Tax Planning for Individuals (Non-Business) for the Year Ending 30 June 2022
Once again, the time to consider the management of your annual tax liability is fast approaching. For this reason, we have compiled a basic list of thought provokers for your review. Listed below are the implications for individuals. In our follow up post, we will discuss businesses.
Individuals – non-business
- Did you maintain a log-book or odometer readings in a reliable format such as the driver’s note app for claiming car travel deductions?
- Do you have a written estimate of business Kilometres for the cents per Kilometre car deduction?
- Did you have a uniform for work and/or protective wear for clothing and laundry deductions?
- Did you incur course fees or any costs with regards to upskilling for work purposes or did you commence a paid subscription to an industry publication?
- Did you incur any costs in relation to a business or work-related software subscription?
- Have you considered making a personal contribution to your superfund? The concessional contribution cap for this year is $27,500 but you might also have carry-forward cap space from prior years. Importantly, any additional Superannuation contributions need to be received by your Superfund by the 30th June, so we’d recommend contributing electronically no later than the 28th or 29th June to ensure it’s received in time.
- Did you work from home during the year in a way that allows for a home office tax deduction?
- Are you working from home to fulfil your employment duties?
- Are you incurring additional expenses as a result of working from home?
- Did you purchase any stationery or work-related assets such as a laptop and begin using it prior to 30 June 2022?
- Do you have the necessary documentation for any donations or gifts made to a deductible gift recipient during the year?
- Are you covered by tax deductible income protection insurance?
- Do you have insurance against the loss of your employment income?
- Did you become entitled to the seniors and pensioner’s tax offset during the 2022 financial year? For instance, did you:
- Receive a pension from Centrelink or DVA
- Are you at least 66 years old?
- Are you single and was your rebate income was less than $50,119?
- Did you have a spouse and was your combined rebate income was less than $83,580?
- Do you have plans to retire in the coming months?
- Did you trade in crypto currency or non-fungible tokens in the 2022 financial year?
- Did you commence or cease being a landlord during the 2022 financial year?
- Did you have a capital gain during the 2022 financial year? For instance, have you bought or sold any property or shares?
- Are your estate plans in order? For instance, do you have a Will and binding death benefit nomination for your Superannuation account?
- Are you entitled to make a Superannuation downsizer contribution? Subject to a few conditions, this would allow you to contribute up to $300,000 from the proceeds of the sale of your home into your superannuation fund.
- Have you drawn your minimum pension amount for the year from your Superannuation Fund?
- Could you be entitled to government co-contributions for super? There are a few technical eligibility criteria so it’s best to discuss us this with us in the first instance.
Further tax planning
As per the above, there are a number of tax planning opportunities available prior to year-end. If you would like a tailored set of tax solutions specifically for your circumstances, please contact our team at Thnk Advisory on 8333 7300.