The Age --- Page: 4-6 : 30 May 2007 Original article by Annette Sampson
ABIX Summary
The Australian tax environment will change considerably from 1 July 2007, with income tax cuts and changes to the superannuation regime. There are a number of strategies that taxpayers can pursue in order to reduce their tax liability as the end of the financial year approaches. The payment of expenses should be brought forward to take advantage of tax deductions prior to 30 June. In contrast, waiting until the new financial year to sell an asset will enable capital gains tax to be deferred for a year. Meanwhile, making personal superannuation contributions has a number of benefits, including reducing CGT liability.
