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.

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

If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.

With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice