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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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  • Super co-contributions

    October 18, 2017

    Individuals may be eligible for a Government super co-contribution.

    A Government co-contribution means the Government adds to your super. You may be eligible for the super co-contribution, low-income super contribution (LISC) from the 2012-13 to 2016-17 financial years, or low-income super tax offset (LISTO) from 1 July 2017.

    Super co-contribution
    The Government will make a co-contribution of up to $500 if you are a low or middle-income earner and make personal (after-tax) contributions to your fund.

    The eligibility conditions for a co-contribution from the 2017-18 financial year include:
    a total superannuation balance less than the general transfer balance cap for that year
    the contribution you made to your super fund must not exceed your non-concessional contributions cap for that year.

    Low-income super contribution
    The low-income super contribution (LISC) is a Government super payment of up to $500 to help low-income earners save for retirement.

    If you earn $37,000 or less a year, you may be eligible to receive a LISC payment directly into your super fund.

    The LISC is 15 per cent of before-tax super contributions made you or your employer from the 2012-13 to 2016-17 financial years.

    If you have reached your ‘preservation age’ and are retired you can apply to have your LISC paid directly to you.

    Low-income super tax offset
    The low-income tax offset (LISTO) was introduced from 1 July 2017. If you earn income up to $37,000, you may be eligible to receive a refund into your super account. This is on the tax paid on your concessional super contributions up to a cap of $500.

    This means most low-income earners will pay no tax on their super contributions.