Tax CentR

New membership
Fellow member of Intitute of Financial Professionals Australia

10 Tax tips for 2024 financial year (FY).

Given the change to marginal tax rates in 2025 (FY) where income will be taxed less and deductions will be worth less than 2024 FY.

1. Know what deductions are claimable
- expenses paid to earn your income that are not of a personal
nature.
2. Prepay expenses in advance
3. Defer invoicing
4. Update work assets
5. Instant asset write off up to $20,000 for ABN income
6. Keep organised records to ensure receipts are not missed
- also good idea to check bank statements to jog memory
7. Consider concessional super contributions to reduce taxation
8. Make $1,000 non-concessional super contribution to receive
maximum $500 govt co-contribution if income less than $43,445
- partial co-contribution on income up to $58,445
9. Write off bad debts for ABN income
10. Use a log book for 12 week period
- may end up a better travel claim.