Australian taxpayers can still make some beneficial moves to reduce their tax burden just two weeks before the end of the 2007-08 financial year. The main strategy would be to offset any capital gains with losses that can be used for deductions, be these on the stock market or in property investment. However, there are also many other avenues that can be pursued, such as the medical expenses tax offset, superannuation as it applies to spouse rebates or the self-employed, depreciation in rental properties, and automobile expenses provided a log has been kept. Above all, work-related deductions should be claimed.
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