Think about your tax strategy this financial year

29/05/2014

The end of June is just around the corner, and along with it the end of the financial year.

With strategic tax planning a key part of wealth management, particularly for high-net worth individuals, now is a great time to take a look at your specific circumstances and apply some smart tax tips and tricks.

Keep it current

Chances are you want to maximise the tax breaks available to you sooner rather than later. If you want to reduce your tax burden for this financial year, make sure work-related expenses are brought forward to the here and now.

Whether's it's home office-related costs, fees for membership to professional associations or subscriptions to professional literature, make these deductions a part of your strategy for this financial year.

Think about investments

One major piece of investment advice every Australian can benefit from is thoroughly researching what is tax deductible when it comes to things like investment real estate, shares and managed funds.

For instance, most expenses associated with investment property - from strata fees to council rates - can be deducted from your taxes.

If you're unsure whether an expense is deductible, you can always check with the Australian Taxation Office directly.

Don't look a gift horse in the mouth

If you're the charitable sort, chances are you've given gifts or made donations throughout the year that can present you with tax breaks.

Hopefully you held onto your receipts, as these can be used to help your reduce your tax burden. If you've yet to make a donation but are considering it, do so before July 1 to obtain tax benefits for this financial year.

These are only a handful of the strategies you can use to make the end of the financial year a happy one. Working with a qualified financial planner can help you determine other ways to reduce your tax burden.