Top Tax Tips to Minimise Tax Before June 30

1. Super Contributions: Take advantage of the government's super contribution caps. For the current financial year, individuals can contribute up to $27,500 annually as concessional contributions, reducing taxable income and benefiting from the lower superannuation tax rates.
 
2. Instant Asset Write-Off: Small businesses can benefit from the instant asset write-off scheme, allowing immediate deduction for assets costing up to $20,000. This can significantly reduce taxable income for eligible business owners.
 
3. Timing of Capital Gains Tax (CGT) events: If you are planning to sell an asset, you should consider whether to defer the sale until after 30 June. Depending on your individual circumstances, the timing of the disposal could have significant tax implications.
 
4. Arrange a tax depreciation schedule: to increase deductions on an investment property, engage a registered quantity surveyor to prepare a tax depreciation schedule for the property.
 
5. Pre-pay business expenses: small businesses can claim a tax deduction for certain business expenses that will be incurred within the next 12 months. You can pre-pay for expenses such as rent, insurance and subscriptions.
 
6. Defer Income: If you can delay large invoices until after 1 July 2024, this will reduce your taxable income in the 2023/24 financial year.
 
7. Research and Development (R&D) Tax Incentive: Eligible businesses engaged in research and development activities can access the R&D Tax Incentive, providing tax offsets or cash refunds for eligible R&D expenditure.
 
8. Small Business CGT Concessions: Small business owners may qualify for CGT concessions, including the 15-year exemption, retirement exemption, and 50% active asset reduction, reducing CGT liabilities on the sale of business assets.
 
9. Work-Related Expenses Deductions: Ensure you claim all eligible work-related expenses, including home office expenses, uniforms, tools, and professional memberships, to maximize deductions and reduce taxable income. Be sure to include working from home expenses if these apply to you.
 
10. Consider Gifts and Donations: Is there a registered charity that is particularly close to your heart? A donation of $2 or more to a charity that is registered with the ATO before June 30 is tax deductible.
 
By leveraging these current tax breaks and benefits offered by the Australian government, individuals and businesses can effectively minimise tax liabilities, maximise available incentives, and make strategic financial decisions before the end of the financial year on June 30.