Reduce my potential tax bill

I have had a pretty good year, income-wise, but am concerned that I might miss out on a tax refund and might even have to pay tax! Have you got any last minutes tax tips that could reduce my potential tax bill?

You can consider some of these tips, but it would be smart to get an accountant to give you some help.

- Agribusiness investments generally have 100% tax deductibility, but they must have an ATO Product Ruling. They give a good tax deduction, but don't go for that reason only. Make sure the product is in demand and it represents a good investment. Do lots of research and get advice. Some are shocking duds, so tread with care

- If you can delay someone paying you income that can help and if you can prepay an expense such as interest on a tax deductible piece of equipment or car that give a positive tax outcome

- If you have shares, you might have a capital loss you could use to reduce your tax. You would have to sell the shares before 1 July

- Putting more money into super can be a tax effective strategy and also you could look at the super co-contribution. If your income is under $28,980 and you contribute $1000 post tax into your super fund, the government will match it with a further $1500. For slightly higher incomes, the Government gives less, but go to www.ato.gov.au to check it out. Also, have a look at salary sacrificing into more super

- You can prepay some expenses for next year this year, which works well if next year is expected to be a lower income year for some reason.

And finally, there are lots of deductions and strategies that can reduce your tax legally. I recommend finding a great accountant as their fees are a tax deduction or at least trawl the ATO website for tips to make sure you pay the right amount of tax that will make you smile come refund time.

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