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Maximising your personal tax return

There are a couple of things that you can do before June 30 to maximise your personal tax return:

1. Spend up on deductible expenses: By prepaying your tax-deductible expenses for the year, you can bring the deduction forward into the current financial year.

3. Charitable donations: If you are considering donating money to charity, get it done quickly so that you can claim a deduction in this financial year.

2. Delay receiving income: If you can, try to defer receiving income until after June 30. By doing this, you will be able to minimise your taxable income in this financial year.

4. Fix up investment properties: If you own an investment property, you may wish to bring forward any maintenance. You can claim a lot of work that is done to an investment property as a tax deduction.

5. High income earners should consider health insurance: To avoid the Medicare Levy Surcharge, high-income earners may wish to take out private health cover.

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Proactive consolidation with ILBAs

November 13, 2019

Inactive low-balance accounts (ILBAs) are a new category account that needs to be reported and paid to the ATO. This was introduced in the Treasury Law Amendment (Protect Your Superannuation Package) Bill 2019 that came into effect on 1 July 2019 after first being announced in the 2018-19 Federal Budget.

ILBAs are designed to protect accounts from fee erosion. Where possible, the ATO will proactively consolidate super on behalf of an individual.

A superannuation account is considered an ILBA if the following criteria are met:

Funds are required to identify ILBAs on 30 June and 31 December each year, then report and pay them to the ATO by the statement date.

Individuals that have an account that they do not want to be transferred to the ATO as an ILBA, can consolidate super accounts using ATO online services through myGov, contact their super fund for more information or authorise their super fund to provide a written declaration to the ATO.