bu­tion lim­its. This can help save for re­tire­ment and re­duce tax. 3 Re­view: Re­view debt struc­tures an­nu­ally to make sure that the struc­ture is as tax ef­fi­cient as pos­si­ble on an on­go­ing ba­sis. 4 In­vest­ments: Re­view in­vest­ments to make sure that the type of in­vest­ment, the in­come and gains are as tax-ef­fi­cient as pos­si­ble.

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