Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year:

• let their employer know if they have a study or training support loan, such as a HECS or HELP debt;
• check they are only claiming the tax-free threshold from one employer;
• consider whether the Medicare Levy Surcharge may affect them this financial year (i.e., whether they have the appropriate private health insurance);
• check their income tier is correct for their private health insurance rebate; and
• consider voluntarily entering PAYG instalments and pre-paying tax throughout the year to avoid a large tax bill at tax time for investment or business income.

If you would like to discuss or implement any of these steps and strategies in more detail, please feel free to contact our office. 



Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.

Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.