This may not be a “profit” in terms of money necessarily, but a profit gained in other ways. It could be a feeling of having done the right thing, the emotional high you get by helping someone or a lift in self esteem you feel when someone praises your work. This is what motivates rational people, not just money.
I am motivated not just by money, but by the thought my readers are attaining their financial dreams with my help. Do you have any idea how good that makes me feel?
It’s Tax Time in Australia
It’s nearly June 30 and that means that in Australia it’s the end of the financial year and if you haven’t already done so you should consider a few last minute adjustments to your tax situation.
How’s this for a list of things you should have a think about….
- Increase Superannuation Contributions to take advantage of the changes
- Superannuation Splitting
- Transition to Retirement Benefits
- Salary Sacrifice arrangements
- Defer Your Income
- Defer Sales of Assets
- Accelerate Your Deductions
- Make Repairs to investment properties
- Write Off Bad Debts
- Write Down Trading Stock
- Prepay Bills
- Write Off Non-Commercial Losses
- Add Any Home Office Expenses
- Get Your Depreciation Up To Date
- Sale of Investments
- Income Splitting
- Child Care Rebate Claims
- Eliminate Capital Gains Tax
- Rebalance your SMSF
These are just a few things you can put in place almost right away. Plus of course, now is the time to consider some strategies for next year that will reduce your tax bill even further, with some careful planning. If you would like to know about the strategies that WILL reduce your tax
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