Tax saving tips 16 to 20 of 20 as we head toward the end of the financial year

Update your vehicle logbook/s: To ensure you’re claiming the most accurate amounts for your motor vehicle expenses.

Know what’s on the ATO’s watchlist: Each year when it comes to tax time the ATO likes to let Australians know the things it’s keeping an eye on for that year. So, it pays to be aware of what’s on their hit list. Common items are home office expenses, motor vehicle costs, or education expenses.

Keep thorough records: The better tax records you keep, the more deductions you can substantiate, and the less tax you’ll pay. Keeping good records also ensures you can accurately deal with the ATO should they enquire about your tax returns.

Start your business exit planning now: If you’re thinking about selling your business, it’s important to start planning now how you might exit your business in the future. Properly planning how to access capital gains tax concessions for small businesses can see you save hundreds of thousands of dollars in tax when it comes time to sell. So, there’s no better time to start planning than today.

Undertake strategic tax planning with your accountant: Great accountants look at two types of tax planning: short-term and long-term tax planning. Short-term planning looks at what you can do before 30 June to minimise your tax this financial year. Long-term tax planning looks at how you can utilise your business structure to minimise tax, and the type of investments you can make to minimise tax over the long term.