Tax time is back again, proving it really is one of the few certain things in life

It’s tax time! But that doesn’t mean it’s time to stress.

In fact, according to Aero Accounting director and PAQ Group founder Justin Wong, the most important part of your money is how you actually spend your income. How you manage and pay your tax should simply complement this.

Justin says the first thing he does when he takes a look at somebody’s finances is ask to take an in-depth look at their situation, identity the core issues and subsequently provide referrals to the right people.

“Even when you have youth on your side, it can be really helpful to sit down with an accountant and ask those burning questions that you have,” he says.

“A lot of the time, a client’s first question is going to be, ‘How do I save more tax?’ or ‘Can I deduct XYZ?’

“Both of these common questions require a quick look at somebody’s finances to see what they do.”

When it comes to preparing for tax time, Justin urges people to consider what they can claim as tax deductions for their specific profession, and to take their time going through the ATO’s website for legitimate and sound advice.

One strategy Justin encourages people to consider is to carry forward their concessional contributions to their super fund.

“As a disclaimer, I recommend everybody gets their own individual financial advice from a professional,” he says.

“Every year, everyone has a cap on what their concessional contributions into their super fund are. It’s currently $25,000, but will soon be increased to $27,500 next financial year.

“If we consider someone who might have started off on a relatively modest salary, but quickly starts climbing the ladder, they can carry forward the unused concessional contributions from the previous five years.”

People can then make a personal contribution into their super fund and claim this as tax deductible.

You can check your available concessional contributions cap via your myGov account.

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Need help?

At Aero, we specialize in tax returns involving investment properties.

Feel free to contact us if you need any assistance with the management of your tax affairs.

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