Tuesday, September 16, 2008

Basic Tax Tips Anyone Can Follow: Save Money, Pay Less Tax

Tax Tips For Single People
  • If there are going to be tax cuts in the next financial year, make sure you prepay membership fees for unions & professional associations and make any charitable donations before the end of this financial year (June 30)
  • If you have a few $1000 in spare cash, don’t leave it in your transaction bank account earning no interest, instead put it in an Online Savings Account with a High Interest Rate and No Bank fees
  • If you’re single and going to earn more than $100,000/year (from July 2008-June 2009) make sure you take out a basic private health insurance plan (with an Excess of $500 or less) or your Medicare levy will rise from 1.5% to 2.5%.
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