Edition 3, 2008 - Trouble-free Tax!

Stratton Finance - Finance Focus Newsletter #3 2008 - Trouble-free Tax!
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Finance Focus #3 2008

Trouble-free Tax!

Ahead of the looming tax deadline, June is always a busy month in the Stratton offices.

We go through record amounts of coffee and the buzz in the offices reaches fever pitch as our crew structure, restructure and complete our client's finance and insurance arrangements before the all important end of June.

We're certainly on the home straight (less than 20 days to go!) but it's not too late to straighten out your tax situation. Tick off the items on our Tax Time Checklist (below) as a start.

In the lead-up to end of the Financial Year - or at any other time - Stratton Finance is here to help with all of your finance or insurance needs. Please visit our website at , call us on 1300 STRATTON (1300 787 288) or contact your finance consultant directly if we can help.

Tax Time Checklist

With only a matter of days until the all-important June 30 deadline, tax is the word on everyone's lips.

We all know that reducing tax is not just about June 30. If tax reduction is your focus then it's a year-round effort, but if you're embarking on the annual hunt for receipts there are still steps you can take today.

Organise your income

You'll need details of your own income and the income of your spouse and/or children. This includes income from:

  • Salary / wages (group certificates from your employer(s) should be issued by mid-July)
  • Interest earned on savings, term deposits and any other interest bearing accounts
  • Share dividends
  • Asset sales
  • Business, rental and foreign investment income

Tip: The monitoring of capital gains as a result of asset sales is identified in the ATO's 2007-8 compliance program as a key priority. Rental income and expenses, and non-disclosure of income and benefits are the subject of key compliance activities, so do double check your return! If in doubt seek professional advice - find a Chartered Accountant or Certified Practising Accountant in your area.

Pre-pay for less pain

The interest on business-related loans (for vehicles, equipment, etc) and investments can be tax deductible. You may also be able to pre-pay interest and bring next year's deductible interest payments into this year's tax return.

You may also be able to make pre-payments on leased motor vehicles and other business equipment before June 30 as part of a tax planning strategy. This means that you can increase your tax deduction on a vehicle or other business asset in this financial year. You can also make a similar pre-payment in the next financial year.

To find out more please contact to your finance consultant or send a quick online car finance enquiry.

Deduct, deduct, deduct!

Make a donation to a registered charity this month and deduct it from your taxable income. You can give to any number of Australian charities right now, online.

Buy any 100% deductible work-related items you need for the coming year this month - buy this month, claim next month. Make sure you have a written record of any deductions. If not an actual receipt, you should at least have a written record of the date, description and price of the item.

Tip: This year the ATO are paying special attention to work-related expense claims from:
  • Tourism workers, travel consultants and guides
  • Fitness and sporting industry employees
  • Construction industry employees
  • Guards and security employees
  • Mining site employees

Although you can claim up to $300 of work-related expenses without written evidence, the ATO can still ask you how you worked it out. Make sure you note down what you've claimed and why.

Perform an annual check-up

Tax time is also a great time to perform an annual check-up on your finance, investments (including superannuation) and insurance.

Stratton Finance can help - you can check the health of your home loan, explore your car finance options, talk to us about your business equipment finance needs, or let us help find you the best insurance deal.

Special Offer - Extended Vehicle Warranty

Until the end of July 2008, save $299 on Stratton's new 5 Star Platinum Extended Warranty.

Our 5 Star Platinum Extended Warranty gives you the chance to extend your original manufacturer's warranty for an additional three years.

Available with a kilometre cap of 100,000km or 200,000km, it provides peace of mind for the regular driver or the heavy duty road user.

With one upfront payment or 12 easy monthly instalments, you're covered for mechanical and electrical failure for three years*, with the additional option of 24 hour roadside assist. You can even transfer your warranty if you sell your vehicle privately - or opt for a pro-rata refund.

For more information and to take advantage of this special offer, contact our insurance team online, call 1300 STRATTON (1300 787 288) or speak to your finance consultant and mention this ad.

* Some conditions and exclusions do apply - see the Product Disclosure Statement for more information.

Tell us what you think

What would you like to see in future issues of Finance Focus? Do you have some feedback on this issue? Send your feedback straight to the source - click here to send us your feedback.

More information

If you'd like a car finance quote or more information about any of our products & services, please visit our website, call us on 1300 STRATTON (1300 787 288) or contact your finance consultant directly.

GENERAL ADVICE WARNING - We must inform you that the information in this e-mail is general advice only and is not specifically based on your own objectives, financial situation or needs. Before you act on this information, you should read any relevant Product Disclosure Statements and consult with a registered tax agent to ensure that this advice is suitable for you.

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