Now is the time to review all your records to ensure you maximise your tax deductions in this year’s tax return. Here are our top tax planning tips for individuals and businesses.

The tax return process is made much more efficient if you have all your documentary evidence organised and available by the time we start to talk to you about your 2018/19 return.

Remember: June 30 falls on a Sunday this year so take this into account when processing early.

For individuals

Home office: If you work from home, you can claim deductions for expenses such as power and phone costs. There is also a set rate per hour method for claiming some of the home office expenses, which may make it easier to calculate. Occupancy expenses such as rent and mortgage depreciation can also be claimed in some circumstances where you operate a business from home.

Depositing super contributions: Deposit any member contributions early in the week beginning Monday 24 June to ensure they are recorded by your super fund by Friday 28 June 2019.

You could consider making a tax deductible contribution into your super fund. There is the ability to claim the Government’s co-contribution scheme for contributions up to $1,000. Also there is the super contribution on behalf of a spouse scheme, whereby you can receive a tax offset of $540 for contributions of up to $3,000.We recommend you speak to us prior to making a contribution into your super fund.

Capital losses: Consider selling loss incurring assets such as shares to help offset your tax liability from any capital gains on other assets.

Trust resolutions: If you are a trustee of a discretionary trust, you must document, before 30 June 2019, how the trust income will be distributed among beneficiaries.

Self-education expenses: If you are under taking self-education and intend to claim expenses such as course fees, books etc. your study must relate to your current work situation.