The months are flying by and 2024 is almost halfway through, meaning tax time is fast approaching. With just three months to go until it’s time to file, there’s no harm in starting to get your affairs in order. H+R Block Australia tax communications director Mark Chapman encouraged taxpayers to pull supporting documents together sooner rather than later. “People should make sure their records are up-to-date,” Chapman told 7NEWS.com.au.
Small businesses with a turnover of less than $10 million can immediately deduct the cost of eligible assets costing less than $20,000, Chapman said. This measure will apply to eligible assets that are used or installed ready-for-use between July 1, 2023 and June 30, 2024. If you can afford it, voluntary superannuation contributions are another way to reduce your tax and boost your retirement savings, Chapman said.